CIBC Asset Management Inc Increases Stock Holdings in The Progressive Co. (NYSE:PGR)

CIBC Asset Management Inc grew its position in The Progressive Co. (NYSE:PGR) by 4.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,237 shares of the insurance provider’s stock after purchasing an additional 3,879 shares during the period. CIBC Asset Management Inc’s holdings in Progressive were worth $22,341,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Geode Capital Management LLC increased its position in Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after buying an additional 1,682,213 shares during the last quarter. Jennison Associates LLC boosted its holdings in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after buying an additional 842,109 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after buying an additional 641,943 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after acquiring an additional 594,330 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Progressive by 102.3% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock worth $260,102,000 after acquiring an additional 518,262 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Bank of America boosted their price objective on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Morgan Stanley increased their target price on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Evercore ISI boosted their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.71.

Insider Activity at Progressive

In other news, insider Andrew J. Quigg sold 681 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,361 shares of company stock valued at $13,983,575. Insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.2 %

Shares of PGR stock opened at $262.71 on Tuesday. The business has a 50-day moving average price of $244.97 and a two-hundred day moving average price of $247.54. The Progressive Co. has a 12-month low of $186.94 and a 12-month high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a market cap of $153.90 billion, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 0.64 and a beta of 0.42.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities analysts anticipate that The Progressive Co. will post 14.44 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s dividend payout ratio (DPR) is 2.78%.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.