Turtle Creek Wealth Advisors LLC Raises Stake in The Progressive Corporation $PGR

Turtle Creek Wealth Advisors LLC boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 47.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,164 shares of the insurance provider’s stock after buying an additional 10,386 shares during the quarter. Turtle Creek Wealth Advisors LLC’s holdings in Progressive were worth $7,943,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allstate Corp raised its stake in shares of Progressive by 1,614.1% in the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock valued at $5,334,000 after buying an additional 20,338 shares during the period. NorthCrest Asset Manangement LLC lifted its holdings in Progressive by 8.2% during the third quarter. NorthCrest Asset Manangement LLC now owns 16,642 shares of the insurance provider’s stock valued at $4,059,000 after purchasing an additional 1,262 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Progressive by 23.7% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 338,998 shares of the insurance provider’s stock worth $82,678,000 after purchasing an additional 64,880 shares during the period. Intrua Financial LLC increased its stake in shares of Progressive by 42.9% in the third quarter. Intrua Financial LLC now owns 1,279 shares of the insurance provider’s stock worth $316,000 after purchasing an additional 384 shares in the last quarter. Finally, Rovin Capital UT ADV increased its stake in shares of Progressive by 4.9% in the third quarter. Rovin Capital UT ADV now owns 1,751 shares of the insurance provider’s stock worth $432,000 after purchasing an additional 82 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the sale, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the sale, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. The trade was a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,034 shares of company stock valued at $2,047,481 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of recent research reports. Bank of America dropped their price target on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. Mizuho set a $240.00 target price on Progressive in a research report on Wednesday, January 14th. Jefferies Financial Group reiterated a “hold” rating on shares of Progressive in a research report on Wednesday, December 17th. Wells Fargo & Company decreased their price objective on Progressive from $242.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 13th. Finally, Evercore ISI cut their price objective on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a research report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $259.39.

Progressive Trading Down 0.6%

PGR stock opened at $202.35 on Tuesday. The company has a market capitalization of $118.66 billion, a PE ratio of 11.10, a price-to-earnings-growth ratio of 1.23 and a beta of 0.34. The company’s 50 day moving average price is $222.63 and its two-hundred day moving average price is $233.40. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.19%.

About Progressive

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.