KG&L Capital Management LLC Raises Holdings in The Progressive Corporation (NYSE:PGR)

KG&L Capital Management LLC raised its holdings in The Progressive Corporation (NYSE:PGR) by 8.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Highline Wealth Partners LLC boosted its stake in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares during the period. HWG Holdings LP purchased a new stake in shares of Progressive in the 1st quarter valued at approximately $28,000. Minot DeBlois Advisors LLC acquired a new position in shares of Progressive in the 4th quarter worth approximately $28,000. Garde Capital Inc. purchased a new position in shares of Progressive during the 1st quarter worth approximately $33,000. Finally, Atala Financial Inc acquired a new stake in Progressive in the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the sale, the director now directly owns 12,429 shares of the company’s stock, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,267 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total value of $351,985.27. Following the completion of the transaction, the insider now directly owns 28,888 shares in the company, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock worth $11,572,448 in the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 2.4%

PGR opened at $259.67 on Thursday. The stock has a market capitalization of $152.22 billion, a P/E ratio of 17.51, a price-to-earnings-growth ratio of 1.64 and a beta of 0.40. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a one year low of $204.88 and a one year high of $292.99. The business’s 50-day simple moving average is $274.56 and its 200-day simple moving average is $264.55.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PGR shares. Jefferies Financial Group lowered their price target on Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Morgan Stanley set a $330.00 target price on Progressive and gave the company an “overweight” rating in a report on Monday, May 19th. Barclays boosted their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Finally, Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price on the stock in a report on Monday, April 28th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $288.88.

Progressive 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.