Fenimore Asset Management Inc Acquires 6,889 Shares of The Progressive Corporation $PGR

Key Points

• Fenimore Asset Management increased its Progressive holdings by 1.3%, purchasing 6,889 shares to own 557,273 shares valued at approximately $121.7 million. Institutional investors collectively hold 85.34% of Progressive’s stock.
• Progressive insiders sold 74,885 shares worth roughly $15.9 million over the past 90 days, including two sales conducted under pre-arranged Rule 10b5-1 trading plans.
• Progressive shares opened at $207.04, down 2.5%, while analysts maintained a consensus “Hold” rating with an average price target of $235. The company also declared a quarterly dividend of $0.10 per share.

Fenimore Asset Management Inc raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 557,273 shares of the insurance provider's stock after purchasing an additional 6,889 shares during the period. Progressive makes up about 2.5% of Fenimore Asset Management Inc's investment portfolio, making the stock its 15th largest holding. Fenimore Asset Management Inc owned 0.10% of Progressive worth $121,736,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PGR. Bogart Wealth LLC lifted its holdings in shares of Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares in the last quarter. Bard Associates Inc. purchased a new stake in shares of Progressive during the fourth quarter valued at $27,000. HHM Wealth Advisors LLC increased its holdings in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after buying an additional 126 shares in the last quarter. IFC & Insurance Marketing Inc. purchased a new position in Progressive in the 4th quarter worth about $29,000. Finally, Axiom Investment Management LLC purchased a new position in Progressive in the 1st quarter worth about $31,000. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other Progressive news, insider John Jo Murphy sold 8,124 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider directly owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at $6,880,743.08. This represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 74,885 shares of company stock valued at $15,880,459 in the last 90 days. 0.32% of the stock is owned by insiders.

Progressive Trading Down 2.5%

Shares of NYSE:PGR opened at $207.04 on Thursday. The stock's 50-day simple moving average is $213.99 and its two-hundred day simple moving average is $206.43. The stock has a market capitalization of $120.37 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 2.86 and a beta of 0.27. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's dividend payout ratio is 2.01%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. BMO Capital Markets dropped their price target on shares of Progressive from $220.00 to $205.00 and set a "market perform" rating on the stock in a report on Thursday, July 16th. Evercore set a $240.00 price objective on shares of Progressive in a report on Friday, July 10th. Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a research report on Thursday, July 16th. Mizuho set a $236.00 target price on shares of Progressive in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $235.00.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source