Cim LLC Reduces Stake in The Progressive Corporation $PGR

Key Points

• Cim LLC reduced its stake in The Progressive Corporation by 5.5% during the 1st quarter, holding approximately 103,166 shares, which represent about 4.3% of its total holdings.
• Insider selling activity includes CEO Susan Patricia Griffith selling 30,660 shares valued at over $7.4 million, resulting in a 5.70% decrease in her position.
• The company recently announced a quarterly dividend of $0.10 per share, with an ex-dividend date of October 2nd and an annualized yield of 0.2%.

Cim LLC decreased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 103,166 shares of the insurance provider's stock after selling 5,958 shares during the period. Progressive makes up 4.3% of Cim LLC's holdings, making the stock its biggest holding. Cim LLC's holdings in Progressive were worth $29,197,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen LLC bought a new stake in Progressive in the first quarter valued at $1,473,180,000. GQG Partners LLC increased its position in shares of Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after acquiring an additional 3,038,303 shares in the last quarter. C WorldWide Group Holding A S increased its position in shares of Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after acquiring an additional 1,238,402 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PGR shares. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday. Bank of America boosted their target price on shares of Progressive from $344.00 to $347.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Morgan Stanley upped their price objective on shares of Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Friday, August 22nd. Barclays decreased their price target on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Finally, Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective on the stock. in a research report on Thursday, July 17th. Eight investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, Progressive has an average rating of "Hold" and a consensus price target of $283.12.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares in the company, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock valued at $34,547,699 over the last quarter. Insiders own 0.33% of the company's stock.

Progressive Stock Performance

Shares of PGR stock traded down $2.74 during trading on Wednesday, reaching $242.23. 1,532,211 shares of the company's stock traded hands, compared to its average volume of 3,165,936. The firm's 50-day moving average is $246.16 and its 200 day moving average is $264.19. The company has a market capitalization of $142.00 billion, a P/E ratio of 13.65, a PEG ratio of 1.42 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 current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.48 earnings per share. Equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is presently 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.