Progressive Corp (NYSE:PGR) – Stock analysts at Langen Mcalenn lifted their FY2018 EPS estimates for Progressive in a note issued to investors on Wednesday, October 17th, according to Zacks Investment Research. Langen Mcalenn analyst R. Glasspiegel now forecasts that the insurance provider will earn $4.80 per share for the year, up from their prior estimate of $4.65. Langen Mcalenn also issued estimates for Progressive’s Q4 2018 earnings at $1.04 EPS.
Other equities analysts also recently issued research reports about the company. B. Riley upped their target price on Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Tuesday, August 7th. Argus raised Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Friday, July 27th. UBS Group upped their target price on Progressive from $70.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, September 19th. Zacks Investment Research downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. Finally, Credit Suisse Group initiated coverage on Progressive in a research report on Tuesday, August 7th. They set an “outperform” rating and a $73.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $69.79.
Shares of Progressive stock traded down $0.27 on Friday, hitting $73.19. The stock had a trading volume of 2,305,182 shares, compared to its average volume of 3,719,934. Progressive has a twelve month low of $50.18 and a twelve month high of $73.69. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $42.59 billion, a price-to-earnings ratio of 27.83, a PEG ratio of 2.07 and a beta of 0.71.
Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The company had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis.
In related news, insider John A. Barbagallo sold 50,000 shares of the stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the sale, the insider now owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.25, for a total value of $771,000.00. Following the sale, the chief financial officer now owns 390,584 shares of the company’s stock, valued at $25,095,022. The disclosure for this sale can be found here. Insiders have sold 124,600 shares of company stock worth $8,325,164 in the last three months. 0.70% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Donaldson Capital Management LLC lifted its stake in Progressive by 20.4% during the third quarter. Donaldson Capital Management LLC now owns 4,505 shares of the insurance provider’s stock worth $320,000 after purchasing an additional 764 shares during the last quarter. Keybank National Association OH lifted its stake in shares of Progressive by 1.0% in the 2nd quarter. Keybank National Association OH now owns 84,577 shares of the insurance provider’s stock valued at $5,003,000 after acquiring an additional 837 shares during the last quarter. V Wealth Management LLC lifted its stake in shares of Progressive by 3.5% in the 3rd quarter. V Wealth Management LLC now owns 25,842 shares of the insurance provider’s stock valued at $1,839,000 after acquiring an additional 884 shares during the last quarter. State Treasurer State of Michigan lifted its stake in shares of Progressive by 0.5% in the 2nd quarter. State Treasurer State of Michigan now owns 172,381 shares of the insurance provider’s stock valued at $10,196,000 after acquiring an additional 900 shares during the last quarter. Finally, Trust Co. of Vermont lifted its stake in shares of Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after acquiring an additional 906 shares during the last quarter. Hedge funds and other institutional investors own 79.89% of the company’s stock.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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