CIBC Private Wealth Group LLC Has $3.43 Million Position in The Progressive Co. (NYSE:PGR)

CIBC Private Wealth Group LLC reduced its stake in The Progressive Co. (NYSE:PGRFree Report) by 1.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,519 shares of the insurance provider’s stock after selling 338 shares during the period. CIBC Private Wealth Group LLC’s holdings in Progressive were worth $3,427,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PGR. Sachetta LLC acquired a new stake in Progressive during the 4th quarter worth approximately $25,000. Valley National Advisers Inc. boosted its position in Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares during the period. Pinnacle Bancorp Inc. acquired a new stake in Progressive during the 4th quarter worth approximately $39,000. Criterion Capital Advisors LLC acquired a new stake in Progressive during the 4th quarter worth approximately $47,000. Finally, BOK Financial Private Wealth Inc. acquired a new stake in Progressive during the 4th quarter worth approximately $48,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold 20,818 shares of company stock valued at $4,280,482 in the last three months. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Roth Mkm raised their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Citigroup raised their price target on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. BMO Capital Markets raised their price target on shares of Progressive from $234.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Finally, Jefferies Financial Group raised their price target on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $215.19.

Read Our Latest Research Report on Progressive

Progressive Stock Performance

Shares of PGR stock opened at $212.53 on Friday. The firm has a market capitalization of $124.48 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The firm has a fifty day simple moving average of $209.53 and a two-hundred day simple moving average of $188.67. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.65 EPS. Analysts forecast that The Progressive Co. will post 11.64 EPS for the current fiscal year.

Progressive Announces Dividend

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

Progressive Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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