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

Park Place Capital Corp raised its stake in The Progressive Co. (NYSE:PGR) by 23.5% in the fourth quarter, HoldingsChannel reports. The fund owned 5,813 shares of the insurance provider’s stock after purchasing an additional 1,107 shares during the period. Park Place Capital Corp’s holdings in Progressive were worth $1,393,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Davis Capital Management acquired a new position in shares of Progressive during the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. raised its stake in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the period. Kimelman & Baird LLC acquired a new position in shares of Progressive during the 2nd quarter worth approximately $36,000. Friedenthal Financial acquired a new position in Progressive in the 3rd quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Progressive in the 3rd quarter valued at $49,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,938 shares of company stock valued at $7,473,490. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on PGR shares. Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research note on Tuesday, December 10th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, BMO Capital Markets reduced their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $274.65.

Progressive Price Performance

PGR stock opened at $239.96 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market capitalization of $140.57 billion, a P/E ratio of 17.45, a P/E/G ratio of 0.63 and a beta of 0.41. The business’s 50-day moving average is $249.42 and its two-hundred day moving average is $243.16. The Progressive Co. has a 1 year low of $169.57 and a 1 year high of $270.62.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Progressive 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.