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

CIBC Private Wealth Group LLC trimmed its position in shares of The Progressive Co. (NYSE:PGR) by 4.0% in the 4th quarter, HoldingsChannel.com reports. 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.

A number of other institutional investors also recently modified their holdings of the company. Webster Bank N. A. bought a new position in Progressive during the 4th quarter valued at approximately $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares during the period. Valley National Advisers Inc. raised its holdings in shares of Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 120 shares in the last quarter. Finally, Atala Financial Inc purchased a new stake in Progressive in the fourth quarter worth $32,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on PGR. UBS Group upped their price objective on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, March 14th. Roth Mkm increased their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Saturday, March 22nd. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, Wells Fargo & Company raised their target price on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $281.06.

Progressive Stock Performance

Shares of Progressive stock opened at $284.16 on Wednesday. The stock has a market cap 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 has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The firm’s 50-day moving average is $266.98 and its 200 day moving average is $256.35.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the transaction, the chief financial officer now owns 258,024 shares in the company, valued at approximately $71,199,142.56. This trade represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,255 shares of company stock worth $17,250,271 over the last quarter. 0.34% of the stock is currently owned by insiders.

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.