Q1 2018 EPS Estimates for Progressive Corp Boosted by Langen Mcalenn (PGR)

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.

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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.

Earnings History and Estimates for Progressive (NYSE:PGR)

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