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

Lombard Odier Asset Management Switzerland SA reduced its holdings in shares of The Progressive Corporation (NYSE:PGR) by 22.0% during the first quarter, HoldingsChannel reports. 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Bogart Wealth LLC raised its position in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares during the last quarter. Bard Associates Inc. purchased a new stake in shares of Progressive during the 4th quarter valued at about $27,000. HHM Wealth Advisors LLC boosted its holdings in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive in the fourth quarter worth approximately $29,000. Finally, Entrust Financial LLC bought a new stake in shares of Progressive in the fourth quarter worth approximately $33,000. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on PGR. JPMorgan Chase & Co. restated a “neutral” rating and issued a $250.00 target price on shares of Progressive in a report on Tuesday, July 14th. William Blair reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. BMO Capital Markets lowered their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. HSBC raised their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Finally, Wells Fargo & Company cut their price objective on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $236.11.

Progressive Stock Performance

Shares of NYSE PGR opened at $213.85 on Monday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. 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 company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The firm has a 50 day moving average of $209.88 and a 200 day moving average of $205.87.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is presently 2.01%.

Insider Activity

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. This represents a 23.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. This 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 90 days. Company insiders own 0.32% of the company’s stock.

Progressive Profile

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.