Progressive Corporation (The) (NYSE:PGR) – Research analysts at William Blair reduced their FY2018 earnings estimates for Progressive Corporation (The) in a research note issued to investors on Monday. William Blair analyst A. Klauber now forecasts that the brokerage will earn $2.74 per share for the year, down from their previous forecast of $2.76.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Thursday, October 13th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by $0.02. Progressive Corporation (The) had a return on equity of 12.30% and a net margin of 4.31%. The company earned $6.05 billion during the quarter. During the same quarter in the prior year, the business earned $0.47 earnings per share. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis.

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PGR has been the topic of several other reports. Citigroup Inc. raised Progressive Corporation (The) from a “sell” rating to a “neutral” rating and upped their target price for the company from $30.00 to $34.00 in a research report on Friday, October 14th. Goldman Sachs Group, Inc. (The) raised Progressive Corporation (The) from a “sell” rating to a “neutral” rating and increased their price objective for the company from $29.00 to $34.00 in a report on Tuesday. Zacks Investment Research raised Progressive Corporation (The) from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. Credit Suisse Group set a $28.00 price objective on Progressive Corporation (The) and gave the company a “sell” rating in a report on Saturday, September 17th. Finally, Morgan Stanley raised Progressive Corporation (The) from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $31.00 to $36.00 in a report on Thursday, January 5th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $33.22.

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Progressive Corporation (NYSE:PGR) traded up 0.399% on Wednesday, hitting $36.465. The stock had a trading volume of 2,600,403 shares. Progressive Corporation has a 52-week low of $29.32 and a 52-week high of $36.59. The company has a market cap of $21.18 billion, a price-to-earnings ratio of 21.822 and a beta of 0.76. The company has a 50 day moving average price of $34.78 and a 200-day moving average price of $32.93.

In other Progressive Corporation (The) news, insider Valerie A. Krasowski sold 10,500 shares of the stock in a transaction that occurred on Monday, December 19th. The stock was sold at an average price of $35.78, for a total transaction of $375,690.00. Following the transaction, the insider now owns 145,810 shares in the company, valued at $5,217,081.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.60% of the company’s stock.

ILLEGAL ACTIVITY WARNING: “FY2018 Earnings Forecast for Progressive Corporation (The) Issued By William Blair (PGR)” was first reported by American Banking News and is owned by of American Banking News. If you are reading this news story on another website, it was stolen and republished in violation of international copyright and trademark law. The correct version of this news story can be read at https://www.americanbankingnews.com/2017/01/11/fy2018-earnings-forecast-for-progressive-corporation-the-issued-by-william-blair-pgr.html.

A number of institutional investors have recently modified their holdings of the company. Capital Fund Management S.A. increased its position in shares of Progressive Corporation (The) by 34.2% in the second quarter. Capital Fund Management S.A. now owns 10,799 shares of the company’s stock worth $362,000 after buying an additional 2,753 shares in the last quarter. Speece Thorson Capital Group Inc. increased its position in shares of Progressive Corporation (The) by 1.3% in the second quarter. Speece Thorson Capital Group Inc. now owns 396,118 shares of the company’s stock worth $13,270,000 after buying an additional 5,192 shares in the last quarter. Candriam Luxembourg S.C.A. increased its position in shares of Progressive Corporation (The) by 1.4% in the second quarter. Candriam Luxembourg S.C.A. now owns 49,766 shares of the company’s stock worth $1,667,000 after buying an additional 671 shares in the last quarter. Confluence Investment Management LLC increased its position in shares of Progressive Corporation (The) by 2.8% in the second quarter. Confluence Investment Management LLC now owns 1,581,487 shares of the company’s stock worth $52,980,000 after buying an additional 42,331 shares in the last quarter. Finally, Retirement Systems of Alabama increased its position in shares of Progressive Corporation (The) by 0.4% in the second quarter. Retirement Systems of Alabama now owns 297,219 shares of the company’s stock worth $9,957,000 after buying an additional 1,324 shares in the last quarter. Institutional investors own 75.87% of the company’s stock.

Progressive Corporation (The) 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 Personal Lines, Commercial Lines and Property segments.

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