CIBC Asset Management Inc Acquires 7,797 Shares of The Progressive Co. (NYSE:PGR)

CIBC Asset Management Inc lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,358 shares of the insurance provider’s stock after buying an additional 7,797 shares during the quarter. CIBC Asset Management Inc’s holdings in Progressive were worth $22,675,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nwam LLC raised its stake in shares of Progressive by 27.2% during the 1st quarter. Nwam LLC now owns 1,628 shares of the insurance provider’s stock valued at $345,000 after purchasing an additional 348 shares during the period. M&G Plc bought a new position in shares of Progressive in the first quarter valued at approximately $17,951,000. Alera Investment Advisors LLC purchased a new position in Progressive during the first quarter valued at approximately $245,000. Acadian Asset Management LLC increased its holdings in Progressive by 3,245.9% during the 1st quarter. Acadian Asset Management LLC now owns 348,372 shares of the insurance provider’s stock worth $72,036,000 after acquiring an additional 337,960 shares during the period. Finally, Patten & Patten Inc. TN lifted its stake in Progressive by 1.5% in the 1st quarter. Patten & Patten Inc. TN now owns 157,184 shares of the insurance provider’s stock worth $32,509,000 after purchasing an additional 2,278 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

PGR opened at $255.78 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $149.84 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. The stock’s 50 day moving average price is $252.08 and its 200-day moving average price is $229.48. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. On average, equities research analysts predict that The Progressive Co. will post 13.11 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PGR. BMO Capital Markets lowered their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Evercore ISI lifted their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Barclays raised their price objective on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research report on Monday, August 12th. Finally, The Goldman Sachs Group raised their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $269.56.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,331 shares of company stock valued at $16,415,812 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

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.