The Progressive Co. (NYSE:PGR) is Kinsale Capital Group Inc.’s 7th Largest Position

Kinsale Capital Group Inc. increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 20.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,996 shares of the insurance provider’s stock after acquiring an additional 5,364 shares during the quarter. Progressive makes up about 2.2% of Kinsale Capital Group Inc.’s holdings, making the stock its 7th largest position. 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 bought and sold shares of PGR. Sachetta LLC purchased a new position in shares of Progressive during the 4th quarter valued at $25,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive in the 4th quarter valued at about $25,000. WR Wealth Planners LLC raised its stake in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new stake in Progressive during the first quarter valued at approximately $32,000. Finally, Hilltop National Bank lifted its holdings in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.9 %

Shares of NYSE:PGR opened at $249.12 on Wednesday. The Progressive Co. has a 1 year low of $134.34 and a 1 year high of $254.83. 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 stock’s fifty day moving average price is $227.06 and its 200-day moving average price is $213.82. The company has a market cap of $145.90 billion, a P/E ratio of 25.50, a PEG ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 EPS. Sell-side analysts expect that The Progressive Co. will post 12.19 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is 4.09%.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 3,050 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. 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 three months. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PGR. Jefferies Financial Group upped their price objective on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods increased their price target on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Piper Sandler increased their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Six equities research 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. Based on data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $252.29.

About Progressive

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.