Tuttle Capital Management LLC Purchases 552 Shares of The Progressive Co. (NYSE:PGR)

Tuttle Capital Management LLC grew its position in The Progressive Co. (NYSE:PGR) by 34.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,139 shares of the insurance provider’s stock after buying an additional 552 shares during the period. Progressive makes up 3.0% of Tuttle Capital Management LLC’s portfolio, making the stock its 2nd largest position. Tuttle Capital Management LLC’s holdings in Progressive were worth $513,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. State Street Corp increased its position in shares of Progressive by 1.3% during the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after acquiring an additional 315,411 shares in the last quarter. Geode Capital Management LLC increased its holdings in Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. FMR LLC raised its stake in shares of Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after purchasing an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after buying an additional 92,212 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 9,066 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,919 shares of company stock valued at $8,222,168. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

NYSE:PGR opened at $235.84 on Tuesday. The company has a market cap of $138.16 billion, a P/E ratio of 17.14, a P/E/G ratio of 0.70 and a beta of 0.41. The firm’s fifty day moving average price is $251.23 and its two-hundred day moving average price is $241.78. The Progressive Co. has a one year low of $166.92 and a one year high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Equities analysts expect that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.17%. Progressive’s payout ratio is currently 2.91%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Morgan Stanley restated an “overweight” rating and issued a $310.00 target price on shares of Progressive in a research note on Friday, December 13th. The Goldman Sachs Group increased their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Bank of America lifted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Roth Mkm increased their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Wells Fargo & Company lifted their target price on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $275.24.

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.