Turtle Creek Wealth Advisors LLC Has $8.60 Million Stock Position in The Progressive Corporation $PGR

Turtle Creek Wealth Advisors LLC raised its holdings in The Progressive Corporation (NYSE:PGR) by 17.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 37,781 shares of the insurance provider’s stock after acquiring an additional 5,617 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in Progressive were worth $8,603,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new stake in Progressive in the 3rd quarter valued at approximately $25,000. Dagco Inc. acquired a new stake in shares of Progressive during the 4th quarter worth approximately $28,000. Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Bangor Savings Bank grew its holdings in shares of Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares in the last quarter. Finally, Riverview Trust Co grew its holdings in shares of Progressive by 48.6% during the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $205.38 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.33 and a quick ratio of 0.35. The company has a market capitalization of $120.14 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 6.68 and a beta of 0.34. The Progressive Corporation has a one year low of $192.02 and a one year high of $289.96. The business has a 50 day simple moving average of $203.46 and a 200 day simple moving average of $213.78.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the company earned $4.37 EPS. On average, sell-side analysts forecast that The Progressive Corporation will post 16.39 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were given a $0.10 dividend. The ex-dividend date was Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

Insiders Place Their Bets

In other Progressive news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 6,933 shares of company stock worth $1,441,564. 0.32% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on PGR shares. Jefferies Financial Group decreased their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Keefe, Bruyette & Woods decreased their price objective on Progressive from $227.00 to $210.00 and set a “market perform” rating on the stock in a report on Tuesday, April 7th. Mizuho decreased their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Finally, Wells Fargo & Company lifted their price objective on Progressive from $215.00 to $218.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $238.39.

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.