Fenimore Asset Management Inc Has $159.04 Million Position in The Progressive Co. (NYSE:PGR)

Fenimore Asset Management Inc lessened its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 1.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 561,962 shares of the insurance provider's stock after selling 8,281 shares during the quarter. Progressive comprises 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 SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PGR. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after acquiring an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of Progressive during the fourth quarter valued at about $28,000. Atala Financial Inc purchased a new position in shares of Progressive in the fourth quarter worth about $32,000. Global Wealth Strategies & Associates lifted its stake in shares of Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 75 shares during the last quarter. Finally, Rialto Wealth Management LLC purchased a new stake in Progressive during the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the sale, the chief financial officer now directly owns 238,024 shares in the company, valued at approximately $65,544,668.88. The trade was a 4.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total value of $351,985.27. Following the completion of the transaction, the insider now owns 28,888 shares in the company, valued at approximately $8,025,375.28. This trade represents a 4.20% decrease in their ownership of the stock. 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 over the last 90 days. 0.34% of the stock is currently owned by insiders.

Progressive Stock Down 2.9%

Shares of Progressive stock traded down $8.08 during midday trading on Monday, hitting $271.24. The company had a trading volume of 5,885,773 shares, compared to its average volume of 3,017,769. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The stock has a market capitalization of $159.01 billion, a P/E ratio of 18.84, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a 50 day moving average of $276.19 and a 200 day moving average of $264.50.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. On average, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PGR. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Wells Fargo & Company upped their price objective on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Roth Mkm raised their target price on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Finally, Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Progressive presently has an average 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.