Cibc World Market Inc. Sells 27,403 Shares of The Progressive Corporation $PGR

Cibc World Market Inc. lessened its stake in shares of The Progressive Corporation (NYSE:PGR) by 28.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,464 shares of the insurance provider’s stock after selling 27,403 shares during the quarter. Cibc World Market Inc.’s holdings in Progressive were worth $17,401,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive during the fourth quarter worth $269,000. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. Axxcess Wealth Management LLC boosted its position in shares of Progressive by 83.6% in the 2nd quarter. Axxcess Wealth Management LLC now owns 2,591 shares of the insurance provider’s stock worth $691,000 after purchasing an additional 1,180 shares in the last quarter. Finally, RFG Advisory LLC grew its stake in Progressive by 21.0% during the 2nd quarter. RFG Advisory LLC now owns 5,805 shares of the insurance provider’s stock worth $1,549,000 after buying an additional 1,007 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on PGR shares. BMO Capital Markets lowered their target price on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. Keefe, Bruyette & Woods cut their target price on Progressive from $252.00 to $225.00 and set a “market perform” rating on the stock in a research report on Friday, January 30th. Wells Fargo & Company lowered their price target on Progressive from $240.00 to $220.00 and set an “equal weight” rating for the company in a research report on Thursday, January 29th. JPMorgan Chase & Co. dropped their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Finally, Jefferies Financial Group set a $216.00 price objective on shares of Progressive in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $250.35.

Progressive Trading Down 1.3%

Shares of NYSE:PGR opened at $205.60 on Friday. The firm has a market capitalization of $120.56 billion, a price-to-earnings ratio of 10.69, a price-to-earnings-growth ratio of 7.30 and a beta of 0.32. The business’s 50 day moving average price is $215.35 and its 200-day moving average price is $228.25. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Insider Transactions at Progressive

In other news, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the sale, the executive directly owned 26,249 shares of the company’s stock, valued at $5,363,983.15. The trade was a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This represents a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 12,443 shares of company stock valued at $2,723,061. 0.34% of the stock is currently owned by corporate insiders.

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.