The Progressive Co. (NYSE:PGR) Shares Bought by Kinsale Capital Group Inc.

Kinsale Capital Group Inc. increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 20.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,996 shares of the insurance provider’s stock after buying an additional 5,364 shares during the quarter. Progressive accounts for approximately 2.2% of Kinsale Capital Group Inc.’s holdings, making the stock its 7th largest holding. Kinsale Capital Group Inc.’s holdings in Progressive were worth $6,438,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Progressive during the fourth quarter worth $1,078,831,000. 1832 Asset Management L.P. boosted its stake in Progressive by 237.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after purchasing an additional 1,045,883 shares during the period. Confluence Investment Management LLC bought a new position in Progressive during the 1st quarter worth about $188,642,000. SG Americas Securities LLC raised its stake in shares of Progressive by 4,545.0% in the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after purchasing an additional 690,060 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Progressive by 548.2% in the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after purchasing an additional 686,433 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of PGR opened at $249.12 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The company’s 50-day moving average is $227.06 and its 200-day moving average is $213.82. The Progressive Co. has a fifty-two week low of $134.34 and a fifty-two week high of $254.83. The firm has a market capitalization of $145.90 billion, a PE ratio of 25.50, a PEG ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share 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 business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the prior year, the business posted $0.57 earnings per share. Progressive’s revenue was up 21.6% compared to the same quarter last year. Equities analysts forecast that The Progressive Co. will post 12.19 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Buying and Selling

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares in the company, valued at $828,485.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the transaction, the director now owns 974 shares of the company’s stock, valued at $213,383.92. The disclosure for this sale can be found here. Insiders sold a total of 147,354 shares of company stock worth $33,502,680 in the last ninety days. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PGR shares. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. Wells Fargo & Company boosted their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday. Citigroup decreased their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Jefferies Financial Group increased their price objective on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods lifted their target price on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $252.29.

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.