Cim LLC Sells 2,487 Shares of The Progressive Corporation $PGR

Cim LLC lessened its stake in The Progressive Corporation (NYSE:PGR) by 2.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,334 shares of the insurance provider’s stock after selling 2,487 shares during the quarter. Progressive comprises approximately 2.5% of Cim LLC’s investment portfolio, making the stock its 18th biggest holding. Cim LLC’s holdings in Progressive were worth $17,115,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PGR. Bull Harbor Capital LLC acquired a new stake in shares of Progressive in the first quarter valued at approximately $360,000. Strategic Investment Advisors MI acquired a new position in Progressive during the 1st quarter worth $121,000. Arkadios Wealth Advisors lifted its holdings in Progressive by 7.3% during the 1st quarter. Arkadios Wealth Advisors now owns 25,098 shares of the insurance provider’s stock worth $4,975,000 after buying an additional 1,714 shares in the last quarter. Sunbelt Securities Inc. boosted its position in Progressive by 7.1% in the 1st quarter. Sunbelt Securities Inc. now owns 857 shares of the insurance provider’s stock valued at $170,000 after buying an additional 57 shares during the last quarter. Finally, Amundi boosted its position in Progressive by 6.6% in the 1st quarter. Amundi now owns 1,562,422 shares of the insurance provider’s stock valued at $309,735,000 after buying an additional 96,331 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
• Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
• Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
• Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
• Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing

Insider Buying and Selling at Progressive

In related news, insider Karen Bailo sold 8,452 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the transaction, the chief executive officer directly owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock valued at $15,880,459 over the last quarter. 0.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Keefe, Bruyette & Woods lowered their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Finally, William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus target price of $236.11.

Progressive Price Performance

PGR opened at $220.52 on Thursday. The company has a fifty day moving average price of $210.81 and a two-hundred day moving average price of $206.02. The firm has a market capitalization of $128.86 billion, a PE ratio of 11.06, a P/E/G ratio of 2.96 and a beta of 0.26. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.