Kinsale Capital Group Inc. Takes Position in The Progressive Co. (NYSE:PGR)

Kinsale Capital Group Inc. acquired a new stake in shares of The Progressive Co. (NYSE:PGR – Get Rating) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,150 shares of the insurance provider’s stock, valued at approximately $409,000. Progressive comprises approximately 0.4% of Kinsale Capital Group Inc.’s portfolio, making the stock its 10th biggest holding.

A number of other institutional investors have also modified their holdings of PGR. Ontario Teachers Pension Plan Board grew its holdings in shares of Progressive by 1,235.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 3,762,311 shares of the insurance provider’s stock worth $437,218,000 after purchasing an additional 3,480,538 shares during the period. TD Asset Management Inc grew its holdings in shares of Progressive by 455.6% during the 4th quarter. TD Asset Management Inc now owns 1,115,477 shares of the insurance provider’s stock worth $144,689,000 after purchasing an additional 914,723 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Progressive by 7.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 11,965,362 shares of the insurance provider’s stock worth $1,390,909,000 after purchasing an additional 806,366 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Progressive by 15.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,142,690 shares of the insurance provider’s stock worth $713,841,000 after purchasing an additional 799,553 shares during the period. Finally, Two Sigma Investments LP purchased a new position in Progressive in the 3rd quarter worth approximately $73,007,000. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Progressive Stock Up 0.5 %

Shares of Progressive stock traded up $0.67 during trading on Friday, hitting $129.60. 1,426,235 shares of the stock traded hands, compared to its average volume of 2,669,280. The stock has a market cap of $75.86 billion, a P/E ratio of 91.44, a PEG ratio of 0.96 and a beta of 0.50. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.37 and a current ratio of 0.37. The Progressive Co. has a twelve month low of $108.64 and a twelve month high of $149.87. The company has a fifty day moving average price of $137.56 and a two-hundred day moving average price of $135.06.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, July 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.31%. Progressive’s dividend payout ratio is 28.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. BMO Capital Markets cut Progressive from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $165.00 to $150.00 in a report on Thursday, April 27th. Credit Suisse Group reiterated a “neutral” rating and set a $143.00 target price on shares of Progressive in a research note on Friday, April 14th. StockNews.com initiated coverage on Progressive in a research note on Thursday, May 18th. They set a “hold” rating for the company. Raymond James increased their target price on Progressive from $145.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, January 26th. Finally, Roth Mkm increased their target price on Progressive from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, February 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $148.13.

Insider Buying and Selling

In related news, insider Steven Broz sold 930 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $137.79, for a total value of $128,144.70. Following the completion of the sale, the insider now directly owns 27,251 shares in the company, valued at approximately $3,754,915.29. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Steven Broz sold 930 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $137.79, for a total value of $128,144.70. Following the completion of the sale, the insider now directly owns 27,251 shares in the company, valued at approximately $3,754,915.29. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 472 shares of Progressive stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $138.67, for a total value of $65,452.24. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at $552,045.27. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,708 shares of company stock worth $927,717. 0.34% of the stock is currently owned by insiders.

About Progressive

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.