Progressive Corporation (The) (NYSE:PGR) – Stock analysts at FBR & Co boosted their FY2018 earnings estimates for Progressive Corporation (The) in a research report issued to clients and investors on Tuesday. FBR & Co analyst R. Binner now forecasts that the insurance provider will post earnings of $2.60 per share for the year, up from their previous estimate of $2.50. FBR & Co has a “Mkt Perform” rating and a $40.00 price objective on the stock. FBR & Co also issued estimates for Progressive Corporation (The)’s FY2019 earnings at $2.85 EPS.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The company had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.78 billion. During the same period in the prior year, the firm earned $0.33 earnings per share. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. ILLEGAL ACTIVITY NOTICE: This piece was published by American Banking News and is owned by of American Banking News. If you are viewing this piece on another site, it was stolen and republished in violation of US & international copyright and trademark law. The original version of this piece can be read at https://www.americanbankingnews.com/2017/10/11/progressive-corporation-the-to-post-fy2018-earnings-of-2-60-per-share-fbr-co-forecasts-pgr.html.

A number of other research firms also recently issued reports on PGR. ValuEngine downgraded shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Citigroup Inc. increased their price objective on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 17th. MKM Partners reiterated a “buy” rating on shares of Progressive Corporation (The) in a research note on Monday, September 25th. Barclays PLC increased their price objective on shares of Progressive Corporation (The) from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. Finally, BidaskClub upgraded shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $46.00.

Shares of Progressive Corporation (PGR) traded down 0.22% during mid-day trading on Wednesday, hitting $49.26. The stock had a trading volume of 877,464 shares. Progressive Corporation has a 52-week low of $30.99 and a 52-week high of $49.75. The stock has a market cap of $28.66 billion, a P/E ratio of 20.87 and a beta of 0.87. The company’s 50 day moving average is $47.41 and its 200-day moving average is $44.24.

In other Progressive Corporation (The) news, CFO John P. Sauerland sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the sale, the chief financial officer now directly owns 370,364 shares in the company, valued at $18,018,208.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Susan Patricia Griffith sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.66, for a total transaction of $1,703,100.00. Following the completion of the sale, the insider now owns 221,715 shares of the company’s stock, valued at $10,788,651.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,250 shares of company stock valued at $4,196,513. 0.56% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PGR. BlackRock Inc. boosted its stake in Progressive Corporation (The) by 2,817.6% in the first quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock valued at $1,406,446,000 after acquiring an additional 34,666,678 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Progressive Corporation (The) by 8,999.0% in the second quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock valued at $285,384,000 after acquiring an additional 6,401,640 shares in the last quarter. William Blair Investment Management LLC boosted its stake in Progressive Corporation (The) by 24,360.1% in the second quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock valued at $211,591,000 after acquiring an additional 4,779,442 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in Progressive Corporation (The) by 40.4% in the second quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock valued at $510,843,000 after acquiring an additional 3,332,180 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Progressive Corporation (The) by 515.0% in the second quarter. Voya Investment Management LLC now owns 2,665,312 shares of the insurance provider’s stock valued at $117,514,000 after acquiring an additional 2,231,956 shares in the last quarter. Institutional investors own 79.41% of the company’s stock.

About Progressive Corporation (The)

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 Corporation (The) (NYSE:PGR)

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