Interchange Capital Partners LLC Makes New Investment in The Progressive Co. (NYSE:PGR)

Interchange Capital Partners LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,936 shares of the insurance provider’s stock, valued at approximately $402,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Whittier Trust Co. of Nevada Inc. increased its holdings in Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the last quarter. Graypoint LLC increased its stake in shares of Progressive by 1.2% during the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after purchasing an additional 49 shares during the last quarter. City State Bank raised its holdings in shares of Progressive by 8.2% in the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 50 shares during the period. GYL Financial Synergies LLC lifted its stake in Progressive by 4.0% in the second quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 50 shares during the last quarter. Finally, First Citizens Bank & Trust Co. grew its holdings in Progressive by 2.6% during the second quarter. First Citizens Bank & Trust Co. now owns 2,047 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 51 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR stock traded up $2.19 during mid-day trading on Friday, hitting $252.20. 2,817,633 shares of the stock were exchanged, compared to its average volume of 2,208,254. The stock has a market capitalization of $147.71 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 0.83 and a beta of 0.35. 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 Progressive Co. has a 12 month low of $131.87 and a 12 month high of $254.35. The business has a fifty day moving average price of $221.26 and a 200 day moving average price of $210.65.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 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 company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the firm earned $0.57 EPS. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. On average, sell-side analysts anticipate that The Progressive Co. will post 12.2 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The disclosure for this sale can be found here. Insiders sold 103,984 shares of company stock worth $22,564,766 in the last ninety days. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods raised Progressive from a “market perform” rating to an “outperform” rating and upped their price target for the company from $210.00 to $245.00 in a research report on Wednesday, July 17th. Citigroup dropped their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Piper Sandler lifted 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. Jefferies Financial Group upped their price target on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Roth Mkm lifted their price objective on shares of Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, five have given 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 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.