Cadence Bank Has $1.69 Million Holdings in The Progressive Co. (NYSE:PGR)

Cadence Bank decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,663 shares of the insurance provider’s stock after selling 112 shares during the quarter. Cadence Bank’s holdings in Progressive were worth $1,691,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Raleigh Capital Management Inc. boosted its position in shares of Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after acquiring an additional 41 shares during the period. Castleview Partners LLC raised its stake in Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after purchasing an additional 45 shares in the last quarter. Washington Trust Bank boosted its holdings in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after purchasing an additional 45 shares during the period. Sunbelt Securities Inc. grew its position in shares of Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its position in shares of Progressive by 11.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after buying an additional 48 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods raised their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. TD Cowen boosted their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Barclays increased their price objective on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company boosted their target price on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Five 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $269.81.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction on Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This trade 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 90 days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Up 0.8 %

Shares of Progressive stock opened at $268.00 on Wednesday. The Progressive Co. has a one year low of $149.14 and a one year high of $268.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The stock’s 50-day moving average is $253.47 and its 200 day moving average is $232.47. The firm has a market cap of $157.00 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities research analysts anticipate that The Progressive Co. will post 13.2 EPS for the current year.

About Progressive

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.