The Progressive Co. (NYSE:PGR) Shares Sold by Cibc World Markets Corp

Cibc World Markets Corp cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 35.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 92,397 shares of the insurance provider’s stock after selling 51,056 shares during the period. Cibc World Markets Corp’s holdings in Progressive were worth $22,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Mount Lucas Management LP raised its position in Progressive by 2.4% during the third quarter. Mount Lucas Management LP now owns 2,493 shares of the insurance provider’s stock valued at $633,000 after acquiring an additional 59 shares in the last quarter. Atlanta Consulting Group Advisors LLC acquired a new position in shares of Progressive in the 3rd quarter valued at $337,000. Claro Advisors LLC boosted its holdings in Progressive by 117.2% during the third quarter. Claro Advisors LLC now owns 2,952 shares of the insurance provider’s stock worth $749,000 after buying an additional 1,593 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in Progressive by 26.2% in the third quarter. Thrivent Financial for Lutherans now owns 139,782 shares of the insurance provider’s stock valued at $35,471,000 after buying an additional 29,050 shares in the last quarter. Finally, AMG National Trust Bank acquired a new position in shares of Progressive in the third quarter worth about $203,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, January 3rd. Keefe, Bruyette & Woods cut their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Wells Fargo & Company upped their price objective on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a research report on Tuesday, December 10th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $281.76.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $238.66, for a total value of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares of the company’s stock, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the completion of the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $115,255,231.44. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,257 shares of company stock valued at $15,752,781. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

NYSE:PGR opened at $291.69 on Tuesday. The company’s 50-day moving average is $259.18 and its two-hundred day moving average is $254.36. The firm has a market capitalization of $170.99 billion, a price-to-earnings ratio of 20.26, a PEG ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is 2.78%.

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.