24,855 The Progressive Corporation $PGR Shares Bought by Kinsale Capital Group Inc.

Kinsale Capital Group Inc. raised its stake in The Progressive Corporation (NYSE:PGR) by 38.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 89,544 shares of the insurance provider’s stock after buying an additional 24,855 shares during the quarter. Progressive accounts for 2.5% of Kinsale Capital Group Inc.’s investment portfolio, making the stock its 11th biggest holding. 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 and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Progressive during the second quarter valued at about $10,496,271,000. Bank of America Corp DE purchased a new position in shares of Progressive in the 2nd quarter worth approximately $2,682,342,000. GQG Partners LLC purchased a new position in shares of Progressive in the 2nd quarter worth approximately $1,538,570,000. Deutsche Bank AG purchased a new position in shares of Progressive in the 2nd quarter worth approximately $1,098,838,000. Finally, Jupiter Topco LLC bought a new position in shares of Progressive during the 2nd quarter worth approximately $935,172,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction on Tuesday, September 1st. The shares were 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 in the company, valued at approximately $106,553,641. The trade was a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 48,352 shares of company stock worth $10,524,258. 0.32% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of Progressive stock opened at $227.83 on Tuesday. The firm has a market capitalization of $131.99 billion, a P/E ratio of 11.47, a PEG ratio of 2.71 and a beta of 0.22. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a 50 day moving average price of $218.92 and a 200 day moving average price of $210.11. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $241.02.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PGR. Weiss Ratings raised shares of Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Bank of America lifted their price target on shares of Progressive from $302.00 to $314.00 in a report on Thursday, October 1st. The Goldman Sachs Group lifted their price target on shares of Progressive from $233.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 1st. Keefe, Bruyette & Woods reduced their price target on Progressive from $252.00 to $246.00 and set an “outperform” rating on the stock in a research report on Thursday, October 15th. Finally, HSBC reiterated a “hold” rating and set a $216.00 price objective (down from $221.00) on shares of Progressive in a report on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $234.45.

Progressive Profile

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.