CIBC Bancorp USA Inc. Acquires New Position in The Progressive Corporation $PGR

CIBC Bancorp USA Inc. bought a new position in shares of The Progressive Corporation (NYSE:PGR) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 80,876 shares of the insurance provider’s stock, valued at approximately $19,972,000.

A number of other large investors have also recently modified their holdings of the business. Brighton Jones LLC boosted its stake in Progressive by 15.6% in the fourth 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 bought a new position in shares of Progressive in the fourth quarter worth about $269,000. Bison Wealth LLC boosted its stake in shares of Progressive by 3.2% in 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 in the last quarter. Nordwand Advisors LLC bought a new stake in shares of Progressive during the 2nd quarter valued at approximately $212,000. Finally, Empowered Funds LLC grew its stake in shares of Progressive by 19.9% during the second quarter. Empowered Funds LLC now owns 44,840 shares of the insurance provider’s stock worth $11,966,000 after buying an additional 7,434 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several recent research reports. Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Citigroup lowered their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Argus raised shares of Progressive to a “hold” rating in a report on Thursday, March 5th. JPMorgan Chase & Co. dropped their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday, January 7th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $240.94.

Progressive Stock Performance

Shares of PGR stock opened at $201.37 on Thursday. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $289.96. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average of $206.46 and a 200 day moving average of $221.58. The firm has a market capitalization of $117.99 billion, a price-to-earnings ratio of 10.47, a PEG ratio of 8.88 and a beta of 0.33.

Progressive Dividend Announcement

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

Insider Activity at Progressive

In related news, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. This represents a 9.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,761 shares of company stock worth $2,659,420 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive 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.