The Progressive Co. (NYSE:PGR) Shares Bought by Compagnie Lombard Odier SCmA

Compagnie Lombard Odier SCmA increased its holdings in The Progressive Co. (NYSE:PGR) by 41.7% in the third quarter, HoldingsChannel.com reports. The firm owned 190,618 shares of the insurance provider’s stock after buying an additional 56,055 shares during the quarter. Compagnie Lombard Odier SCmA’s holdings in Progressive were worth $48,371,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Aviance Capital Partners LLC purchased a new stake in Progressive during the 1st quarter worth approximately $3,628,000. Concurrent Investment Advisors LLC increased its stake in Progressive by 66.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after buying an additional 2,719 shares in the last quarter. Diversified Trust Co increased its stake in Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after buying an additional 11,770 shares in the last quarter. Banque Cantonale Vaudoise grew its position in shares of Progressive by 90.4% in the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Councilmark Asset Management LLC purchased a new stake in shares of Progressive in the first quarter valued at approximately $1,890,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group upped their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Keefe, Bruyette & Woods increased their price objective on Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Barclays initiated coverage on Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective for the company. Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Finally, Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $260.53.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Progressive news, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the transaction, the chief financial officer now owns 302,958 shares of the company’s stock, valued at approximately $64,836,041.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,512 shares of company stock valued at $33,912,874 over the last quarter. 0.34% of the stock is owned by insiders.

Progressive Stock Up 0.9 %

Shares of NYSE PGR traded up $2.31 during mid-day trading on Friday, hitting $254.09. The company had a trading volume of 1,643,750 shares, compared to its average volume of 2,490,770. The company has a market capitalization of $148.82 billion, a PE ratio of 26.01, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a 1-year low of $142.87 and a 1-year high of $260.46. The business’s 50-day simple moving average is $245.20 and its 200 day simple moving average is $222.59.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. On average, analysts predict that The Progressive Co. will post 13.07 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

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.