Compagnie Lombard Odier SCmA Lowers Stake in The Progressive Corporation $PGR

Key Points

• Compagnie Lombard Odier SCmA reduced its stake in The Progressive Corporation by 16.0% in Q2, owning 231,334 shares valued at approximately $61.73 million.
• Analysts have varying ratings on Progressive, with a consensus target price of $279.31, while six analysts rate it as "Buy" and twelve as "Hold."
• Progressive announced a quarterly dividend of $0.10 per share, payable on October 10th, reflecting an annualized dividend yield of 0.2%.

Compagnie Lombard Odier SCmA lessened its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 16.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 231,334 shares of the insurance provider's stock after selling 44,002 shares during the period. Compagnie Lombard Odier SCmA's holdings in Progressive were worth $61,734,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC boosted its position in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC boosted its position in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after buying an additional 63 shares during the period. HWG Holdings LP acquired a new stake in shares of Progressive in the 1st quarter valued at $28,000. Garde Capital Inc. acquired a new stake in shares of Progressive in the 1st quarter valued at $33,000. Finally, Ransom Advisory Ltd acquired a new stake in shares of Progressive in the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PGR. BMO Capital Markets set a $252.00 price objective on shares of Progressive in a report on Thursday. Citigroup reissued a "buy" rating on shares of Progressive in a research report on Friday, August 29th. UBS Group dropped their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Jefferies Financial Group cut their target price on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $265.00 target price (down previously from $327.00) on shares of Progressive in a research report on Thursday, September 18th. Six research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $279.31.

Progressive Stock Performance

Shares of PGR opened at $241.26 on Tuesday. The firm's 50 day moving average is $245.70 and its 200-day moving average is $262.95. The stock has a market capitalization of $141.43 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.36 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business's revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.48 EPS. Equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.25%.

Insider Buying and Selling

In other news, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the transaction, the insider owned 32,346 shares of the company's stock, valued at $8,061,917.04. The trade was a 21.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,045 shares of company stock worth $34,635,290. 0.33% of the stock is owned by insiders.

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.

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