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

Illinois Municipal Retirement Fund lifted its position in shares of The Progressive Corporation (NYSE:PGR) by 5.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,277 shares of the insurance provider’s stock after purchasing an additional 4,765 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Progressive were worth $18,301,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new position in shares of Progressive in the 2nd quarter valued at $26,000. IMG Wealth Management Inc. purchased a new stake in Progressive during the second quarter worth $26,000. Kilter Group LLC purchased a new stake in Progressive during the second quarter worth $27,000. Latitude Advisors LLC acquired a new stake in Progressive during the third quarter valued at $27,000. Finally, Axiom Investment Management LLC acquired a new stake in Progressive during the first quarter valued at $31,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the transaction, the insider directly owned 28,807 shares in the company, valued at approximately $6,433,179.24. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at approximately $106,553,641. The trade was a 7.14% decrease in their ownership of the stock. 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 41,013 shares of company stock valued at $8,988,278 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Progressive Trading Up 0.8%

Shares of NYSE:PGR opened at $233.50 on Thursday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $241.02. The firm has a market capitalization of $135.28 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 2.68 and a beta of 0.22. 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 business’s 50 day moving average price is $219.44 and its 200-day moving average price is $210.37.

Analyst Ratings Changes

A number of research firms have weighed in on PGR. Wells Fargo & Company cut their price objective on shares of Progressive from $201.00 to $196.00 and set an “underweight” rating for the company in a report on Thursday, October 15th. Weiss Ratings raised shares of Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. William Blair restated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. The Goldman Sachs Group raised their target price on Progressive from $233.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. Finally, Cantor Fitzgerald cut their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $234.45.

Progressive Company Profile

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.