The Progressive Co. (NYSE:PGR) Shares Acquired by Park Place Capital Corp

Park Place Capital Corp increased its stake in shares of The Progressive Co. (NYSE:PGR) by 67.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,990 shares of the insurance provider’s stock after purchasing an additional 801 shares during the quarter. Park Place Capital Corp’s holdings in Progressive were worth $412,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive in the first quarter valued at about $32,000. Sachetta LLC acquired a new stake in Progressive in the fourth quarter valued at about $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive in the 4th quarter valued at approximately $25,000. Register Financial Advisors LLC acquired a new position in Progressive during the 1st quarter worth approximately $35,000. Finally, Valley National Advisers Inc. raised its stake in shares of Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the completion of the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at approximately $63,742,363.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the completion of the sale, the chief financial officer now owns 302,958 shares of the company’s stock, valued at $63,742,363.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 7,361 shares of the firm’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 completion of the transaction, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The disclosure for this sale can be found here. Insiders have sold a total of 34,518 shares of company stock valued at $7,159,674 over the last quarter. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PGR. Wells Fargo & Company upped their price objective on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. JPMorgan Chase & Co. increased their price target on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Morgan Stanley decreased their price objective on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Jefferies Financial Group lifted their price target on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $216.81.

Progressive Trading Up 0.8 %

Shares of PGR opened at $209.46 on Tuesday. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77. The company has a market capitalization of $122.68 billion, a PE ratio of 21.44, a price-to-earnings-growth ratio of 0.80 and a beta of 0.35. The stock has a fifty day moving average of $209.49 and a two-hundred day moving average of $193.84. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period last year, the company earned $0.65 EPS. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, analysts forecast that The Progressive Co. will post 11.27 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 4.09%.

About Progressive

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.