Oddo BHF Asset Management Sas Has $28.81 Million Holdings in The Progressive Corporation $PGR

Key Points

• Oddo BHF Asset Management Sas increased its stake in Progressive by 17% in the fourth quarter, bringing its holdings to 126,516 shares worth about $28.81 million.
• Several other institutional investors also adjusted positions in PGR, and 85.34% of the stock is owned by institutions and hedge funds, showing continued heavy institutional interest.
• Progressive reported better-than-expected quarterly EPS of $4.80, though revenue came in below estimates, and analysts currently rate the stock a Hold with a consensus price target of $238.11.

Oddo BHF Asset Management Sas raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 17.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 126,516 shares of the insurance provider's stock after purchasing an additional 18,416 shares during the period. Progressive accounts for approximately 1.1% of Oddo BHF Asset Management Sas' holdings, making the stock its 23rd biggest holding. Oddo BHF Asset Management Sas' holdings in Progressive were worth $28,810,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in PGR. Brighton Jones LLC lifted its position in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the 4th quarter valued at about $269,000. Bison Wealth LLC increased its stake in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC increased its stake in shares of Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock valued at $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its stake in shares of Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock valued at $3,681,000 after acquiring an additional 1,622 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,157 shares of the firm'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 $231,400.00. Following the completion of the sale, the insider owned 28,668 shares of the company's stock, valued at $5,733,600. This trade represents a 3.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the firm's stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares of the company's stock, valued at $115,227. This represents a 32.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 7,343 shares of company stock valued at $1,470,355 in the last quarter. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PGR. Barclays set a $247.00 price target on Progressive in a research note on Wednesday, March 18th. Piper Sandler reissued an "overweight" rating and set a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Morgan Stanley lowered their target price on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a research note on Tuesday, March 31st. Royal Bank Of Canada set a $208.00 target price on Progressive in a research note on Friday, May 22nd. Finally, BMO Capital Markets reaffirmed a "market perform" rating and set a $220.00 price target on shares of Progressive in a research note on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $238.11.

Progressive Trading Up 0.1%

NYSE PGR opened at $203.40 on Tuesday. The company has a market cap of $118.85 billion, a PE ratio of 10.34, a PEG ratio of 5.89 and a beta of 0.28. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $269.78. The stock has a 50 day moving average of $199.37 and a 200-day moving average of $207.77.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.37 EPS. On average, equities research analysts anticipate that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.03%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.