KG&L Capital Management LLC Acquires Shares of 1,692 The Progressive Co. (NYSE:PGR)

KG&L Capital Management LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,692 shares of the insurance provider’s stock, valued at approximately $351,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Aviance Capital Partners LLC acquired a new stake in shares of Progressive in the first quarter valued at about $3,628,000. TCW Group Inc. purchased a new stake in Progressive during the 4th quarter worth approximately $1,988,000. Brevan Howard Capital Management LP acquired a new position in shares of Progressive during the fourth quarter valued at approximately $3,090,000. Concurrent Investment Advisors LLC lifted its position in shares of Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after acquiring an additional 2,719 shares in the last quarter. Finally, Banque Cantonale Vaudoise increased its position in shares of Progressive by 90.4% during the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, insider Steven Broz sold 6,122 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares in the company, valued at approximately $7,600,400.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 6,122 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now directly owns 312,958 shares in the company, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold a total of 116,441 shares of company stock valued at $25,111,350 over the last quarter. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of research reports. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Piper Sandler raised their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Evercore ISI lifted their price objective on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $230.00 to $262.00 in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.41.

Progressive Stock Up 0.8 %

Shares of PGR traded up $1.97 during midday trading on Thursday, reaching $239.29. The stock had a trading volume of 303,892 shares, compared to its average volume of 2,537,707. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The company’s fifty day simple moving average is $216.00 and its two-hundred day simple moving average is $207.53. The company has a market cap of $140.15 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 0.82 and a beta of 0.35. The Progressive Co. has a 1-year low of $129.31 and a 1-year high of $240.80.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the prior year, the business posted $0.57 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. Equities research analysts expect that The Progressive Co. will post 12.03 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Progressive Company Profile

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.