The Progressive Corporation $PGR Stock Holdings Trimmed by Lombard Odier Asset Management USA Corp

Key Points

• Lombard Odier Asset Management USA Corp cut its Progressive stake by 45.6% in the first quarter, leaving it with 6,012 shares valued at about $1.19 million.
• Wall Street sentiment on Progressive remains mixed, with a consensus “Hold” rating and an average price target of $236.11. Analysts have recently adjusted targets and ratings in both directions.
• Insiders sold shares during the last quarter, including Director Jeffrey D. Kelly and insider Steven Broz, while the company also paid a quarterly dividend of $0.10 per share.

Lombard Odier Asset Management USA Corp lowered its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 45.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,012 shares of the insurance provider's stock after selling 5,038 shares during the quarter. Lombard Odier Asset Management USA Corp's holdings in Progressive were worth $1,192,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PGR. Bard Associates Inc. acquired a new position in shares of Progressive in the 4th quarter worth approximately $27,000. Bogart Wealth LLC lifted its stake in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after purchasing an additional 87 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new position in Progressive during the fourth quarter worth $29,000. HHM Wealth Advisors LLC boosted its holdings in Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after purchasing an additional 126 shares during the period. Finally, Acumen Wealth Advisors LLC acquired a new position in Progressive in the fourth quarter worth $33,000. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PGR shares. William Blair reissued a "market perform" rating on shares of Progressive in a report on Wednesday, July 15th. Mizuho boosted their price objective on shares of Progressive from $217.00 to $243.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. BMO Capital Markets cut their target price on shares of Progressive from $220.00 to $205.00 and set a "market perform" rating on the stock in a report on Thursday, July 16th. Bank of America decreased their target price on Progressive from $313.00 to $308.00 and set a "buy" rating for the company in a research note on Thursday, July 16th. Finally, Wells Fargo & Company lowered their target price on Progressive from $205.00 to $198.00 and set an "underweight" rating for the company in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Progressive has a consensus rating of "Hold" and an average target price of $236.11.

Insider Transactions at Progressive

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares of the company's stock, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider owned 27,511 shares in the company, valued at approximately $5,633,152.36. This represents a 4.04% 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. Over the last quarter, insiders sold 15,230 shares of company stock valued at $3,165,817. 0.32% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

Shares of PGR stock opened at $213.85 on Friday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The firm has a market capitalization of $124.96 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 2.88 and a beta of 0.26. The business has a 50 day simple moving average of $209.88 and a 200 day simple moving average of $205.92.

Progressive Announces Dividend

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