Lombard Odier Asset Management Switzerland SA Cuts Stock Position in The Progressive Corporation $PGR

Lombard Odier Asset Management Switzerland SA lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 10.1% during the 4th quarter, Holdings Channel reports. The firm owned 24,056 shares of the insurance provider’s stock after selling 2,700 shares during the period. Lombard Odier Asset Management Switzerland SA’s holdings in Progressive were worth $5,478,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bard Associates Inc. purchased a new position in Progressive in the 4th quarter valued at approximately $27,000. Dagco Inc. acquired a new position in Progressive during the 4th quarter worth $28,000. Ameriflex Group Inc. raised its position in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. IFC & Insurance Marketing Inc. purchased a new position in shares of Progressive in the 4th quarter valued at about $29,000. Finally, Acumen Wealth Advisors LLC purchased a new position in shares of Progressive in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $204.70 on Wednesday. The company has a market cap of $119.61 billion, a P/E ratio of 10.41, a P/E/G ratio of 5.90 and a beta of 0.28. The business has a fifty day simple moving average of $199.56 and a 200-day simple moving average of $207.60. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $267.92. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted $4.37 earnings per share. Equities research analysts forecast that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued 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 of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PGR shares. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. Argus upgraded shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Mizuho decreased their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Finally, UBS Group increased their target price on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $238.11.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the completion of the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. The trade was a 3.88% 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 have sold 7,343 shares of company stock valued at $1,470,355 in the last quarter. Company insiders own 0.32% of the company’s stock.

Progressive Company 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.