The Progressive Corporation $PGR Position Lifted by Kinsale Capital Group Inc.

Key Points

• Kinsale Capital increased its Progressive stake by 38.4% in the third quarter, adding 24,855 shares to hold 89,544 shares valued at about $18.6 million. Progressive represents 2.5% of Kinsale’s portfolio.
• Institutional investors own 85.34% of Progressive. Analysts have a consensus “Hold” rating and an average price target of $234.45.
• Progressive insiders sold 48,352 shares worth about $10.5 million in the last quarter; the reported sales were made under pre-arranged trading plans.

Kinsale Capital Group Inc. grew its position in The Progressive Corporation (NYSE:PGR - Free Report) by 38.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,544 shares of the insurance provider's stock after acquiring an additional 24,855 shares during the quarter. Progressive comprises about 2.5% of Kinsale Capital Group Inc.'s portfolio, making the stock its 11th largest position. Kinsale Capital Group Inc.'s holdings in Progressive were worth $18,563,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Gryphon Financial Partners LLC boosted its position in shares of Progressive by 1.5% during the third quarter. Gryphon Financial Partners LLC now owns 3,906 shares of the insurance provider's stock valued at $810,000 after buying an additional 58 shares during the period. M&G PLC grew its stake in shares of Progressive by 6.1% during the third quarter. M&G PLC now owns 123,707 shares of the insurance provider's stock valued at $25,607,000 after buying an additional 7,076 shares during the last quarter. AlphaCore Capital LLC raised its holdings in shares of Progressive by 14.3% in the third quarter. AlphaCore Capital LLC now owns 3,305 shares of the insurance provider's stock worth $685,000 after buying an additional 414 shares during the period. Joseph Group Capital Management raised its holdings in shares of Progressive by 3.2% in the third quarter. Joseph Group Capital Management now owns 24,524 shares of the insurance provider's stock worth $5,084,000 after buying an additional 766 shares during the period. Finally, Fulcrum Asset Management LLP lifted its stake in shares of Progressive by 65.1% during the 3rd quarter. Fulcrum Asset Management LLP now owns 4,679 shares of the insurance provider's stock worth $985,000 after acquiring an additional 1,845 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Stock Up 0.0%

NYSE:PGR opened at $227.83 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $241.02. The company has a 50-day moving average of $218.92 and a 200 day moving average of $210.11. The firm has a market cap of $131.99 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 2.71 and a beta of 0.22.

Analyst Ratings Changes

A number of research firms recently issued reports on PGR. The Goldman Sachs Group boosted their price objective on Progressive from $233.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, October 1st. TD Cowen reduced their target price on Progressive from $266.00 to $222.00 and set a "hold" rating on the stock in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods reduced their target price on Progressive from $252.00 to $246.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. BMO Capital Markets reiterated a "market perform" rating on shares of Progressive in a research report on Thursday, October 15th. Finally, Wells Fargo & Company lowered their target price on shares of Progressive from $201.00 to $196.00 and set an "underweight" rating for the company in a research note on Thursday, October 15th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of "Hold" and a consensus target price of $234.45.

Insider Activity

In other news, insider Steven Broz sold 1,225 shares of the business's stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the sale, the insider owned 28,807 shares in the company, valued at approximately $6,433,179.24. The trade was a 4.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the completion of the sale, the chief executive officer directly owned 485,438 shares of the company's stock, valued at $106,553,641. The trade was a 7.14% decrease in their position. 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. In the last quarter, insiders sold 48,352 shares of company stock worth $10,524,258. 0.32% of the stock is currently owned by corporate insiders.

About Progressive

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage.

The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.

Progressive serves customers across the United States.

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