Kinsale Capital Group Inc. Has $8.78 Million Position in The Progressive Co. (NYSE:PGR)

Kinsale Capital Group Inc. increased its holdings in The Progressive Co. (NYSE:PGR) by 11.7% in the third quarter, HoldingsChannel reports. The firm owned 34,611 shares of the insurance provider’s stock after purchasing an additional 3,615 shares during the period. Progressive accounts for approximately 2.6% of Kinsale Capital Group Inc.’s portfolio, making the stock its 4th biggest holding. Kinsale Capital Group Inc.’s holdings in Progressive were worth $8,783,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Diversified Trust Co lifted its position in Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after acquiring an additional 11,770 shares during the last quarter. Sycomore Asset Management raised its position in shares of Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. acquired a new position in shares of Progressive during the second quarter valued at about $981,000. Tidal Investments LLC raised its position in shares of Progressive by 22.2% during the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after buying an additional 5,691 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Progressive by 88.7% during the first quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after buying an additional 3,585 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of PGR traded down $1.72 during mid-day trading on Friday, hitting $255.78. 3,259,995 shares of the company traded hands, compared to its average volume of 2,463,986. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average of $252.22 and a 200 day moving average of $229.82. The stock has a market capitalization of $149.84 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, equities analysts expect that The Progressive Co. will post 13.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Monday, November 11th. Roth Mkm increased their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. The Goldman Sachs Group increased their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Jefferies Financial Group increased their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $269.56.

Insider Activity

In other Progressive news, insider Steven Broz sold 6,122 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This trade represents a 15.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,331 shares of company stock valued at $16,415,812 over the last three months. 0.34% of the stock is owned by 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.