Compagnie Lombard Odier SCmA Decreases Stock Holdings in The Progressive Corporation $PGR

Compagnie Lombard Odier SCmA reduced its holdings in shares of The Progressive Corporation (NYSE:PGR) by 20.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 165,064 shares of the insurance provider’s stock after selling 42,104 shares during the quarter. Compagnie Lombard Odier SCmA’s holdings in Progressive were worth $37,588,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital International Investors increased its position in shares of Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Progressive by 32.8% in the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after buying an additional 2,709,417 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after buying an additional 2,314,864 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Progressive by 2,012.0% during the third quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock valued at $189,546,000 after buying an additional 731,207 shares during the period. Finally, Marshfield Associates increased its holdings in Progressive by 70.8% during the third quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider’s stock worth $389,552,000 after buying an additional 653,763 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Carl G. Joyce sold 270 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,687 shares of company stock worth $2,413,044 in the last three months. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR opened at $193.40 on Thursday. The firm has a 50-day moving average price of $205.39 and a 200-day moving average price of $218.44. The Progressive Corporation has a twelve month low of $192.02 and a twelve month high of $289.96. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $113.13 billion, a price-to-earnings ratio of 10.05, a PEG ratio of 5.73 and a beta of 0.34.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be paid 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, April 2nd. Progressive’s payout ratio is currently 2.08%.

Analysts Set New Price Targets

Several analysts have commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Piper Sandler restated an “overweight” rating and set a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. UBS Group lifted their price target on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Argus upgraded Progressive to a “hold” rating in a research note on Thursday, March 5th. Finally, Citigroup reduced their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $238.39.

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.