CIBC Private Wealth Group LLC Sells 758 Shares of The Progressive Co. (NYSE:PGR)

CIBC Private Wealth Group LLC reduced its stake in The Progressive Co. (NYSE:PGR) by 4.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 17,968 shares of the insurance provider’s stock after selling 758 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Progressive were worth $4,377,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Webster Bank N. A. purchased a new position in Progressive in the fourth quarter valued at about $26,000. Hager Investment Management Services LLC purchased a new stake in shares of Progressive during the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the period. Valley National Advisers Inc. lifted its stake in Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Atala Financial Inc bought a new position in Progressive during the fourth quarter valued at $32,000. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PGR. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Saturday, March 22nd. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research report on Tuesday, December 10th. Barclays raised their price objective on shares of Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, March 13th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Finally, Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a research report on Thursday, December 26th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $281.06.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 1,542 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $435,861.72. Following the completion of the sale, the chief financial officer now owns 268,024 shares of the company’s stock, valued at approximately $75,759,663.84. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,255 shares of company stock worth $17,250,271 over the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $284.16 on Wednesday. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The firm has a market capitalization of $166.58 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 1.70 and a beta of 0.35. The company’s fifty day moving average price is $266.98 and its 200-day moving average price is $256.35.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating 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%. On average, equities research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s dividend payout ratio is currently 2.78%.

Progressive Company 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.