Lombard Odier Asset Management USA Corp Invests $3.04 Million in The Progressive Corporation $PGR

Lombard Odier Asset Management USA Corp acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 11,396 shares of the insurance provider’s stock, valued at approximately $3,041,000.

Several other large investors also recently added to or reduced their stakes in the stock. Rise Advisors LLC raised its stake in shares of Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after acquiring an additional 36 shares in the last quarter. LRI Investments LLC increased its holdings in Progressive by 13.4% during the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock worth $90,000 after purchasing an additional 40 shares during the period. CVA Family Office LLC increased its holdings in Progressive by 4.2% during the 2nd quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock worth $281,000 after purchasing an additional 42 shares during the period. Bell Investment Advisors Inc raised its position in Progressive by 20.8% during the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 44 shares in the last quarter. Finally, Maia Wealth LLC lifted its holdings in shares of Progressive by 5.4% in the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after buying an additional 44 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 0.0%

Shares of NYSE:PGR opened at $222.89 on Tuesday. The business’s 50-day moving average is $225.45 and its 200 day moving average is $243.86. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The firm has a market capitalization of $130.71 billion, a P/E ratio of 12.23, a P/E/G ratio of 0.99 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same period in the prior year, the business posted $3.58 EPS. On average, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.19%.

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the sale, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 17,673 shares of company stock worth $4,163,005. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a report on Tuesday, December 2nd. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a report on Wednesday, August 13th. Finally, Barclays cut their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $266.52.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.