Oddo BHF Asset Management Sas Purchases 18,416 Shares of The Progressive Corporation $PGR

Oddo BHF Asset Management Sas grew its position in shares of The Progressive Corporation (NYSE:PGR) by 17.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 126,516 shares of the insurance provider’s stock after buying an additional 18,416 shares during the quarter. Progressive makes up approximately 1.1% of Oddo BHF Asset Management Sas’ portfolio, making the stock its 23rd largest position. Oddo BHF Asset Management Sas’ holdings in Progressive were worth $28,810,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after purchasing an additional 593,612 shares during the period. State Street Corp increased its position in shares of Progressive by 0.3% in the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after purchasing an additional 78,374 shares during the period. Capital International Investors increased its position in shares of Progressive by 8.9% in the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares during the period. Capital Research Global Investors increased its position in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the period. Finally, GQG Partners LLC increased its position in shares of Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $203.40 on Tuesday. The stock’s 50 day moving average is $199.37 and its 200 day moving average is $207.77. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The firm has a market cap of $118.85 billion, a P/E ratio of 10.34, a P/E/G ratio of 5.89 and a beta of 0.28. The Progressive Corporation has a one year low of $189.20 and a one year high of $269.78.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm earned $4.37 earnings per share. As a group, research analysts expect that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is currently 2.03%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Morgan Stanley decreased their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Wells Fargo & Company raised their price target on Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Progressive in a research report on Friday, May 22nd. Piper Sandler reiterated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Finally, Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $238.11.

Insider Buying and Selling

In related news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the transaction, the insider directly owned 28,668 shares in the company, valued at approximately $5,733,600. This represents a 3.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,343 shares of company stock valued at $1,470,355 over the last ninety days. 0.32% of the stock is owned by company insiders.

About Progressive

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.