KG&L Capital Management LLC Grows Stake in The Progressive Corporation (NYSE:PGR)

KG&L Capital Management LLC boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,417 shares of the insurance provider’s stock after purchasing an additional 198 shares during the quarter. KG&L Capital Management LLC’s holdings in Progressive were worth $684,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Highline Wealth Partners LLC boosted its position in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in Progressive during the fourth quarter worth about $28,000. HWG Holdings LP purchased a new stake in shares of Progressive in the first quarter valued at about $28,000. Atala Financial Inc acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $32,000. Finally, Garde Capital Inc. purchased a new position in shares of Progressive during the 1st quarter worth approximately $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $277.81, for a total transaction of $351,985.27. Following the sale, the insider now directly owns 28,888 shares of the company’s stock, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the business’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider now owns 41,289 shares in the company, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,705 shares of company stock valued at $11,572,448. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Down 2.4%

Shares of NYSE PGR opened at $259.67 on Thursday. The stock has a fifty day moving average price of $274.56 and a 200 day moving average price of $264.55. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12-month low of $204.88 and a 12-month high of $292.99. The company has a market cap of $152.22 billion, a P/E ratio of 17.51, a P/E/G ratio of 1.64 and a beta of 0.40.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wall Street Zen upgraded Progressive from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. JPMorgan Chase & Co. increased their price objective on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the company an “overweight” rating in a research note on Monday, May 19th. Bank of America raised shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a research note on Monday, April 28th. Finally, Jefferies Financial Group decreased their target price on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.88.

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.