Interchange Capital Partners LLC Has $60,000 Stock Position in The Progressive Corporation $PGR

Key Points

• Interchange Capital Partners LLC reduced its stake in The Progressive Corporation by 89.3%, leaving it with only 224 shares valued at $60,000 after selling 1,879 shares during the second quarter.
• A significant number of analysts have shifted their ratings on Progressive, with a consensus rating of "Hold" and an average price target of $279.63.
• CEO Susan Patricia Griffith sold over 30,000 shares of Progressive stock, totaling approximately $7.54 million, representing a 6.05% decrease in her ownership.

Interchange Capital Partners LLC cut its position in The Progressive Corporation (NYSE:PGR - Free Report) by 89.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 224 shares of the insurance provider's stock after selling 1,879 shares during the quarter. Interchange Capital Partners LLC's holdings in Progressive were worth $60,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Rise Advisors LLC grew its position in shares of Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after buying an additional 36 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its stake in Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after acquiring an additional 39 shares during the last quarter. LRI Investments LLC boosted its stake in Progressive by 13.4% in the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider's stock valued at $90,000 after acquiring an additional 40 shares during the last quarter. True North Advisors LLC boosted its stake in Progressive by 4.0% in the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock valued at $299,000 after acquiring an additional 41 shares during the last quarter. Finally, GenTrust LLC boosted its stake in Progressive by 3.5% in the first quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock valued at $349,000 after acquiring an additional 42 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. UBS Group reduced their price objective on shares of Progressive from $268.00 to $261.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 8th. Jefferies Financial Group reduced their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Progressive in a research note on Wednesday, October 8th. Finally, Evercore ISI lowered their target price on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a research note on Wednesday, October 1st. Seven equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $279.63.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares in the company, valued at $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 1,345 shares of the business's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Performance

PGR stock opened at $226.36 on Thursday. The business's 50-day moving average price is $244.63 and its two-hundred day moving average price is $258.89. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market cap of $132.70 billion, a PE ratio of 12.75, a P/E/G ratio of 1.33 and a beta of 0.32. The Progressive Corporation has a 1-year low of $217.20 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.During the same quarter in the prior year, the firm posted $3.58 earnings per share. As a group, research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is currently 2.25%.

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.