Cim LLC Sells 2,487 Shares of The Progressive Corporation $PGR

Cim LLC decreased its position in The Progressive Corporation (NYSE:PGR) by 2.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 86,334 shares of the insurance provider’s stock after selling 2,487 shares during the period. Progressive makes up 2.5% of Cim LLC’s portfolio, making the stock its 18th largest position. Cim LLC’s holdings in Progressive were worth $17,115,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the fourth quarter worth about $269,000. Bison Wealth LLC increased its holdings in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares in the last quarter. HUB Investment Partners LLC raised its position in shares of Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after purchasing an additional 166 shares during the period. Finally, Diversify Wealth Management LLC raised its position in shares of Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Bank of America dropped their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Finally, Mizuho upped their price target on shares of Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $236.11.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares in the company, valued at approximately $111,199,682.96. The trade was a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider directly owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 74,885 shares of company stock worth $15,880,459. Corporate insiders own 0.32% of the company’s stock.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
• Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
• Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
• Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
• Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing

Progressive Stock Performance

Shares of Progressive stock opened at $220.52 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The firm has a market cap of $128.86 billion, a price-to-earnings ratio of 11.06, a price-to-earnings-growth ratio of 2.96 and a beta of 0.26. The stock’s 50-day moving average is $210.81 and its 200-day moving average is $206.02. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.