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Illinois Municipal Retirement Fund grew its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 30.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,778 shares of the insurance provider’s stock after buying an additional 23,833 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Progressive were worth $25,381,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. CVA Family Office LLC raised its position in Progressive by 4.2% in the 2nd quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock valued at $281,000 after buying an additional 42 shares during the last quarter. Bell Investment Advisors Inc grew its stake in shares of Progressive by 20.8% in the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock worth $68,000 after acquiring an additional 44 shares in the last quarter. Maia Wealth LLC raised its holdings in shares of Progressive by 5.4% in the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after purchasing an additional 44 shares during the last quarter. Trail Ridge Investment Advisors LLC lifted its position in shares of Progressive by 1.6% during the second quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock valued at $775,000 after purchasing an additional 45 shares in the last quarter. Finally, Selective Wealth Management Inc. boosted its holdings in Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock worth $538,000 after purchasing an additional 45 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have commented on PGR. JPMorgan Chase & Co. decreased their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. UBS Group set a $226.00 price objective on Progressive in a research report on Monday, February 2nd. Keefe, Bruyette & Woods decreased their target price on Progressive from $252.00 to $225.00 and set a “market perform” rating for the company in a research report on Friday, January 30th. Jefferies Financial Group set a $216.00 price target on shares of Progressive in a report on Wednesday. Finally, Evercore decreased their price objective on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $250.35.
Check Out Our Latest Analysis on PGR
Progressive Price Performance
PGR opened at $208.40 on Thursday. The firm has a 50-day moving average price of $215.77 and a 200-day moving average price of $228.41. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $122.20 billion, a price-to-earnings ratio of 10.83, a PEG ratio of 7.09 and a beta of 0.32.
Progressive Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s payout ratio is presently 2.08%.
Insider Buying and Selling
In other news, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the sale, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. This represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 12,443 shares of company stock valued at $2,723,061. Corporate insiders own 0.34% of the company’s stock.
Progressive Company Profile
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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