The Progressive Corporation $PGR Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 28.0% during the 3rd quarter, HoldingsChannel reports. The firm 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 also recently added to or reduced their stakes in the stock. Caprock Group LLC purchased a new position in shares of Progressive during the 3rd quarter worth $5,544,000. Krilogy Financial LLC purchased a new stake in shares of Progressive in the 3rd quarter valued at approximately $961,000. Westbourne Investments Inc. grew its stake in shares of Progressive by 8.7% in the 3rd quarter. Westbourne Investments Inc. now owns 1,250 shares of the insurance provider’s stock valued at $309,000 after buying an additional 100 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Progressive by 4.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 28,426 shares of the insurance provider’s stock worth $7,020,000 after buying an additional 1,136 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in shares of Progressive by 3.2% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 64,059 shares of the insurance provider’s stock valued at $15,820,000 after buying an additional 1,990 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PGR shares. Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $257.00 to $265.00 in a research report on Thursday, January 8th. UBS Group set a $226.00 price target on Progressive in a research note on Monday, February 2nd. Mizuho set a $240.00 price objective on Progressive in a research report on Wednesday, January 14th. Wells Fargo & Company decreased their target price on shares of Progressive from $240.00 to $220.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 29th. Finally, Zacks Research cut shares of Progressive from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $250.35.

Progressive Stock Performance

Shares of PGR opened at $205.60 on Friday. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The stock has a market capitalization of $120.56 billion, a PE ratio of 10.69, a PEG ratio of 7.30 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. The stock has a 50-day simple moving average of $215.35 and a 200-day simple moving average of $228.25.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were issued 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 was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Insider Activity

In related news, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the transaction, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 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 $634,506.75. Following the completion of the transaction, the executive directly owned 26,249 shares in the company, valued at $5,363,983.15. This trade represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 12,443 shares of company stock valued at $2,723,061 in the last 90 days. Company insiders own 0.34% 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.