Turtle Creek Wealth Advisors LLC Makes New $7.40 Million Investment in The Progressive Corporation (NYSE:PGR)

Turtle Creek Wealth Advisors LLC purchased a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 26,151 shares of the insurance provider's stock, valued at approximately $7,401,000. Progressive accounts for 1.1% of Turtle Creek Wealth Advisors LLC's investment portfolio, making the stock its 26th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Norges Bank acquired a new stake in Progressive in the fourth quarter worth $1,843,045,000. GAMMA Investing LLC raised its position in shares of Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after purchasing an additional 3,038,303 shares during the period. GQG Partners LLC grew its position in shares of Progressive by 67.6% in the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock valued at $1,239,143,000 after purchasing an additional 2,085,833 shares during the period. Capital Research Global Investors increased its stake in Progressive by 34.3% during 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 purchasing an additional 1,547,677 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Progressive by 18.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after buying an additional 915,643 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.3%

PGR stock traded up $0.74 during mid-day trading on Thursday, reaching $247.20. The company had a trading volume of 4,470,064 shares, compared to its average volume of 2,840,931. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29. The stock has a 50 day simple moving average of $268.43 and a two-hundred day simple moving average of $265.68. The company has a market capitalization of $144.91 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.53 and a beta of 0.37. The Progressive Corporation has a 52 week low of $208.13 and a 52 week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same period last year, the firm posted $2.48 earnings per share. The business's revenue was up 12.1% on a year-over-year basis. As a group, equities analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were given a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's payout ratio is 2.70%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PGR. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Wells Fargo & Company increased their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Jefferies Financial Group decreased their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a report on Thursday. Finally, Morgan Stanley decreased their price objective on Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a report on Monday. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $284.35.

Insider Buying and Selling

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the completion of the sale, the director directly owned 12,217 shares of the company's stock, valued at $3,181,673.31. This trade represents a 23.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $263.79, for a total value of $2,637,900.00. Following the completion of the sale, the chief financial officer owned 228,024 shares of the company's stock, valued at $60,150,450.96. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,705 shares of company stock valued at $11,450,948. Insiders own 0.34% of the company's stock.

Progressive 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.