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

CIBC Asset Management Inc raised its holdings in The Progressive Corporation (NYSE:PGR) by 58.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 162,157 shares of the insurance provider’s stock after purchasing an additional 59,755 shares during the quarter. CIBC Asset Management Inc’s holdings in Progressive were worth $36,926,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Klingman & Associates LLC raised its stake in Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after buying an additional 48 shares during the period. Wealthstream Advisors Inc. raised its stake in Progressive by 4.6% in the third quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after buying an additional 49 shares during the period. Revisor Wealth Management LLC raised its stake in Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after buying an additional 50 shares during the period. Cullen Investment Group LTD. raised its stake in Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after buying an additional 52 shares during the period. Finally, Pines Wealth Management LLC raised its stake in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after buying an additional 52 shares during the period. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of several research reports. Argus raised Progressive to a “hold” rating in a research report on Thursday, March 5th. Evercore reaffirmed a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Weiss Ratings downgraded Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. Finally, Roth Mkm set a $235.00 target price on Progressive in a research report on Thursday, February 19th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $238.11.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.32% of the stock is owned by corporate insiders.

Progressive Trading Down 1.7%

Shares of NYSE:PGR opened at $193.54 on Thursday. The company has a market capitalization of $113.09 billion, a P/E ratio of 9.84, a P/E/G ratio of 5.71 and a beta of 0.28. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $288.35. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick 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 issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.37 earnings per share. On average, research analysts anticipate that The Progressive Corporation will post 16.33 EPS for the current fiscal year.

Progressive Announces Dividend

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

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.