Progressive Corp (NYSE:PGR) – Stock analysts at Langen Mcalenn raised their Q1 2018 EPS estimates for shares of Progressive in a research report issued to clients and investors on Thursday. Langen Mcalenn analyst R. Glasspiegel now expects that the insurance provider will post earnings per share of $1.18 for the quarter, up from their previous forecast of $1.14. Langen Mcalenn also issued estimates for Progressive’s Q2 2018 earnings at $0.78 EPS, Q1 2019 earnings at $1.21 EPS, Q2 2019 earnings at $0.84 EPS, Q4 2019 earnings at $1.08 EPS and FY2019 earnings at $3.85 EPS.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Progressive had a net margin of 5.93% and a return on equity of 15.96%. Progressive’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 EPS.
A number of other research firms have also recently commented on PGR. Credit Suisse Group reaffirmed a “hold” rating and issued a $48.00 price target on shares of Progressive in a report on Friday, December 15th. MKM Partners lifted their price target on shares of Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $60.00 price target on shares of Progressive in a report on Wednesday, December 6th. Wells Fargo set a $55.00 price target on shares of Progressive and gave the stock a “hold” rating in a report on Wednesday, December 13th. Finally, Goldman Sachs started coverage on shares of Progressive in a report on Monday, December 4th. They issued a “buy” rating and a $57.00 price target on the stock. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $50.88.
Shares of Progressive stock opened at $62.33 on Monday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.36. The company has a market cap of $36,054.52, a P/E ratio of 22.92, a P/E/G ratio of 2.31 and a beta of 0.71. Progressive has a 1-year low of $38.61 and a 1-year high of $62.74.
In other Progressive news, insider William M. Cody sold 25,000 shares of the business’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the sale, the insider now owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.56% of the company’s stock.
Hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its position in shares of Progressive by 4.7% during the 4th quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock valued at $2,183,522,000 after purchasing an additional 1,742,936 shares in the last quarter. Artisan Partners Limited Partnership grew its position in shares of Progressive by 23.8% during the 3rd quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock valued at $694,793,000 after purchasing an additional 2,762,934 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Progressive by 40.0% during the 3rd quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock valued at $438,742,000 after purchasing an additional 2,588,522 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Progressive by 9.3% during the 4th quarter. Wells Fargo & Company MN now owns 7,413,668 shares of the insurance provider’s stock valued at $417,536,000 after purchasing an additional 633,354 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Progressive by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 6,450,730 shares of the insurance provider’s stock valued at $362,577,000 after purchasing an additional 496,336 shares in the last quarter. 81.08% of the stock is currently owned by institutional investors and hedge funds.
Progressive Company Profile
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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