The Progressive Corporation $PGR Shares Purchased by Kinsale Capital Group Inc.

Kinsale Capital Group Inc. raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 7.0% in the third quarter, Holdings Channel.com reports. The fund owned 49,476 shares of the insurance provider’s stock after purchasing an additional 3,240 shares during the period. Progressive makes up approximately 2.2% of Kinsale Capital Group Inc.’s investment portfolio, making the stock its 15th biggest position. Kinsale Capital Group Inc.’s holdings in Progressive were worth $12,218,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PGR. Brighton Jones LLC raised its position in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the 4th quarter valued at $269,000. Bison Wealth LLC lifted its stake in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares in the last quarter. IFP Advisors Inc boosted its holdings in Progressive by 11.7% during the 2nd quarter. IFP Advisors Inc now owns 5,385 shares of the insurance provider’s stock valued at $1,480,000 after acquiring an additional 563 shares during the period. Finally, Blue Trust Inc. grew its position in Progressive by 18.0% in the 2nd quarter. Blue Trust Inc. now owns 4,918 shares of the insurance provider’s stock valued at $1,312,000 after acquiring an additional 749 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the sale, the insider owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the transaction, the executive owned 26,249 shares in the company, valued at $5,363,983.15. This represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,788 shares of company stock worth $3,018,961 over the last 90 days. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $202.41 on Friday. The company has a market cap of $118.69 billion, a P/E ratio of 10.52, a PEG ratio of 1.25 and a beta of 0.32. The firm has a fifty day moving average price of $217.20 and a 200 day moving average price of $229.34. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were issued a $0.10 dividend. The ex-dividend date was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.08%.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Morgan Stanley reduced their target price on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a report on Wednesday, January 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Evercore cut their price objective on Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a research report on Wednesday, January 7th. Finally, UBS Group set a $226.00 price objective on Progressive in a research note on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $251.29.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.