Cibc World Markets Corp Reduces Holdings in The Progressive Co. (NYSE:PGR)

Cibc World Markets Corp trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 11.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,055 shares of the insurance provider’s stock after selling 18,862 shares during the period. Cibc World Markets Corp’s holdings in The Progressive were worth $14,639,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Hexagon Capital Partners LLC grew its stake in The Progressive by 57.6% in the 1st quarter. Hexagon Capital Partners LLC now owns 279 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 102 shares during the period. Concord Wealth Partners purchased a new stake in The Progressive in the 1st quarter worth approximately $27,000. MBM Wealth Consultants LLC grew its stake in The Progressive by 191.1% in the 1st quarter. MBM Wealth Consultants LLC now owns 358 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 235 shares during the period. Eudaimonia Partners LLC grew its stake in The Progressive by 35.7% in the 1st quarter. Eudaimonia Partners LLC now owns 369 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 97 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its stake in The Progressive by 121.1% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 398 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 218 shares during the period. 82.14% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:PGR opened at $93.20 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The Progressive Co. has a fifty-two week low of $84.89 and a fifty-two week high of $107.58. The firm has a 50-day simple moving average of $95.99 and a 200 day simple moving average of $96.69. The company has a market cap of $54.54 billion, a PE ratio of 10.03, a P/E/G ratio of 3.51 and a beta of 0.46.

The Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.36). The Progressive had a net margin of 12.00% and a return on equity of 23.52%. As a group, research analysts forecast that The Progressive Co. will post 4.42 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, October 7th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.43%. The ex-dividend date is Wednesday, October 6th. The Progressive’s dividend payout ratio is presently 5.35%.

Several analysts have commented on PGR shares. Bank of America lowered their target price on shares of The Progressive from $127.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, June 17th. Morgan Stanley lowered shares of The Progressive from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $90.00 to $85.00 in a report on Monday, June 7th. Raymond James reduced their target price on shares of The Progressive from $115.00 to $105.00 and set an “outperform” rating on the stock in a report on Friday, July 16th. reduced their target price on shares of The Progressive from $97.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, June 21st. Finally, Barclays reduced their target price on shares of The Progressive from $86.00 to $84.00 and set an “underweight” rating on the stock in a report on Friday, July 16th. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.21.

In other news, insider Karen Bailo sold 6,326 shares of the business’s stock in a transaction that occurred on Thursday, August 19th. The shares were sold at an average price of $95.95, for a total transaction of $606,979.70. Following the sale, the insider now owns 32,664 shares in the company, valued at $3,134,110.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, July 15th. The shares were sold at an average price of $90.54, for a total transaction of $1,086,480.00. Following the sale, the chief financial officer now owns 284,721 shares in the company, valued at approximately $25,778,639.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,752 shares of company stock valued at $10,324,363. Company insiders own 0.37% of the company’s stock.

The Progressive Company Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

Further Reading: Earnings Reports

Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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