The Progressive Co. (NYSE:PGR) Stock Position Decreased by Cibc World Market Inc.

Cibc World Market Inc. cut its stake in shares of The Progressive Co. (NYSE:PGR) by 31.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 108,016 shares of the insurance provider’s stock after selling 48,806 shares during the period. Cibc World Market Inc.’s holdings in Progressive were worth $25,882,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Webster Bank N. A. acquired a new position in shares of Progressive in the fourth quarter worth about $26,000. DiNuzzo Private Wealth Inc. lifted its position in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Progressive in the 3rd quarter worth approximately $49,000. Friedenthal Financial purchased a new position in Progressive during the 3rd quarter worth approximately $49,000. Finally, Morse Asset Management Inc acquired a new stake in Progressive during the 3rd quarter valued at $55,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey D. Kelly sold 10,000 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $250.00, for a total transaction of $2,500,000.00. Following the transaction, the director now owns 27,741 shares of the company’s stock, valued at approximately $6,935,250. The trade was a 26.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is owned by insiders.

Progressive Stock Down 1.0 %

Shares of PGR stock opened at $246.78 on Friday. The stock’s 50 day simple moving average is $247.40 and its 200 day simple moving average is $244.30. The Progressive Co. has a twelve month low of $176.37 and a twelve month high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $144.57 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 0.64 and a beta of 0.41.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 net margin of 11.25% and a return on equity of 34.32%. As a group, research analysts predict that The Progressive Co. will post 14.03 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is 2.78%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PGR. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. TD Cowen lifted their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Evercore ISI increased their price target on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Bank of America increased their target price on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $275.71.

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.