The Progressive Corporation $PGR is Kinsale Capital Group Inc.’s 9th Largest Position

Kinsale Capital Group Inc. raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 7.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 46,236 shares of the insurance provider’s stock after acquiring an additional 3,304 shares during the quarter. Progressive comprises approximately 2.5% of Kinsale Capital Group Inc.’s portfolio, making the stock its 9th biggest holding. Kinsale Capital Group Inc.’s holdings in Progressive were worth $12,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PGR. Wedbush Securities Inc. increased its stake in shares of Progressive by 17.9% in the 2nd quarter. Wedbush Securities Inc. now owns 3,735 shares of the insurance provider’s stock worth $997,000 after purchasing an additional 566 shares in the last quarter. Bryn Mawr Trust Advisors LLC purchased a new stake in Progressive in the second quarter worth about $406,000. Savant Capital LLC raised its stake in shares of Progressive by 4.3% in the second quarter. Savant Capital LLC now owns 18,531 shares of the insurance provider’s stock worth $4,945,000 after buying an additional 761 shares during the period. Eukles Asset Management raised its stake in shares of Progressive by 0.4% in the second quarter. Eukles Asset Management now owns 19,912 shares of the insurance provider’s stock worth $5,314,000 after buying an additional 75 shares during the period. Finally, Texas Yale Capital Corp. lifted its position in shares of Progressive by 55.0% during the 2nd quarter. Texas Yale Capital Corp. now owns 1,169 shares of the insurance provider’s stock valued at $312,000 after buying an additional 415 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PGR. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research note on Monday. Keefe, Bruyette & Woods cut their price target on Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a research note on Wednesday. Evercore ISI decreased their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Zacks Research downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, Citigroup cut their target price on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research report on Thursday, October 16th. Eight research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $269.90.

Progressive Stock Performance

NYSE:PGR opened at $217.16 on Friday. The company has a market cap of $127.30 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The stock’s 50 day simple moving average is $233.53 and its two-hundred day simple moving average is $252.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the previous year, the business posted $3.58 EPS. As a group, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Activity

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $556,230.04. Following the transaction, the insider owned 45,724 shares of the company’s stock, valued at $11,466,664.72. This represents a 4.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 58,500 shares of company stock valued at $14,430,089. 0.34% of the stock is currently owned by corporate insiders.

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.