The Progressive Corporation $PGR Stock Position Raised by Turtle Creek Wealth Advisors LLC

Turtle Creek Wealth Advisors LLC raised its position in shares of The Progressive Corporation (NYSE:PGR) by 17.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,781 shares of the insurance provider’s stock after purchasing 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 SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Capital International Investors raised its stake in shares of Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after purchasing an additional 6,045,732 shares in the last quarter. Capital Research Global Investors raised its stake in shares of 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 in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Progressive by 2,012.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock worth $189,546,000 after purchasing an additional 731,207 shares in the last quarter. M&T Bank Corp raised its stake in shares of Progressive by 1,363.8% during the 4th quarter. M&T Bank Corp now owns 706,898 shares of the insurance provider’s stock worth $160,975,000 after purchasing an additional 658,607 shares in the last quarter. Finally, Marshfield Associates raised its stake in shares of Progressive by 70.8% during the 3rd quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider’s stock worth $389,552,000 after purchasing an additional 653,763 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent analyst reports. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Citigroup cut their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research note on Friday, March 27th. Finally, Piper Sandler reissued an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $238.39.

Progressive Stock Up 1.3%

Shares of PGR stock opened at $205.38 on Friday. The stock’s 50 day simple moving average is $203.46 and its 200 day simple moving average is $213.78. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.35 and a current ratio of 0.33. The Progressive Corporation has a twelve month low of $192.02 and a twelve month high of $289.96. The company has a market capitalization of $120.14 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 6.68 and a beta of 0.34.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for 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%.The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the business earned $4.37 EPS. As a group, research analysts predict that The Progressive Corporation will post 16.39 EPS for the current year.

Progressive Announces Dividend

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

Insiders Place Their Bets

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at $5,330,062.50. This trade represents a 7.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 6,933 shares of company stock worth $1,441,564. Corporate insiders own 0.32% of the company’s stock.

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.