The Progressive Corporation priced $1.5 billion in senior notes in a public offering for general corporate purposes.
Quiver AI Summary
The Progressive Corporation announced the successful pricing of two public offerings of senior notes, totaling $1.5 billion: $500 million of 4.60% Senior Notes due 2031 and $1 billion of 5.15% Senior Notes due 2036. The notes were priced at approximately 99.987% and 99.676% of par, respectively. Goldman Sachs & Co. LLC and TD Securities (USA) LLC are the joint bookrunners for this offering, which is made under a previously filed registration statement. The press release clarifies that this announcement does not constitute an offer to sell or a solicitation to buy the securities in any jurisdiction where such actions would be unlawful. The Progressive Corporation, based in Ohio, is an insurance holding company with various subsidiaries offering a range of insurance products across the U.S.
Potential Positives
- The announcement of a $1.5 billion debt offering demonstrates the company's ability to access capital markets successfully, which may indicate strong financial health and investor confidence.
- The senior notes have competitive interest rates of 4.60% and 5.15%, reflecting favorable borrowing conditions for the company.
- Engaging reputable financial institutions like Goldman Sachs and TD Securities as joint bookrunners enhances credibility and may attract more investors to the offering.
- The offering is in compliance with SEC regulations, indicating that the company is operating transparently and adhering to legal requirements in capital raising efforts.
Potential Negatives
- The pricing of the notes at slightly below par (99.987% for the 2031 notes and 99.676% for the 2036 notes) may indicate a higher perceived risk or lower demand among investors compared to other offerings.
- The issuance of such a large amount of debt ($1.5 billion total) could raise concerns about the company's leverage and long-term financial health.
- The mention that the securities have not been approved or disapproved by any regulatory authority could raise skepticism among potential investors regarding the perceived quality or stability of the offering.
FAQ
What are the details of the recent Senior Notes offering by Progressive Corporation?
The Progressive Corporation announced a $500 million offering of 4.60% Senior Notes due 2031 and $1 billion of 5.15% Senior Notes due 2036.
Who are the underwriters for the Progressive Corporation Senior Notes offering?
The underwriters for the offering are Goldman Sachs & Co. LLC and TD Securities (USA) LLC.
How can I obtain the prospectus for the Progressive Corporation Senior Notes?
You can request the prospectus from Goldman Sachs or TD Securities using the provided contact details in the press release.
Where is the Progressive Corporation located?
The Progressive Corporation is headquartered in Mayfield Village, Ohio.
What does the Progressive Corporation specialize in?
The Progressive Corporation specializes in providing insurance for personal and commercial vehicles, motorcycles, boats, and homes across the United States.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PGR Insider Trading Activity
$PGR insiders have traded $PGR stock on the open market 11 times in the past 6 months. Of those trades, 0 have been purchases and 11 have been sales.
Here’s a breakdown of recent trading of $PGR stock by insiders over the last 6 months:
- JOHN P SAUERLAND (VP and Chief Financial Officer) sold 5,000 shares for an estimated $1,142,400
- JONATHAN S. BAUER (Chief Investment Officer) has made 0 purchases and 2 sales selling 5,371 shares for an estimated $1,094,618.
- STEVEN BROZ (Chief Information Officer) has made 0 purchases and 3 sales selling 4,034 shares for an estimated $905,081.
- KAREN BAILO (Commercial Lines President) sold 3,517 shares for an estimated $745,604
- ANDREW J QUIGG (Chief Strategy Officer) sold 1,649 shares for an estimated $336,973
- MARIBEL PUMAREJO (Chief Marketing Oficer) sold 738 shares for an estimated $150,137
- CARL G JOYCE (Chief Accounting Officer) has made 0 purchases and 2 sales selling 411 shares for an estimated $85,645.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PGR Congressional Stock Trading
Members of Congress have traded $PGR stock 13 times in the past 6 months. Of those trades, 8 have been purchases and 5 have been sales.
Here’s a breakdown of recent trading of $PGR stock by members of Congress over the last 6 months:
- REPRESENTATIVE DAVID TAYLOR has traded it 4 times. They made 4 purchases worth up to $60,000 on 02/10, 01/16, 11/03 and 0 sales.
- REPRESENTATIVE GILBERT RAY CISNEROS, JR. has traded it 2 times. They made 1 purchase worth up to $15,000 on 01/09 and 1 sale worth up to $15,000 on 02/10.
- REPRESENTATIVE JULIE JOHNSON has traded it 2 times. They made 0 purchases and 2 sales worth up to $30,000 on 12/18, 11/13.
- SENATOR SHELDON WHITEHOUSE sold up to $50,000 on 10/27.
- REPRESENTATIVE BYRON DONALDS has traded it 3 times. They made 3 purchases worth up to $45,000 on 10/24, 10/09 and 0 sales.
- REPRESENTATIVE VAL T. HOYLE sold up to $15,000 on 09/23.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$PGR Hedge Fund Activity
We have seen 813 institutional investors add shares of $PGR stock to their portfolio, and 1,064 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 17,745,348 shares (-75.7%) from their portfolio in Q4 2025, for an estimated $4,040,970,646
- FMR LLC removed 5,299,126 shares (-43.4%) from their portfolio in Q4 2025, for an estimated $1,206,716,972
- WELLINGTON MANAGEMENT GROUP LLP added 4,197,212 shares (+181.8%) to their portfolio in Q4 2025, for an estimated $955,789,116
- BLACKROCK, INC. added 3,391,410 shares (+7.0%) to their portfolio in Q4 2025, for an estimated $772,291,885
- JPMORGAN CHASE & CO removed 2,827,619 shares (-15.4%) from their portfolio in Q4 2025, for an estimated $643,905,398
- EGERTON CAPITAL (UK) LLP removed 2,588,638 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $589,484,645
- NUVEEN, LLC removed 1,688,787 shares (-33.4%) from their portfolio in Q4 2025, for an estimated $384,570,575
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$PGR Analyst Ratings
Wall Street analysts have issued reports on $PGR in the last several months. We have seen 3 firms issue buy ratings on the stock, and 1 firms issue sell ratings.
Here are some recent analyst ratings:
- Morgan Stanley issued a "Underweight" rating on 01/29/2026
- Barclays issued a "Overweight" rating on 01/08/2026
- B of A Securities issued a "Buy" rating on 11/19/2025
- Raymond James issued a "Outperform" rating on 10/17/2025
To track analyst ratings and price targets for $PGR, check out Quiver Quantitative's $PGR forecast page.
$PGR Price Targets
Multiple analysts have issued price targets for $PGR recently. We have seen 14 analysts offer price targets for $PGR in the last 6 months, with a median target of $231.0.
Here are some recent targets:
- Brian Meredith from UBS set a target price of $220.0 on 03/23/2026
- Yaron Kinar from Mizuho set a target price of $223.0 on 03/20/2026
- Elyse Greenspan from Wells Fargo set a target price of $217.0 on 03/19/2026
- Meyer Shields from Keefe, Bruyette & Woods set a target price of $227.0 on 03/19/2026
- Joshua Shanker from B of A Securities set a target price of $305.0 on 03/19/2026
- Michael Zaremski from BMO Capital set a target price of $208.0 on 03/11/2026
- David Motemaden from Evercore ISI Group set a target price of $230.0 on 02/19/2026
Full Release
MAYFIELD VILLAGE, OHIO, March 23, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE: PGR) today announced the pricing of $500 million aggregate principal amount of its 4.60% Senior Notes due 2031 (the “2031 notes”) and $1 billion aggregate principal amount of its 5.15% Senior Notes due 2036 (the “2036 notes”, together with the “2031 notes”, the “notes”) in an underwritten public offering. The 2031 notes were priced at 99.987% of par and the 2036 notes were priced at 99.676% of par. Goldman Sachs & Co. LLC and TD Securities (USA) LLC are acting as joint bookrunners for the offering.
The offering is being made pursuant to an effective registration statement on Form S-3, which was filed with the Securities and Exchange Commission on May 17, 2024. The offering of these notes is being made only by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected] ; or TD Securities (USA) LLC, 1 Vanderbilt Avenue, 11th Floor, New York, NY 10017, telephone: 1 (855) 495-9846.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the registration statement, the prospectus contained therein or the prospectus supplement.
The Progressive Corporation is an Ohio-based insurance holding company. Its insurance subsidiaries provide insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes throughout the United States. Progressive's common shares are listed on the New York Stock Exchange.
Company Contact:
Douglas S. Constantine
(440) 395-3707
The Progressive Corporation
300 North Commons Blvd.
Mayfield Village, Ohio 44143
