Cim LLC Sells 4,050 Shares of The Progressive Co. (NYSE:PGR)

Cim LLC cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 3.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 110,043 shares of the insurance provider’s stock after selling 4,050 shares during the quarter. Progressive makes up approximately 3.4% of Cim LLC’s holdings, making the stock its 8th largest holding. Cim LLC’s holdings in Progressive were worth $22,857,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. WR Wealth Planners LLC raised its stake in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive during the 1st quarter valued at approximately $32,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $25,000. Hilltop National Bank lifted its stake in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC acquired a new position in Progressive in the first quarter worth $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.2 %

PGR opened at $254.37 on Wednesday. The company has a market capitalization of $148.98 billion, a PE ratio of 26.04, a price-to-earnings-growth ratio of 0.72 and a beta of 0.35. The business has a 50-day moving average of $239.33 and a 200-day moving average of $220.12. The Progressive Co. has a fifty-two week low of $137.59 and a fifty-two week high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 EPS. Equities research analysts forecast that The Progressive Co. will post 12.9 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is 4.09%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wells Fargo & Company increased their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Citigroup cut their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. JPMorgan Chase & Co. increased their price target on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Morgan Stanley upped their price objective on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Finally, Evercore ISI raised their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $257.18.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 22,708 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $4,859,739.08. Following the transaction, the chief financial officer now owns 302,958 shares of the company’s stock, valued at $64,836,041.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,512 shares of company stock valued at $33,912,874. Corporate insiders own 0.34% of the company’s stock.

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.