Illinois Municipal Retirement Fund Has $21.07 Million Position in The Progressive Corporation $PGR

Illinois Municipal Retirement Fund lifted its stake in The Progressive Corporation (NYSE:PGR) by 214.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 78,945 shares of the insurance provider’s stock after acquiring an additional 53,871 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Progressive were worth $21,067,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Rise Advisors LLC boosted its stake in shares of Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after acquiring an additional 36 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its holdings in Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after purchasing an additional 39 shares during the last quarter. LRI Investments LLC raised its position in shares of Progressive by 13.4% in the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after purchasing an additional 40 shares during the period. True North Advisors LLC boosted its holdings in shares of Progressive by 4.0% during the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock worth $299,000 after buying an additional 41 shares during the period. Finally, Prosperity Consulting Group LLC grew its stake in Progressive by 1.1% in the 1st quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock valued at $1,082,000 after buying an additional 42 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $556,230.04. Following the completion of the transaction, the insider directly owned 45,724 shares of the company’s stock, valued at approximately $11,466,664.72. The trade was a 4.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,500 shares of company stock valued at $14,430,089 in the last quarter. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PGR has been the topic of several research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Progressive in a report on Friday, October 31st. Morgan Stanley set a $214.00 price objective on Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. Bank of America upped their price objective on Progressive from $350.00 to $351.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Jefferies Financial Group dropped their target price on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a report on Monday, November 3rd. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $269.90.

Progressive Trading Up 3.6%

Shares of Progressive stock opened at $217.16 on Monday. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The company has a market capitalization of $127.34 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.19 and a beta of 0.29. The company has a fifty day moving average of $233.53 and a 200 day moving average of $251.96.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the prior year, the business posted $3.58 EPS. On average, sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive 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.