Crossmark Global Holdings Inc. Purchases 38,975 Shares of The Progressive Co. (NYSE:PGR)

Crossmark Global Holdings Inc. grew its position in shares of The Progressive Co. (NYSE:PGR) by 72.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 92,849 shares of the insurance provider’s stock after buying an additional 38,975 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Progressive were worth $23,561,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PGR. Concurrent Investment Advisors LLC grew its stake in Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after purchasing an additional 2,719 shares during the period. Diversified Trust Co boosted its position in Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares during the period. Councilmark Asset Management LLC purchased a new position in shares of Progressive in the first quarter worth about $1,890,000. Sycomore Asset Management raised its position in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares during the period. Finally, Sumitomo Life Insurance Co. purchased a new stake in shares of Progressive during the 2nd quarter valued at approximately $981,000. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, insider Steven Broz sold 2,981 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,843 shares of company stock valued at $18,674,912. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PGR shares. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Citigroup reduced their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. BMO Capital Markets lowered their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Morgan Stanley boosted their price objective on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $269.56.

Progressive Trading Up 2.4 %

Shares of NYSE PGR traded up $6.25 during midday trading on Friday, hitting $261.52. 2,603,589 shares of the company traded hands, compared to its average volume of 2,472,977. The stock has a 50-day moving average price of $251.41 and a 200 day moving average price of $228.12. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.30. The firm has a market cap of $153.20 billion, a P/E ratio of 19.01, a P/E/G ratio of 0.72 and a beta of 0.36. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $263.39.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $18.95 billion. As a group, analysts expect that The Progressive Co. will post 13.14 earnings per share for the current year.

Progressive Company 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.