Crossmark Global Holdings Inc. Sells 69,749 Shares of The Progressive Corporation $PGR

Crossmark Global Holdings Inc. trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 65.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,933 shares of the insurance provider’s stock after selling 69,749 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Progressive were worth $8,410,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Dagco Inc. bought a new position in Progressive in the 4th quarter worth approximately $28,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Bangor Savings Bank boosted its stake in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares during the period. Riverview Trust Co boosted its stake in Progressive by 48.6% in the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 53 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in Progressive by 833.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 150 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

PGR opened at $193.85 on Friday. The business has a fifty day moving average of $202.73 and a 200 day moving average of $211.43. The Progressive Corporation has a 52-week low of $191.75 and a 52-week high of $289.96. The company has a quick ratio of 0.35, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market cap of $113.27 billion, a P/E ratio of 9.86, a PEG ratio of 5.61 and a beta of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter in the previous year, the business earned $4.37 EPS. Progressive’s revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Progressive Corporation will post 16.39 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 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 of this dividend was Thursday, April 2nd. Progressive’s payout ratio is presently 2.03%.

Analyst Ratings Changes

Several equities analysts have weighed in on PGR shares. Piper Sandler restated an “overweight” rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Roth Mkm set a $235.00 price target on Progressive in a report on Thursday, February 19th. Argus upgraded Progressive to a “hold” rating in a report on Thursday, March 5th. Keefe, Bruyette & Woods cut their price target on Progressive from $227.00 to $210.00 and set a “market perform” rating for the company in a report on Tuesday, April 7th. Finally, Jefferies Financial Group cut their price target on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $238.39.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 2,266 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive directly owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is currently owned by insiders.

About Progressive

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.