Cadence Bank Sells 57 Shares of The Progressive Co. (NYSE:PGR)

Cadence Bank lessened its position in The Progressive Co. (NYSE:PGR) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,606 shares of the insurance provider’s stock after selling 57 shares during the quarter. Cadence Bank’s holdings in Progressive were worth $1,583,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock worth $12,795,262,000 after purchasing an additional 583,376 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Progressive by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock worth $3,498,363,000 after purchasing an additional 189,638 shares during the last quarter. Norges Bank acquired a new stake in Progressive in the 4th quarter valued at about $1,843,045,000. Invesco Ltd. grew its holdings in Progressive by 2.9% during the fourth quarter. Invesco Ltd. now owns 5,521,545 shares of the insurance provider’s stock worth $1,323,018,000 after purchasing an additional 153,044 shares during the period. Finally, Capital International Investors raised its stake in Progressive by 6.4% in the fourth quarter. Capital International Investors now owns 5,327,453 shares of the insurance provider’s stock valued at $1,276,510,000 after buying an additional 322,652 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PGR. Barclays boosted their target price on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a report on Friday, April 11th. UBS Group raised their target price on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Friday, March 14th. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday, April 4th. Wells Fargo & Company upped their target price on Progressive from $320.00 to $324.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. upped their price objective on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $285.76.

Progressive Stock Performance

Shares of Progressive stock opened at $265.45 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The business has a 50-day simple moving average of $273.91 and a 200 day simple moving average of $257.84. The firm has a market capitalization of $155.62 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s payout ratio is 2.70%.

Insider Buying and Selling at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 585 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $142,324.65. Following the transaction, the chief accounting officer now directly owns 3,983 shares of the company’s stock, valued at approximately $969,024.07. The trade was a 12.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares in the company, valued at approximately $180,891.35. This represents a 35.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,317 shares of company stock worth $14,844,282. Corporate insiders own 0.34% of the company’s stock.

Progressive 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.