Kinsale Capital Group Inc. Buys 5,997 Shares of The Progressive Corporation $PGR

Kinsale Capital Group Inc. boosted its position in The Progressive Corporation (NYSE:PGR) by 11.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,361 shares of the insurance provider’s stock after purchasing an additional 5,997 shares during the period. Progressive comprises approximately 1.8% of Kinsale Capital Group Inc.’s portfolio, making the stock its 20th biggest holding. Kinsale Capital Group Inc.’s holdings in Progressive were worth $11,371,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PGR. Aviance Capital Partners LLC raised its stake in shares of Progressive by 4.6% in the first quarter. Aviance Capital Partners LLC now owns 24,171 shares of the insurance provider’s stock valued at $4,792,000 after buying an additional 1,068 shares during the period. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Progressive by 2.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 13,903 shares of the insurance provider’s stock valued at $2,756,000 after buying an additional 282 shares during the last quarter. Heartland Bank & Trust Co grew its stake in shares of Progressive by 30.1% during the 1st quarter. Heartland Bank & Trust Co now owns 3,410 shares of the insurance provider’s stock worth $676,000 after acquiring an additional 789 shares during the period. Kera Capital Partners Inc. increased its holdings in Progressive by 29.0% in the 1st quarter. Kera Capital Partners Inc. now owns 2,484 shares of the insurance provider’s stock worth $492,000 after acquiring an additional 558 shares during the last quarter. Finally, Gryphon Financial Partners LLC increased its holdings in Progressive by 158.9% in the 1st quarter. Gryphon Financial Partners LLC now owns 3,373 shares of the insurance provider’s stock worth $669,000 after acquiring an additional 2,070 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR opened at $207.73 on Friday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The stock’s 50-day simple moving average is $208.77 and its 200 day simple moving average is $206.50. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The stock has a market capitalization of $121.38 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 3.91 and a beta of 0.26.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the previous year, the firm earned $4.37 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. Research analysts forecast that The Progressive Corporation will post 17.38 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is 2.01%.

Insider Activity

In related news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This trade represents a 12.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Mizuho upped their price objective on shares of Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Bank of America reduced their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday. UBS Group boosted their price target on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research report on Tuesday, June 30th. William Blair restated a “market perform” rating on shares of Progressive in a research note on Wednesday. Finally, BMO Capital Markets cut their price objective on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $235.05.

More Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive’s quarterly profit rises on higher auto insurance demand
• Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
• Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
• Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
• Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
• Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut

About Progressive

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.