Texas Capital Bank Wealth Management Services Inc Invests $640,000 in The Progressive Corporation $PGR

Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 2,928 shares of the insurance provider’s stock, valued at approximately $640,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Klingman & Associates LLC grew its holdings in Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after buying an additional 48 shares during the last quarter. Revisor Wealth Management LLC increased its position in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after buying an additional 50 shares in the last quarter. Pines Wealth Management LLC raised its holdings in shares of Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after acquiring an additional 52 shares during the last quarter. Finally, Phillips Wealth Planners LLC lifted its position in shares of Progressive by 2.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock valued at $436,000 after acquiring an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Cantor Fitzgerald cut their target price on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday. HSBC upped their target price on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Bank of America decreased their price target on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $233.16.

Progressive Price Performance

PGR stock opened at $203.98 on Tuesday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The stock’s fifty day simple moving average is $214.43 and its 200-day simple moving average is $206.43. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $118.59 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.40 earnings per share. Equities research analysts expect that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the sale, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 82,224 shares of company stock worth $17,416,438. 0.32% of the stock is currently owned by insiders.

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.