The Progressive Corporation $PGR Shares Purchased by Turtle Creek Wealth Advisors LLC

Key Points

• Turtle Creek Wealth Advisors LLC boosted its stake in Progressive by 11.8% in the first quarter, buying 4,454 additional shares and bringing its total holdings to 42,235 shares worth about $8.37 million.
• Progressive reported quarterly earnings of $4.80 per share, topping analyst estimates, while revenue rose 6.5% year over year to $22.19 billion. The company also maintained strong profitability metrics, including a 33.47% return on equity.
• The insurer announced a quarterly dividend of $0.10 per share, payable on July 10, and several insiders sold shares recently, including one director who sold 7,000 shares in late June.

Turtle Creek Wealth Advisors LLC increased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 11.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Progressive during the fourth quarter worth about $1,836,094,000. Capital International Investors raised its position in shares of Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider's stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares during the last quarter. Wellington Management Group LLP boosted its stake in Progressive by 181.8% in the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider's stock worth $1,481,615,000 after purchasing an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. boosted its stake in Progressive by 19,724.0% in the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider's stock worth $806,614,000 after purchasing an additional 4,048,351 shares in the last quarter. Finally, Capital Research Global Investors grew its position in Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,157 shares of the business's stock in a transaction dated 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 transaction, the insider owned 27,511 shares of the company's stock, valued at $5,633,152.36. The trade was a 4.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the company's stock in a transaction dated 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 completion of the sale, the director owned 22,546 shares in the company, valued at $4,877,376.18. The trade was a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 15,230 shares of company stock worth $3,165,817. Insiders own 0.32% of the company's stock.

Progressive Stock Performance

Shares of NYSE PGR opened at $231.75 on Friday. 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 Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $261.66. The company has a 50 day simple moving average of $203.38 and a two-hundred day simple moving average of $206.63. The stock has a market cap of $135.42 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 6.82 and a beta of 0.26.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts' consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.37 earnings per share. As a group, analysts predict that The Progressive Corporation will post 17.12 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.03%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PGR. Mizuho cut their price target on shares of Progressive from $235.00 to $223.00 and set a "neutral" rating on the stock in a research note on Friday, March 20th. Evercore reissued a "negative" rating on shares of Progressive in a report on Wednesday, March 18th. Wells Fargo & Company downgraded Progressive from an "equal weight" rating to an "underweight" rating and set a $205.00 target price on the stock. in a research report on Monday. BMO Capital Markets restated a "market perform" rating and issued a $220.00 target price on shares of Progressive in a research note on Wednesday, May 20th. Finally, UBS Group lifted their price target on Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research report on Tuesday. Six investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $237.37.

Progressive Company 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.

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