Lazard Asset Management LLC Lowers Holdings in The Progressive Co. (NYSE:PGR)

Lazard Asset Management LLC reduced its position in shares of The Progressive Co. (NYSE:PGR) by 11.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,192 shares of the insurance provider’s stock after selling 4,281 shares during the quarter. Lazard Asset Management LLC’s holdings in Progressive were worth $7,952,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Webster Bank N. A. purchased a new position in Progressive in the 4th quarter valued at about $26,000. Hager Investment Management Services LLC purchased a new position in Progressive in the 4th quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC lifted its stake in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares in the last quarter. Valley National Advisers Inc. lifted its stake in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after buying an additional 120 shares in the last quarter. Finally, Atala Financial Inc purchased a new position in Progressive in the 4th quarter valued at about $32,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 1.5%

Shares of NYSE PGR opened at $278.33 on Thursday. The company has a 50 day simple moving average of $275.14 and a 200-day simple moving average of $261.00. The company has a market capitalization of $163.16 billion, a P/E ratio of 19.33, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. On average, equities research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were issued a $0.10 dividend. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive’s dividend payout ratio (DPR) is presently 2.70%.

Insider Activity at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares in the company, valued at approximately $180,891.35. This trade represents a 35.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the completion of the transaction, the chief financial officer now directly owns 248,024 shares of the company’s stock, valued at $66,616,766.16. This represents a 3.88% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,894 shares of company stock worth $11,020,097. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of recent research reports. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective for the company in a report on Monday, April 28th. Morgan Stanley increased their price objective on shares of Progressive from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Tuesday, April 29th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday. Barclays increased their price objective on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a report on Friday, April 11th. Finally, Wells Fargo & Company increased their price objective on shares of Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $287.65.

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.