Pictet Asset Management Holding SA Has $68.89 Million Stock Position in The Progressive Corporation $PGR

Pictet Asset Management Holding SA boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 3.1% in the 1st quarter, HoldingsChannel reports. The firm owned 347,477 shares of the insurance provider’s stock after buying an additional 10,605 shares during the period. Pictet Asset Management Holding SA’s holdings in Progressive were worth $68,885,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Klingman & Associates LLC increased its holdings in shares of Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after buying an additional 48 shares in the last quarter. Revisor Wealth Management LLC grew its position in Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after acquiring an additional 50 shares during the last quarter. Cullen Investment Group LTD. grew its position in Progressive by 0.7% during the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after acquiring an additional 52 shares during the last quarter. Pines Wealth Management LLC increased its holdings in Progressive by 3.9% during the 4th 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. Finally, Northwestern Mutual Investment Management Company LLC increased its holdings in Progressive by 0.3% during the 4th 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. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,157 shares of the firm’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 of the company’s stock, valued at approximately $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 Progressive stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. 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 worth $3,165,817 over the last three months. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on PGR shares. Morgan Stanley reduced their price objective on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Wells Fargo & Company lowered Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 target price for the company. in a research note on Monday. Bank of America cut their price target on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a report on Thursday, June 18th. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a research report on Thursday, June 18th. Finally, Evercore reissued a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and an average price target of $236.84.

Progressive Stock Down 2.3%

Shares of PGR opened at $219.13 on Tuesday. The firm has a market capitalization of $128.05 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 6.81 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The business’s fifty day moving average price is $202.17 and its two-hundred day moving average price is $206.72. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $267.92.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $4.37 EPS. On average, analysts predict that The Progressive Corporation will post 17.08 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

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.