Park Place Capital Corp Raises Stock Position in The Progressive Corporation (NYSE:PGR)

Park Place Capital Corp grew its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 47.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,587 shares of the insurance provider's stock after acquiring an additional 2,774 shares during the period. Park Place Capital Corp's holdings in Progressive were worth $2,430,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Highline Wealth Partners LLC boosted its position in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after buying an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in Progressive during the fourth quarter worth about $28,000. HWG Holdings LP purchased a new stake in shares of Progressive in the first quarter valued at about $28,000. Atala Financial Inc acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $32,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the transaction, the director now directly owns 12,217 shares of the company's stock, valued at $3,181,673.31. The trade was a 23.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John Jo Murphy sold 4,000 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the sale, the insider now directly owns 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,705 shares of company stock valued at $8,813,048. Company insiders own 0.34% of the company's stock.

Progressive Stock Performance

Shares of PGR stock opened at $261.80 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market capitalization of $153.47 billion, a price-to-earnings ratio of 17.65, a price-to-earnings-growth ratio of 1.60 and a beta of 0.40. The Progressive Corporation has a one year low of $207.48 and a one year high of $292.99. The company has a 50 day moving average price of $274.49 and a 200 day moving average price of $264.65.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Sell-side analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Barclays upped their target price on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Jefferies Financial Group reduced their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. BMO Capital Markets increased their price objective on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Wells Fargo & Company boosted their target price on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Finally, Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price on the stock in a report on Monday, April 28th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $288.88.

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.

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