The Progressive Co. (NYSE:PGR) Position Decreased by Fenimore Asset Management Inc

Fenimore Asset Management Inc lessened its stake in The Progressive Co. (NYSE:PGR - Free Report) by 1.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 561,962 shares of the insurance provider's stock after selling 8,281 shares during the quarter. Progressive makes up about 3.4% of Fenimore Asset Management Inc's investment portfolio, making the stock its 6th largest position. Fenimore Asset Management Inc owned about 0.10% of Progressive worth $159,041,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. First Citizens Bank & Trust Co. lifted its position in shares of Progressive by 2.3% in the first quarter. First Citizens Bank & Trust Co. now owns 2,382 shares of the insurance provider's stock worth $674,000 after buying an additional 53 shares in the last quarter. Abacus Planning Group Inc. increased its stake in Progressive by 14.2% in the 1st quarter. Abacus Planning Group Inc. now owns 1,660 shares of the insurance provider's stock worth $470,000 after acquiring an additional 207 shares during the last quarter. Capital Investment Advisors LLC raised its holdings in shares of Progressive by 213.3% during the 1st quarter. Capital Investment Advisors LLC now owns 4,863 shares of the insurance provider's stock worth $1,376,000 after acquiring an additional 3,311 shares in the last quarter. Park Avenue Securities LLC boosted its position in shares of Progressive by 10.7% during the 1st quarter. Park Avenue Securities LLC now owns 28,072 shares of the insurance provider's stock valued at $7,945,000 after acquiring an additional 2,708 shares during the last quarter. Finally, OLD National Bancorp IN grew its holdings in shares of Progressive by 18.5% in the first quarter. OLD National Bancorp IN now owns 2,005 shares of the insurance provider's stock valued at $567,000 after purchasing an additional 313 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 1,542 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the transaction, the chief financial officer now directly owns 268,024 shares in the company, valued at approximately $75,759,663.84. This trade represents a 0.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Carl G. Joyce sold 360 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the sale, the chief accounting officer now owns 655 shares of the company's stock, valued at $180,891.35. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock worth $10,367,074 in the last quarter. 0.34% of the stock is owned by company insiders.

Progressive Stock Up 1.9%

PGR traded up $5.01 during trading hours on Thursday, hitting $268.23. 3,045,531 shares of the company's stock were exchanged, compared to its average volume of 2,678,885. The firm has a market cap of $157.24 billion, a P/E ratio of 18.63, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. 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 firm has a 50 day moving average of $275.67 and a 200 day moving average of $264.53.

Progressive (NYSE:PGR - Get Free Report) last posted 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. The business had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PGR has been the subject of several analyst reports. Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Wells Fargo & Company boosted their price objective on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Jefferies Financial Group reduced their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. 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 research note on Monday, April 28th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, Progressive has an average rating of "Moderate Buy" and a consensus target price of $288.59.

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.