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

Cibc World Markets Corp boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 44.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 135,691 shares of the insurance provider’s stock after acquiring an additional 41,682 shares during the quarter. Cibc World Markets Corp’s holdings in Progressive were worth $21,613,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Sachetta LLC acquired a new stake in Progressive during the fourth quarter worth $25,000. Valley National Advisers Inc. increased its stake in Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new stake in Progressive during the fourth quarter worth $39,000. Criterion Capital Advisors LLC acquired a new stake in Progressive during the fourth quarter worth $47,000. Finally, BOK Financial Private Wealth Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at $48,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.3 %

NYSE PGR traded up $0.64 during trading on Wednesday, reaching $212.61. 1,945,265 shares of the company’s stock were exchanged, compared to its average volume of 2,578,086. The stock has a market cap of $124.53 billion, a P/E ratio of 21.76, a price-to-earnings-growth ratio of 0.80 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The company has a 50 day moving average price of $209.29 and a two-hundred day moving average price of $188.13. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $217.77.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the previous year, the business earned $0.65 EPS. The business’s quarterly revenue was up 17.7% on a year-over-year basis. On average, equities research analysts anticipate that The Progressive Co. will post 11.65 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Activity

In other news, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the sale, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the transaction, the chief financial officer now owns 312,958 shares in the company, valued at approximately $63,978,003.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. In the last three months, insiders sold 20,818 shares of company stock valued at $4,280,482. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Bank of America lifted their price objective on Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Roth Mkm lifted their price objective on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Morgan Stanley lifted their price objective on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. UBS Group lifted their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Finally, Jefferies Financial Group lifted their target price on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $215.19.

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.