Turtle Creek Wealth Advisors LLC Decreases Stake in The Progressive Corporation $PGR

Turtle Creek Wealth Advisors LLC reduced its stake in The Progressive Corporation (NYSE:PGR) by 16.7% during the second quarter, Holdings Channel.com reports. The firm owned 21,778 shares of the insurance provider’s stock after selling 4,373 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in Progressive were worth $5,812,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Rise Advisors LLC lifted its holdings in shares of Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 36 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC lifted its holdings in shares of Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after purchasing an additional 39 shares in the last quarter. LRI Investments LLC lifted its holdings in shares of Progressive by 13.4% during the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after purchasing an additional 40 shares in the last quarter. True North Advisors LLC lifted its holdings in shares of Progressive by 4.0% during the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $299,000 after purchasing an additional 41 shares in the last quarter. Finally, GenTrust LLC lifted its holdings in shares of Progressive by 3.5% during the first quarter. GenTrust LLC now owns 1,234 shares of the insurance provider’s stock valued at $349,000 after purchasing an additional 42 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR opened at $226.36 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The business has a 50-day simple moving average of $244.63 and a two-hundred day simple moving average of $258.89. The stock has a market cap of $132.70 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.33 and a beta of 0.32. The Progressive Corporation has a 52 week low of $217.20 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.During the same quarter in the previous year, the company earned $3.58 EPS. On average, analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were given a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.25%.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the transaction, the insider directly owned 30,388 shares in the company, valued at $7,356,934.80. This represents a 4.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 130,045 shares of company stock valued at $31,997,390. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PGR. JPMorgan Chase & Co. upped their price objective on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Keefe, Bruyette & Woods upped their price objective on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research report on Thursday, September 18th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research report on Wednesday, August 13th. Citigroup reiterated a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Finally, Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Seven research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $279.63.

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.