Turtle Creek Wealth Advisors LLC Increases Position in The Progressive Corporation $PGR

Turtle Creek Wealth Advisors LLC raised its holdings in The Progressive Corporation (NYSE:PGR) by 11.8% during the 1st quarter, Holdings Channel reports. The firm owned 42,235 shares of the insurance provider’s stock after buying an additional 4,454 shares during the quarter. Turtle Creek Wealth Advisors LLC’s holdings in Progressive were worth $8,373,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bard Associates Inc. purchased a new position in shares of Progressive during the 4th quarter valued at approximately $27,000. Dagco Inc. purchased a new stake in Progressive in the 4th quarter worth $28,000. HHM Wealth Advisors LLC raised its position in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new position in Progressive during the fourth quarter worth $29,000. Finally, Ameriflex Group Inc. lifted its holdings in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the sale, the insider directly owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 15,230 shares of company stock valued at $3,165,817. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Jefferies Financial Group dropped their target price on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research report on Tuesday, March 24th. UBS Group raised their price target on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday. Wells Fargo & Company cut Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 price objective on the stock. in a report on Monday. Argus upgraded Progressive to a “hold” rating in a research note on Thursday, March 5th. Finally, Bank of America reduced their target price on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a report on Thursday, June 18th. Six research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $237.37.

Progressive Stock Up 2.9%

Shares of NYSE PGR opened at $231.75 on Friday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $261.66. The stock has a market cap of $135.42 billion, a PE ratio of 11.78, a P/E/G ratio of 6.82 and a beta of 0.26. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $203.38 and a 200 day moving average of $206.63.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the prior year, the firm earned $4.37 EPS. Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts predict that The Progressive Corporation will post 17.12 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued 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 is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Progressive Profile

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.