The Progressive Corporation $PGR Shares Bought by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 2,012.0% during the third quarter, HoldingsChannel reports. The firm owned 767,549 shares of the insurance provider’s stock after purchasing an additional 731,207 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Progressive were worth $189,546,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Norges Bank purchased a new position in Progressive in the 2nd quarter worth $2,156,939,000. Capital International Investors grew its stake in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares during the last quarter. Alliancebernstein L.P. grew its stake in Progressive by 32.8% during the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after purchasing an additional 2,709,417 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares during the period. Finally, Marshfield Associates raised its stake in shares of Progressive by 70.8% in the third quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider’s stock worth $389,552,000 after purchasing an additional 653,763 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the sale, the executive owned 26,249 shares in the company, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. The trade was a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 12,761 shares of company stock worth $2,659,420. Insiders own 0.33% of the company’s stock.

Progressive Stock Down 0.5%

Shares of PGR stock opened at $203.76 on Wednesday. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $291.64. The stock has a market cap of $119.39 billion, a P/E ratio of 10.59, a P/E/G ratio of 8.92 and a beta of 0.33. The stock has a 50 day moving average of $206.62 and a 200 day moving average of $221.72. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s payout ratio is 2.08%.

Analyst Ratings Changes

A number of research firms recently commented on PGR. Mizuho set a $240.00 target price on Progressive in a report on Wednesday, January 14th. The Goldman Sachs Group reissued a “buy” rating and set a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. BMO Capital Markets decreased their price objective on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research note on Wednesday, March 11th. Citigroup dropped their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Finally, William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $241.94.

Progressive Company Profile

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.