TrueWealth Advisors LLC Purchases 1,351 Shares of The Progressive Co. (NYSE:PGR)

TrueWealth Advisors LLC boosted its position in The Progressive Co. (NYSE:PGR - Free Report) by 155.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,220 shares of the insurance provider's stock after buying an additional 1,351 shares during the quarter. TrueWealth Advisors LLC's holdings in Progressive were worth $628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Vanguard Group Inc. raised its holdings in Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock valued at $12,795,262,000 after buying an additional 583,376 shares during the last quarter. Geode Capital Management LLC increased its holdings in Progressive by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock valued at $3,498,363,000 after purchasing an additional 189,638 shares during the period. Norges Bank bought a new position in Progressive during the 4th quarter valued at approximately $1,843,045,000. Northern Trust Corp lifted its holdings in Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after buying an additional 710,684 shares during the period. Finally, Capital Research Global Investors grew its position in shares of Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after buying an additional 1,547,677 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PGR. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a report on Monday, April 28th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Barclays raised their target price on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Roth Mkm increased their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group lowered their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $288.59.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,267 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now owns 28,888 shares in the company, valued at approximately $8,025,375.28. This represents a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the sale, the chief financial officer now directly owns 238,024 shares in the company, valued at approximately $65,544,668.88. The trade was a 4.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,755 shares of company stock valued at $10,367,074. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Down 0.8%

Shares of PGR traded down $2.37 during trading hours on Thursday, hitting $279.80. The company had a trading volume of 2,520,686 shares, compared to its average volume of 2,649,193. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The firm has a fifty day moving average price of $276.36 and a 200-day moving average price of $264.11. The stock has a market capitalization of $164.03 billion, a price-to-earnings ratio of 19.43, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. On average, equities research analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive's dividend payout ratio is 2.70%.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.