Cim LLC boosted its stake in Progressive Corp (NYSE:PGR) by 11.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,840 shares of the insurance provider’s stock after acquiring an additional 1,340 shares during the period. Cim LLC’s holdings in Progressive were worth $926,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PGR. Creative Planning boosted its holdings in shares of Progressive by 0.8% during the 1st quarter. Creative Planning now owns 16,896 shares of the insurance provider’s stock worth $1,218,000 after buying an additional 137 shares in the last quarter. JLB & Associates Inc. boosted its holdings in shares of Progressive by 2.0% during the 1st quarter. JLB & Associates Inc. now owns 6,970 shares of the insurance provider’s stock worth $502,000 after buying an additional 140 shares in the last quarter. Rehmann Capital Advisory Group boosted its holdings in shares of Progressive by 20.2% during the 4th quarter. Rehmann Capital Advisory Group now owns 868 shares of the insurance provider’s stock worth $52,000 after buying an additional 146 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in shares of Progressive by 10.7% during the 1st quarter. Prime Capital Investment Advisors LLC now owns 1,521 shares of the insurance provider’s stock worth $110,000 after buying an additional 147 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Progressive by 3.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 4,814 shares of the insurance provider’s stock worth $291,000 after buying an additional 160 shares in the last quarter. Institutional investors and hedge funds own 80.76% of the company’s stock.

In other news, Director Dyke Kahina Van sold 1,715 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $78.49, for a total transaction of $134,610.35. Following the completion of the sale, the director now directly owns 2,464 shares of the company’s stock, valued at approximately $193,399.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $70.30, for a total value of $885,780.00. Following the sale, the insider now directly owns 260,138 shares of the company’s stock, valued at $18,287,701.40. The disclosure for this sale can be found here. Insiders sold a total of 128,450 shares of company stock valued at $9,599,837 over the last three months. 0.39% of the stock is currently owned by insiders.

A number of equities analysts have recently weighed in on the company. Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Monday, April 22nd. Buckingham Research set a $64.00 target price on Progressive and gave the stock a “hold” rating in a research report on Monday. Wells Fargo & Co reaffirmed a “hold” rating and set a $73.00 target price on shares of Progressive in a research report on Wednesday, March 13th. Citigroup upped their target price on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. Finally, Credit Suisse Group upped their target price on Progressive from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive currently has a consensus rating of “Buy” and a consensus target price of $75.36.

NYSE PGR traded up $3.01 on Wednesday, reaching $76.65. The company had a trading volume of 68,821 shares, compared to its average volume of 2,934,895. The firm has a market capitalization of $42.36 billion, a P/E ratio of 17.16, a PEG ratio of 1.92 and a beta of 0.79. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $78.58. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. The business had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.20 billion. Progressive had a return on equity of 27.10% and a net margin of 8.77%. Progressive’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.22 EPS. As a group, sell-side analysts predict that Progressive Corp will post 5.15 EPS for the current fiscal year.

The business also recently declared an annual dividend, which was paid on Monday, April 15th. Investors of record on Friday, April 5th were given a $0.10 dividend. This represents a yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 4th. Progressive’s payout ratio is currently 59.05%.

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About Progressive

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

Further Reading: Derivative

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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