Crossmark Global Holdings Inc. Sells 4,288 Shares of Progressive Corp (NYSE:PGR)

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Crossmark Global Holdings Inc. decreased its holdings in shares of Progressive Corp (NYSE:PGR) by 10.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,382 shares of the insurance provider’s stock after selling 4,288 shares during the period. Crossmark Global Holdings Inc.’s holdings in Progressive were worth $2,811,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Cerebellum GP LLC bought a new position in Progressive in the third quarter worth approximately $453,000. SevenBridge Financial Group LLC boosted its holdings in Progressive by 10.2% in the third quarter. SevenBridge Financial Group LLC now owns 3,880 shares of the insurance provider’s stock worth $300,000 after acquiring an additional 360 shares in the last quarter. Ipswich Investment Management Co. Inc. boosted its holdings in Progressive by 4.8% in the third quarter. Ipswich Investment Management Co. Inc. now owns 55,265 shares of the insurance provider’s stock worth $4,269,000 after acquiring an additional 2,525 shares in the last quarter. First Hawaiian Bank boosted its holdings in Progressive by 12.3% in the third quarter. First Hawaiian Bank now owns 51,156 shares of the insurance provider’s stock worth $3,952,000 after acquiring an additional 5,583 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in Progressive by 24.2% in the third quarter. State of Alaska Department of Revenue now owns 108,825 shares of the insurance provider’s stock worth $8,406,000 after acquiring an additional 21,206 shares in the last quarter. Institutional investors own 78.76% of the company’s stock.

Shares of Progressive stock opened at $75.22 on Friday. The company has a market cap of $43.50 billion, a PE ratio of 17.02, a price-to-earnings-growth ratio of 1.88 and a beta of 0.68. Progressive Corp has a 52 week low of $56.71 and a 52 week high of $84.96. The business has a 50 day moving average price of $75.76 and a 200-day moving average price of $77.70. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.34.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, topping the consensus estimate of $1.43 by $0.23. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.13 billion. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.19 earnings per share. As a group, research analysts anticipate that Progressive Corp will post 5.4 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s payout ratio is 9.05%.

Several research analysts have issued reports on the company. Barclays set a $90.00 price target on Progressive and gave the stock a “buy” rating in a report on Friday, September 13th. UBS Group increased their price objective on Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Buckingham Research increased their price objective on Progressive from $74.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. ValuEngine raised Progressive from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Finally, Janney Montgomery Scott began coverage on Progressive in a research note on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price objective for the company. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Progressive presently has a consensus rating of “Buy” and an average target price of $83.27.

In related news, CEO Susan Patricia Griffith sold 22,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the completion of the sale, the chief executive officer now directly owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $81.11, for a total value of $973,320.00. Following the sale, the insider now directly owns 24,867 shares of the company’s stock, valued at $2,016,962.37. The disclosure for this sale can be found here. Insiders have sold 46,500 shares of company stock valued at $3,624,855 over the last ninety days. 0.39% of the stock is currently owned by company insiders.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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