The Progressive Co. (NYSE:PGR) Position Raised by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 9.6% during the 3rd 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 acquiring an additional 7,797 shares during the quarter. CIBC Asset Management Inc's holdings in Progressive were worth $22,675,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of PGR. Impax Asset Management Group plc raised its holdings in shares of Progressive by 24.9% during the 3rd quarter. Impax Asset Management Group plc now owns 65,471 shares of the insurance provider's stock valued at $16,614,000 after buying an additional 13,047 shares during the period. Sycomore Asset Management raised its stake in shares of Progressive by 28.9% during the third quarter. Sycomore Asset Management now owns 36,258 shares of the insurance provider's stock valued at $9,151,000 after purchasing an additional 8,130 shares during the period. Intelligence Driven Advisers LLC acquired a new position in shares of Progressive during the third quarter worth $244,000. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Progressive by 2.6% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,917 shares of the insurance provider's stock valued at $4,293,000 after purchasing an additional 435 shares during the period. Finally, Metis Global Partners LLC grew its holdings in Progressive by 2.0% during the 3rd quarter. Metis Global Partners LLC now owns 29,386 shares of the insurance provider's stock valued at $7,457,000 after purchasing an additional 590 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PGR. Piper Sandler upped their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an "overweight" rating in a research report on Thursday, August 15th. Roth Mkm raised their price objective on Progressive from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, September 16th. Keefe, Bruyette & Woods lifted their price objective on Progressive from $280.00 to $290.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Bank of America increased their target price on Progressive from $319.00 to $331.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company lifted their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 10th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $269.56.

Insider Activity at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company's stock, valued at approximately $119,475,967. This represents a 8.39 % 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 worth $16,415,812 in the last ninety days. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

Shares of NYSE:PGR traded down $1.72 during trading on Friday, hitting $255.78. 3,259,995 shares of the company traded hands, compared to its average volume of 2,463,986. The stock has a market capitalization of $149.84 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 0.73 and a beta of 0.36. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business's fifty day moving average is $252.22 and its 200-day moving average is $229.82.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. As a group, equities analysts predict that The Progressive Co. will post 13.11 earnings per share for the current fiscal year.

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.