The Progressive Corporation $PGR Stock Position Decreased by Cim LLC

Cim LLC lowered its stake in The Progressive Corporation (NYSE:PGR) by 5.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 103,166 shares of the insurance provider’s stock after selling 5,958 shares during the period. Progressive accounts for about 4.3% of Cim LLC’s holdings, making the stock its largest holding. Cim LLC’s holdings in Progressive were worth $29,197,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Highline Wealth Partners LLC grew its stake in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC grew its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after buying an additional 63 shares during the last quarter. HWG Holdings LP purchased a new stake in shares of Progressive in the 1st quarter worth approximately $28,000. Garde Capital Inc. purchased a new stake in shares of Progressive in the 1st quarter worth approximately $33,000. Finally, Ransom Advisory Ltd purchased a new stake in shares of Progressive in the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the firm’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer directly owned 506,945 shares of the company’s stock, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 139,010 shares of company stock worth $34,547,699 in the last quarter. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on PGR shares. Citigroup reiterated a “buy” rating on shares of Progressive in a research note on Friday, August 29th. Keefe, Bruyette & Woods cut their target price on Progressive from $290.00 to $268.00 and set a “market perform” rating on the stock in a research note on Thursday, July 17th. UBS Group cut their target price on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a research note on Monday, July 21st. Morgan Stanley increased their target price on Progressive from $265.00 to $267.00 and gave the company an “equal weight” rating in a research note on Friday, August 22nd. Finally, Barclays cut their target price on Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 19th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $284.82.

Progressive Stock Performance

PGR stock opened at $248.69 on Friday. The company has a market cap of $145.78 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.43 and a beta of 0.32. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The stock’s fifty day moving average price is $246.68 and its 200-day moving average price is $264.95.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the business posted $2.48 EPS. On average, equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.25%.

Progressive Company 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.