Illinois Municipal Retirement Fund Buys 4,765 Shares of The Progressive Corporation $PGR

Illinois Municipal Retirement Fund grew its stake in The Progressive Corporation (NYSE:PGR) by 5.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 88,277 shares of the insurance provider’s stock after buying an additional 4,765 shares during the period. Illinois Municipal Retirement Fund’s holdings in Progressive were worth $18,301,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PGR. Unique Wealth LLC grew its holdings in shares of Progressive by 4.3% during the second quarter. Unique Wealth LLC now owns 1,240 shares of the insurance provider’s stock valued at $271,000 after buying an additional 51 shares during the last quarter. Brown Miller Wealth Management LLC increased its position in shares of Progressive by 2.4% in the 2nd quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider’s stock valued at $517,000 after acquiring an additional 55 shares during the period. Linden Thomas Advisory Services LLC increased its position in shares of Progressive by 1.4% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 4,072 shares of the insurance provider’s stock valued at $890,000 after acquiring an additional 55 shares during the period. Eastern Bank raised its stake in Progressive by 0.7% in the 3rd quarter. Eastern Bank now owns 8,416 shares of the insurance provider’s stock worth $1,745,000 after acquiring an additional 55 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its stake in Progressive by 7.1% in the 1st quarter. Sunbelt Securities Inc. now owns 857 shares of the insurance provider’s stock worth $170,000 after acquiring an additional 57 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on PGR shares. The Goldman Sachs Group lifted their price target on Progressive from $233.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 1st. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Roth Capital restated a “buy” rating and issued a $245.00 price objective (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. Barclays raised their price objective on Progressive from $246.00 to $247.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. Finally, JPMorgan Chase & Co. lifted their target price on Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, October 5th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $234.45.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,225 shares of the stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the sale, the insider directly owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. This trade represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer owned 485,438 shares of the company’s stock, valued at $106,553,641. The trade was a 7.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 41,013 shares of company stock worth $8,988,278. 0.32% of the stock is owned by corporate insiders.

Progressive Trading Up 0.8%

Shares of Progressive stock opened at $233.50 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a fifty day moving average price of $219.44 and a 200 day moving average price of $210.37. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $241.02. The stock has a market cap of $135.28 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 2.68 and a beta of 0.22.

About Progressive

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage. The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.