Tuttle Capital Management LLC Has $683,000 Stake in The Progressive Corporation $PGR

Tuttle Capital Management LLC raised its position in The Progressive Corporation (NYSE:PGR) by 14.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,560 shares of the insurance provider’s stock after buying an additional 330 shares during the quarter. Progressive comprises about 2.8% of Tuttle Capital Management LLC’s portfolio, making the stock its 9th largest holding. Tuttle Capital Management LLC’s holdings in Progressive were worth $683,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Baron Silver Stevens Financial Advisors LLC bought a new stake in shares of Progressive in the second quarter worth $306,000. State of Alaska Department of Revenue increased its stake in Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock valued at $19,426,000 after buying an additional 1,800 shares during the last quarter. Trust Co. of Oklahoma bought a new stake in Progressive during the 2nd quarter worth about $439,000. Belmont Capital LLC acquired a new position in shares of Progressive during the 1st quarter worth about $580,000. Finally, Zurich Insurance Group Ltd FI grew its holdings in shares of Progressive by 87.9% in the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock valued at $117,218,000 after acquiring an additional 193,800 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In related news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction dated 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 transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer owned 228,024 shares of the company’s stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,045 shares of company stock worth $31,997,390. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. upped their target price on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating for the company. Zacks Research downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. BMO Capital Markets set a $252.00 price target on shares of Progressive in a research report on Thursday, September 18th. Finally, Citigroup reissued a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Seven investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $279.63.

Progressive Trading Up 1.8%

PGR stock opened at $240.54 on Wednesday. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The stock has a market cap of $141.01 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 1.31 and a beta of 0.32. The company has a fifty day moving average price of $245.05 and a two-hundred day moving average price of $259.11. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. During the same quarter last year, the company posted $2.48 EPS. Progressive’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

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.