The Progressive Corporation $PGR Shares Sold by Lombard Odier Asset Management USA Corp

Lombard Odier Asset Management USA Corp reduced its position in shares of The Progressive Corporation (NYSE:PGR) by 45.6% in the first quarter, HoldingsChannel.com reports. The firm owned 6,012 shares of the insurance provider’s stock after selling 5,038 shares during the period. Lombard Odier Asset Management USA Corp’s holdings in Progressive were worth $1,192,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Klingman & Associates LLC boosted its stake in Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after buying an additional 48 shares in the last quarter. Revisor Wealth Management LLC grew its holdings in Progressive by 2.7% during the fourth 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 period. Pines Wealth Management LLC raised its position in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its holdings in Progressive by 0.3% in 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 acquiring an additional 52 shares during the last quarter. Finally, Phillips Wealth Planners LLC lifted its holdings in Progressive by 2.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock valued at $436,000 after acquiring an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research note 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 for the company in a research note on Thursday, July 16th. Wells Fargo & Company reduced their target price on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $190.00 to $210.00 in a research report on Friday. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $250.00 price target on shares of Progressive in a report on Tuesday, July 14th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $236.11.

Progressive Trading Up 3.3%

NYSE:PGR opened at $213.85 on Friday. The stock has a market cap of $124.96 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 2.88 and a beta of 0.26. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week 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 stock’s 50-day moving average is $209.88 and its two-hundred day moving average is $205.92.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were paid 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 dividend payout ratio (DPR) is 2.01%.

Insider Activity

In other news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the transaction, the insider directly owned 27,511 shares in the company, valued at $5,633,152.36. The trade was a 4.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction 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 completion of the transaction, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This trade 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 have sold a total of 15,230 shares of company stock worth $3,165,817 in the last ninety days. Corporate 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.