Crossmark Global Holdings Inc. Sells 2,357 Shares of The Progressive Corporation $PGR

Crossmark Global Holdings Inc. cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 6.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 32,240 shares of the insurance provider’s stock after selling 2,357 shares during the period. Crossmark Global Holdings Inc.’s holdings in Progressive were worth $6,684,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Albion Financial Group UT increased its stake in Progressive by 6.9% during the third quarter. Albion Financial Group UT now owns 1,215 shares of the insurance provider’s stock worth $252,000 after acquiring an additional 78 shares during the last quarter. Sowell Financial Services LLC raised its holdings in shares of Progressive by 8.2% in the 3rd quarter. Sowell Financial Services LLC now owns 2,969 shares of the insurance provider’s stock worth $616,000 after purchasing an additional 226 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of Progressive by 1.3% in the 3rd quarter. Quadrant Capital Group LLC now owns 11,241 shares of the insurance provider’s stock worth $2,505,000 after purchasing an additional 141 shares during the period. Physician Wealth Advisors Inc. raised its holdings in shares of Progressive by 31.3% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 419 shares of the insurance provider’s stock worth $87,000 after purchasing an additional 100 shares during the period. Finally, Carnegie Investment Counsel lifted its stake in shares of Progressive by 3.5% in the 3rd quarter. Carnegie Investment Counsel now owns 273,510 shares of the insurance provider’s stock valued at $56,701,000 after purchasing an additional 9,178 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PGR shares. Keefe, Bruyette & Woods decreased their target price on Progressive from $252.00 to $246.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. Raymond James Financial reissued an “outperform” rating on shares of Progressive in a research report on Friday, October 16th. Evercore set a $240.00 price target on shares of Progressive in a report on Friday, July 10th. Jefferies Financial Group reaffirmed a “hold” rating and set a $228.00 price target (up from $213.00) on shares of Progressive in a research report on Wednesday, August 19th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a research note on Thursday, October 15th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $234.45.

Insider Buying and Selling at Progressive

In related news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the sale, the chief executive officer directly owned 485,438 shares of the company’s stock, valued at $106,553,641. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $204.29, for a total transaction of $250,255.25. Following the transaction, the insider owned 30,032 shares in the company, valued at $6,135,237.28. This trade represents a 3.92% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 106,782 shares of company stock valued at $22,965,332. Corporate insiders own 0.32% of the company’s stock.

Progressive Price Performance

PGR stock opened at $229.43 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38. The stock’s 50 day moving average is $215.78 and its two-hundred day moving average is $210.27. The company has a market capitalization of $133.38 billion, a PE ratio of 11.55, a P/E/G ratio of 2.65 and a beta of 0.25.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.