Cibc World Market Inc. acquired a new position in The Progressive Corporation (NYSE:PGR – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 38,180 shares of the insurance provider’s stock, valued at approximately $8,340,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PGR. Bank of Nova Scotia bought a new position in shares of Progressive in the 2nd quarter worth about $76,260,000. Allstate Corp lifted its stake in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after purchasing an additional 22,915 shares during the period. Norges Bank acquired a new stake in Progressive during the fourth quarter worth approximately $1,836,094,000. Investment House LLC acquired a new stake in Progressive during the fourth quarter worth approximately $8,447,000. Finally, Callan Family Office LLC bought a new stake in Progressive in the second quarter worth approximately $3,025,000. Institutional investors and hedge funds own 85.34% of the company’s stock.
Progressive Trading Down 1.0%
NYSE:PGR opened at $221.77 on Wednesday. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $249.83. The firm has a 50-day moving average price of $216.29 and a two-hundred day moving average price of $206.94. The firm has a market cap of $128.93 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 2.99 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.
Progressive Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is currently 2.01%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on PGR. Keefe, Bruyette & Woods upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $226.00 to $250.00 in a research report on Thursday, August 20th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Wells Fargo & Company upped their price objective on shares of Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday, August 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Finally, Mizuho set a $236.00 target price on Progressive in a research note on Wednesday, August 5th. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $236.05.
View Our Latest Report on Progressive
Insider Transactions at Progressive
In other news, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. The trade was a 23.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider directly owned 32,348 shares in the company, valued at $6,880,743.08. This trade represents a 20.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 83,449 shares of company stock worth $17,685,203. Company insiders own 0.32% of the company’s stock.
About Progressive
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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