Kinsale Capital Group Inc. Has $9.07 Million Stock Position in The Progressive Co. (NYSE:PGR)

Kinsale Capital Group Inc. raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,870 shares of the insurance provider’s stock after purchasing an additional 3,259 shares during the period. Progressive accounts for about 2.4% of Kinsale Capital Group Inc.’s holdings, making the stock its 10th largest holding. Kinsale Capital Group Inc.’s holdings in Progressive were worth $9,074,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State Street Corp raised its position in Progressive by 1.3% during the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after purchasing an additional 315,411 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after acquiring an additional 1,682,213 shares during the period. FMR LLC grew its holdings in shares of Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after acquiring an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Progressive by 7.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after acquiring an additional 330,667 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lori A. Niederst sold 3,855 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total value of $952,416.30. Following the completion of the transaction, the insider now directly owns 39,040 shares in the company, valued at approximately $9,645,222.40. This represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,361 shares of company stock valued at $11,302,675 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Bank of America upped their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Barclays upped their target price on Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 18th. JPMorgan Chase & Co. upped their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Finally, Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research note on Thursday, December 26th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $277.59.

Progressive Price Performance

NYSE PGR opened at $282.02 on Friday. The business’s fifty day moving average price is $250.25 and its 200-day moving average price is $251.11. The stock has a market capitalization of $165.21 billion, a price-to-earnings ratio of 19.58, a PEG ratio of 1.70 and a beta of 0.42. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1-year low of $186.94 and a 1-year high of $282.40.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s payout ratio is 2.78%.

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.