Kinsale Capital Group Inc. Has $11.37 Million Holdings in The Progressive Corporation $PGR

Key Points

• Kinsale Capital Group increased its stake in Progressive by 11.7% in the first quarter, adding 5,997 shares to bring its total to 57,361 shares valued at about $11.37 million.
• Progressive reported better-than-expected quarterly EPS of $4.80, though revenue came in below analyst estimates at $22.19 billion. The company also posted strong profitability metrics, including a 12.84% net margin and 32.92% return on equity.
• Wall Street sentiment remains mixed: analysts currently have a Hold consensus on the stock, with an average price target of $235.05, while some firms have recently lowered targets and issued cautious ratings.

Kinsale Capital Group Inc. grew its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 11.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,361 shares of the insurance provider's stock after acquiring an additional 5,997 shares during the quarter. Progressive comprises 1.8% of Kinsale Capital Group Inc.'s holdings, making the stock its 20th largest 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 institutional investors also recently modified their holdings of PGR. Bogart Wealth LLC raised its holdings in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after buying an additional 87 shares during the last quarter. Bard Associates Inc. acquired a new position in shares of Progressive during the fourth quarter valued at about $27,000. Dagco Inc. acquired a new position in shares of Progressive during the fourth quarter valued at about $28,000. HHM Wealth Advisors LLC increased its position in shares of Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after acquiring an additional 126 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive during the fourth quarter worth about $29,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. Weiss Ratings cut shares of Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 6th. Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $250.00 price objective on shares of Progressive in a research note on Tuesday, July 14th. Wells Fargo & Company dropped their target price on Progressive from $205.00 to $198.00 and set an "underweight" rating on the stock in a report on Thursday. Finally, Keefe, Bruyette & Woods cut their target price on Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a research report on Thursday. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $235.05.

Progressive Stock Up 0.9%

Progressive stock opened at $207.73 on Friday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. 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 firm's 50-day simple moving average is $208.77 and its 200 day simple moving average is $206.50. The stock has a market cap of $121.38 billion, a PE ratio of 10.42, a price-to-earnings-growth ratio of 3.91 and a beta of 0.26.

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

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive's dividend payout ratio (DPR) is 2.01%.

Insider Buying and Selling

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares of the company's stock, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Jo Murphy sold 5,916 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares of the company's stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by company insiders.

Progressive News Roundup

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

Progressive Company Profile

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.

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