CIBC Asset Management Inc Acquires 59,755 Shares of The Progressive Corporation $PGR

CIBC Asset Management Inc boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 58.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 162,157 shares of the insurance provider’s stock after acquiring an additional 59,755 shares during the period. CIBC Asset Management Inc’s holdings in Progressive were worth $36,926,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dagco Inc. acquired a new position in shares of Progressive during the fourth quarter worth about $28,000. Ameriflex Group Inc. raised its position in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares during the last quarter. Entrust Financial LLC acquired a new stake in Progressive in the 4th quarter valued at approximately $33,000. Kingdom Financial Group LLC. bought a new stake in Progressive in the 4th quarter valued at approximately $34,000. Finally, Bangor Savings Bank boosted its position in Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 58 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

PGR opened at $193.54 on Thursday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $288.35. The firm has a market capitalization of $113.09 billion, a PE ratio of 9.84, a PEG ratio of 5.71 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The business’s 50-day simple moving average is $199.07 and its 200 day simple moving average is $209.11.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the prior year, the company posted $4.37 earnings per share. Progressive’s revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts expect that The Progressive Corporation will post 16.33 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PGR shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 price objective on shares of Progressive in a report on Monday, February 23rd. UBS Group increased their target price on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Morgan Stanley decreased their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, March 31st. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Finally, Wells Fargo & Company boosted their price target on shares of Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $238.11.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.32% of the company’s stock.

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.