CIBC Asset Management Inc Acquires 3,879 Shares of The Progressive Co. (NYSE:PGR)

CIBC Asset Management Inc increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.3% during the 4th quarter, HoldingsChannel reports. The fund owned 93,237 shares of the insurance provider’s stock after buying an additional 3,879 shares during the period. CIBC Asset Management Inc’s holdings in Progressive were worth $22,341,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Versant Capital Management Inc boosted its position in shares of Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock worth $189,000 after purchasing an additional 391 shares in the last quarter. Townsquare Capital LLC raised its stake in Progressive by 90.9% during the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after buying an additional 3,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after acquiring an additional 330,667 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Progressive by 2,262.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after acquiring an additional 415,628 shares during the last quarter. Finally, Signal Advisors Wealth LLC increased its holdings in shares of Progressive by 42.3% during the fourth quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock valued at $2,849,000 after acquiring an additional 3,534 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 0.2 %

PGR opened at $262.71 on Tuesday. The firm’s 50 day simple moving average is $244.97 and its two-hundred day simple moving average is $247.54. The company has a market capitalization of $153.90 billion, a PE ratio of 18.24, a PEG ratio of 0.64 and a beta of 0.42. The Progressive Co. has a 1-year low of $186.94 and a 1-year high of $270.62. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS 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%. As a group, equities analysts forecast that The Progressive Co. will post 14.44 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a dividend of $0.10 per share. 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 presently 2.78%.

Insider Buying and Selling

In other Progressive news, insider Lori A. Niederst sold 3,855 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total value of $952,416.30. Following the completion of the transaction, the insider now directly owns 39,040 shares in the company, valued at $9,645,222.40. This represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now owns 292,958 shares in the company, valued at $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 ninety days, insiders sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the topic of a number of analyst reports. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods dropped their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. lifted their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.