The Progressive Co. (NYSE:PGR) Shares Sold by Fenimore Asset Management Inc

Fenimore Asset Management Inc decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 561,962 shares of the insurance provider’s stock after selling 8,281 shares during the period. Progressive makes up approximately 3.4% of Fenimore Asset Management Inc’s holdings, making the stock its 6th largest position. Fenimore Asset Management Inc’s holdings in Progressive were worth $159,041,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PGR. Brighton Jones LLC boosted its stake in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $269,000. Golden State Wealth Management LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $119,000. Apollon Wealth Management LLC boosted its stake in shares of Progressive by 6.8% during the fourth quarter. Apollon Wealth Management LLC now owns 14,252 shares of the insurance provider’s stock worth $3,415,000 after buying an additional 909 shares during the period. Finally, Kingsview Wealth Management LLC boosted its stake in shares of Progressive by 7.2% during the fourth quarter. Kingsview Wealth Management LLC now owns 2,145 shares of the insurance provider’s stock worth $514,000 after buying an additional 144 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. UBS Group increased their price target on shares of Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a report on Wednesday, May 28th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an “overweight” rating in a report on Monday, May 19th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $288.00 price target on shares of Progressive in a report on Thursday, April 17th. Finally, Bank of America raised shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target for the company in a report on Monday, April 28th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $288.59.

Insider Transactions at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at $180,891.35. This trade represents a 35.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the sale, the chief financial officer now owns 258,024 shares in the company, valued at approximately $71,199,142.56. This trade represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock valued at $10,367,074 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.4%

Shares of Progressive stock opened at $279.19 on Monday. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market cap of $163.67 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a 50-day moving average of $276.19 and a two-hundred day moving average of $264.50.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. On average, research analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

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.