Lombard Odier Asset Management Switzerland SA Trims Stake in The Progressive Corporation $PGR

Key Points

• Lombard Odier Asset Management Switzerland SA reduced its Progressive stake by 22% in the first quarter, selling 5,300 shares and retaining 18,756 shares valued at approximately $3.72 million. Institutional investors collectively own 85.34% of the company.
• Analyst sentiment remains mixed, with five Buy, fifteen Hold and two Sell ratings. Progressive has a consensus rating of Hold and an average price target of $236.11.
• Progressive insiders sold 15,230 shares worth approximately $3.17 million during the latest quarter, while the company paid a quarterly dividend of $0.10 per share, representing a 0.2% yield.

Lombard Odier Asset Management Switzerland SA cut its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 22.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,756 shares of the insurance provider's stock after selling 5,300 shares during the period. Lombard Odier Asset Management Switzerland SA's holdings in Progressive were worth $3,718,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Klingman & Associates LLC grew its holdings in shares of Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after acquiring an additional 48 shares during the period. Revisor Wealth Management LLC lifted its stake in shares of Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock valued at $395,000 after purchasing an additional 50 shares during the period. Pines Wealth Management LLC boosted its position in shares of Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock valued at $319,000 after purchasing an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock valued at $4,267,000 after purchasing an additional 52 shares in the last quarter. Finally, Phillips Wealth Planners LLC grew its stake in Progressive by 2.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock worth $436,000 after purchasing an additional 52 shares during the period. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on PGR shares. Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $190.00 to $210.00 in a report on Friday. Bank of America reduced their target price on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research report on Thursday, July 16th. HSBC lifted their price target on shares of Progressive from $214.00 to $221.00 and gave the company a "hold" rating in a research report on Monday, July 6th. Finally, Evercore set a $240.00 price objective on shares of Progressive in a research note on Friday, July 10th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Progressive presently has a consensus rating of "Hold" and an average price target of $236.11.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,157 shares of the company's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider owned 27,511 shares in the company, valued at $5,633,152.36. The trade was a 4.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 15,230 shares of company stock valued at $3,165,817 in the last quarter. 0.32% of the stock is owned by insiders.

Progressive Stock Up 0.0%

Shares of NYSE:PGR opened at $213.85 on Monday. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The stock has a fifty day simple moving average of $209.88 and a two-hundred day simple moving average of $205.87. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The stock has a market capitalization of $124.96 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 2.88 and a beta of 0.26.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive's payout ratio is currently 2.01%.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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