Cadence Bank Sells 112 Shares of The Progressive Co. (NYSE:PGR)

Cadence Bank cut its holdings in The Progressive Co. (NYSE:PGR) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,663 shares of the insurance provider’s stock after selling 112 shares during the period. Cadence Bank’s holdings in Progressive were worth $1,691,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Diversified Trust Co increased its position in shares of Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after purchasing an additional 11,770 shares during the last quarter. Sycomore Asset Management increased its holdings in Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after buying an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. bought a new stake in Progressive in the second quarter worth about $981,000. Tidal Investments LLC increased its stake in shares of Progressive by 22.2% during the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after purchasing an additional 5,691 shares during the last quarter. Finally, Cumberland Partners Ltd raised its holdings in shares of Progressive by 116.7% in the 3rd quarter. Cumberland Partners Ltd now owns 6,500 shares of the insurance provider’s stock worth $1,649,000 after purchasing an additional 3,500 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $268.00 on Wednesday. The stock has a market cap of $157.00 billion, a P/E ratio of 19.48, a PEG ratio of 0.74 and a beta of 0.36. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business’s 50-day moving average price is $253.47 and its two-hundred day moving average price is $232.47. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $268.16.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. As a group, equities analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on PGR. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Jefferies Financial Group boosted their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Morgan Stanley increased their target price on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. The Goldman Sachs Group boosted their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $269.81.

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.