The Progressive Co. (NYSE:PGR) is Fenimore Asset Management Inc’s 6th Largest Position

Fenimore Asset Management Inc decreased its position in The Progressive Co. (NYSE:PGR) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 561,962 shares of the insurance provider’s stock after selling 8,281 shares during the period. Progressive makes up about 3.4% of Fenimore Asset Management Inc’s portfolio, making the stock its 6th biggest holding. Fenimore Asset Management Inc owned about 0.10% of Progressive worth $159,041,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of 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 buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Progressive during the 4th quarter valued at about $269,000. Golden State Wealth Management LLC purchased a new position in shares of Progressive during the 4th quarter valued at about $119,000. Apollon Wealth Management LLC raised its stake in shares of Progressive by 6.8% during the 4th quarter. Apollon Wealth Management LLC now owns 14,252 shares of the insurance provider’s stock valued at $3,415,000 after buying an additional 909 shares during the last quarter. Finally, Kingsview Wealth Management LLC raised its stake in shares of Progressive by 7.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 2,145 shares of the insurance provider’s stock valued at $514,000 after buying an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.4%

PGR stock opened at $279.19 on Monday. The stock has a market cap of $163.67 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 1.70 and a beta of 0.40. The business’s 50-day moving average is $276.19 and its 200 day moving average is $264.50. 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.

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

Insider Transactions at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the transaction, the director now owns 12,429 shares in the company, valued at $3,451,160.43. This represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the completion of the transaction, the chief financial officer now owns 258,024 shares of the company’s stock, valued at $71,199,142.56. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,755 shares of company stock valued at $10,367,074. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PGR shares. Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. Roth Mkm lifted their price target on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. BMO Capital Markets lifted their price target on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Morgan Stanley set a $330.00 price objective on Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. Finally, Barclays boosted their price objective on Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research report on Friday, April 11th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $288.59.

Progressive Company Profile

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.