Park Place Capital Corp Has $740,000 Stake in The Progressive Co. (NYSE:PGR)

Park Place Capital Corp raised its position in shares of The Progressive Co. (NYSE:PGR) by 79.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,562 shares of the insurance provider’s stock after buying an additional 1,572 shares during the period. Park Place Capital Corp’s holdings in Progressive were worth $740,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive during the first quarter worth approximately $32,000. Sachetta LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co bought a new stake in shares of Progressive during the fourth quarter valued at approximately $25,000. Register Financial Advisors LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $35,000. Finally, LRI Investments LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now owns 3,981 shares in the company, valued at $828,485.91. The disclosure for this sale can be found here. Insiders sold 108,168 shares of company stock valued at $22,937,984 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised shares of Progressive from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $210.00 to $245.00 in a research note on Wednesday, July 17th. Roth Mkm reiterated a “buy” rating and issued a $235.00 target price on shares of Progressive in a report on Wednesday, July 17th. Bank of America increased their target price on shares of Progressive from $276.00 to $293.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. UBS Group raised their price objective on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Finally, Citigroup dropped their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $222.94.

Progressive Price Performance

PGR traded up $1.66 on Friday, reaching $216.94. The company had a trading volume of 1,769,793 shares, compared to its average volume of 2,572,837. The company has a market cap of $127.06 billion, a price-to-earnings ratio of 22.20, a P/E/G ratio of 0.75 and a beta of 0.35. The Progressive Co. has a 52-week low of $124.06 and a 52-week high of $229.00. The business has a 50 day simple moving average of $211.29 and a 200 day simple moving average of $203.11. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.32 and a current ratio of 0.33.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the previous year, the firm earned $0.57 earnings per share. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, sell-side analysts anticipate that The Progressive Co. will post 12.02 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.18%. The ex-dividend date was Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

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.