Turtle Creek Wealth Advisors LLC Boosts Holdings in The Progressive Corporation $PGR

Turtle Creek Wealth Advisors LLC grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 47.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,164 shares of the insurance provider’s stock after purchasing an additional 10,386 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in Progressive were worth $7,943,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. LRI Investments LLC lifted its stake in shares of Progressive by 13.4% in the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after purchasing an additional 40 shares during the period. CVA Family Office LLC raised its holdings in Progressive by 4.2% in the second quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock worth $281,000 after purchasing an additional 42 shares in the last quarter. Bell Investment Advisors Inc lifted its position in Progressive by 20.8% during the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after buying an additional 44 shares during the period. Maia Wealth LLC lifted its position in Progressive by 5.4% during the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after buying an additional 44 shares during the period. Finally, Trail Ridge Investment Advisors LLC boosted its holdings in shares of Progressive by 1.6% during the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock valued at $775,000 after buying an additional 45 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on PGR. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. JPMorgan Chase & Co. decreased their target price on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Raymond James Financial dropped their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. UBS Group reduced their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Finally, Citigroup dropped their target price on Progressive from $301.38 to $300.60 and set a “buy” rating on the stock in a report on Monday, December 15th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Progressive currently has an average rating of “Hold” and an average target price of $259.39.

Progressive Stock Down 0.6%

Progressive stock opened at $202.35 on Tuesday. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99. The stock has a fifty day simple moving average of $222.63 and a two-hundred day simple moving average of $233.40. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The firm has a market cap of $118.66 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 1.23 and a beta of 0.34.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is 2.19%.

Insider Activity

In related news, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the transaction, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. This represents a 2.19% 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. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the sale, the insider directly owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. This trade represents a 4.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,034 shares of company stock worth $2,047,481 in the last 90 days. Company insiders own 0.33% of the company’s stock.

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.