CIBC Bancorp USA Inc. Buys Shares of 80,876 The Progressive Corporation $PGR

CIBC Bancorp USA Inc. purchased a new position in shares of The Progressive Corporation (NYSE:PGR) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 80,876 shares of the insurance provider’s stock, valued at approximately $19,972,000.

Other large investors have also modified their holdings of the company. Davis Capital Management acquired a new position in Progressive during the 3rd quarter valued at about $25,000. Howard Hughes Medical Institute acquired a new position in shares of Progressive during the second quarter worth approximately $34,000. Ameriflex Group Inc. grew its holdings in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after buying an additional 65 shares in the last quarter. TruNorth Capital Management LLC increased its stake in Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares during the period. Finally, Richardson Financial Services Inc. raised its holdings in Progressive by 41.0% during the third quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock worth $48,000 after purchasing an additional 57 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This represents a 9.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,761 shares of company stock valued at $2,659,420 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Down 1.2%

NYSE PGR opened at $201.37 on Thursday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average of $206.46 and a 200-day moving average of $221.58. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $289.96. The company has a market cap of $117.99 billion, a PE ratio of 10.47, a PEG ratio of 8.88 and a beta of 0.33.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is 2.08%.

Analysts Set New Price Targets

A number of research firms recently commented on PGR. Roth Mkm set a $235.00 target price on shares of Progressive in a report on Thursday, February 19th. JPMorgan Chase & Co. decreased their target price on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Bank of America reduced their target price on shares of Progressive from $315.00 to $308.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Wells Fargo & Company lowered their target price on shares of Progressive from $220.00 to $214.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 19th. Finally, Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average target price of $240.94.

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.