The Progressive Co. (NYSE:PGR) Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. trimmed its holdings in shares of The Progressive Co. (NYSE:PGRGet Rating) by 30.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,647 shares of the insurance provider’s stock after selling 2,046 shares during the quarter. Cibc World Market Inc.’s holdings in Progressive were worth $540,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. Blume Capital Management Inc. acquired a new stake in shares of Progressive during the 1st quarter worth about $25,000. Bartlett & Co. LLC increased its position in shares of Progressive by 92.8% during the 2nd quarter. Bartlett & Co. LLC now owns 241 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 116 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Progressive during the 2nd quarter worth about $29,000. Crewe Advisors LLC acquired a new stake in shares of Progressive during the 2nd quarter worth about $31,000. Finally, James Investment Research Inc. acquired a new position in Progressive in the 2nd quarter valued at about $34,000. 85.05% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

PGR stock opened at $129.81 on Tuesday. The business has a 50 day moving average price of $123.91 and a 200 day moving average price of $119.57. The stock has a market cap of $75.95 billion, a price-to-earnings ratio of 92.06, a PEG ratio of 1.66 and a beta of 0.47. The Progressive Co. has a fifty-two week low of $90.48 and a fifty-two week high of $131.00. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.45.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $127.18, for a total transaction of $3,179,500.00. Following the completion of the sale, the chief financial officer now owns 329,033 shares in the company, valued at $41,846,416.94. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, October 17th. The stock was sold at an average price of $116.85, for a total value of $5,842,500.00. Following the completion of the sale, the chief executive officer now owns 431,822 shares in the company, valued at $50,458,400.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $127.18, for a total value of $3,179,500.00. Following the completion of the sale, the chief financial officer now owns 329,033 shares of the company’s stock, valued at approximately $41,846,416.94. The disclosure for this sale can be found here. Insiders sold a total of 107,688 shares of company stock worth $13,069,239 over the last 90 days. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PGR shares. Evercore ISI dropped their target price on Progressive to $133.00 in a research report on Thursday, October 20th. Credit Suisse Group lifted their target price on Progressive from $124.00 to $127.00 and gave the company a “neutral” rating in a research report on Thursday, August 18th. Raymond James lifted their target price on Progressive from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Monday, August 29th. Jefferies Financial Group raised Progressive from a “hold” rating to a “buy” rating and lifted their target price for the company from $123.00 to $142.00 in a research report on Friday, October 7th. Finally, StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Friday, October 14th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $119.54.

About Progressive

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

Further Reading

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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