CIBC Asset Management Inc Acquires 7,797 Shares of The Progressive Co. (NYSE:PGR)

CIBC Asset Management Inc raised its stake in The Progressive Co. (NYSE:PGR) by 9.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,358 shares of the insurance provider’s stock after acquiring an additional 7,797 shares during the quarter. CIBC Asset Management Inc’s holdings in Progressive were worth $22,675,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Raleigh Capital Management Inc. grew its stake in Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares in the last quarter. Castleview Partners LLC boosted its position in shares of Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 45 shares in the last quarter. Washington Trust Bank grew its position in Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after acquiring an additional 45 shares during the last quarter. Sunbelt Securities Inc. increased its holdings in Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after purchasing an additional 48 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. The trade was a 15.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,331 shares of company stock valued at $16,415,812 over the last 90 days. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $255.78 on Friday. The firm has a market capitalization of $149.84 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 0.73 and a beta of 0.36. The stock’s 50 day moving average is $252.08 and its 200-day moving average is $229.48. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $263.85.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Sell-side analysts forecast that The Progressive Co. will post 13.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Bank of America increased their price objective on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Jefferies Financial Group lifted their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company raised their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, TD Cowen increased their target price on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $269.56.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.