Progressive Corporation (The) (NYSE:PGR) – Equities research analysts at FBR & Co cut their Q3 2017 earnings per share estimates for shares of Progressive Corporation (The) in a research note issued on Tuesday. FBR & Co analyst R. Binner now forecasts that the insurance provider will post earnings per share of $0.20 for the quarter, down from their prior forecast of $0.55. FBR & Co currently has a “Mkt Perform” rating and a $40.00 target price on the stock. FBR & Co also issued estimates for Progressive Corporation (The)’s FY2017 earnings at $2.10 EPS.

PGR has been the subject of a number of other reports. Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, August 3rd. Citigroup Inc. raised their price target on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 17th. Credit Suisse Group raised shares of Progressive Corporation (The) from an “underperform” rating to a “neutral” rating and raised their price target for the company from $42.00 to $48.00 in a report on Wednesday, September 20th. Barclays PLC raised their price target on shares of Progressive Corporation (The) from $35.00 to $39.00 and gave the company an “underweight” rating in a report on Monday, July 3rd. Finally, Bank of America Corporation raised their price target on shares of Progressive Corporation (The) from $48.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $46.00.

TRADEMARK VIOLATION NOTICE: This report was originally reported by American Banking News and is owned by of American Banking News. If you are accessing this report on another site, it was stolen and republished in violation of U.S. and international copyright and trademark legislation. The original version of this report can be accessed at https://www.americanbankingnews.com/2017/10/12/q3-2017-earnings-forecast-for-progressive-corporation-the-pgr-issued-by-fbr-co.html.

Progressive Corporation (NYSE PGR) opened at 49.25 on Thursday. The firm has a market cap of $28.62 billion, a P/E ratio of 20.96 and a beta of 0.87. The company’s 50 day moving average is $47.42 and its 200-day moving average is $44.28. Progressive Corporation has a 52 week low of $30.99 and a 52 week high of $49.75.

Progressive Corporation (The) (NYSE:PGR) last issued its 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). The firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.33 EPS.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning boosted its holdings in shares of Progressive Corporation (The) by 0.4% in the 2nd quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock valued at $252,000 after buying an additional 23 shares during the period. Financial Architects Inc boosted its holdings in shares of Progressive Corporation (The) by 0.4% in the 2nd quarter. Financial Architects Inc now owns 18,187 shares of the insurance provider’s stock valued at $801,000 after buying an additional 65 shares during the period. Cleararc Capital Inc. boosted its holdings in shares of Progressive Corporation (The) by 0.6% in the 1st quarter. Cleararc Capital Inc. now owns 14,188 shares of the insurance provider’s stock valued at $556,000 after buying an additional 90 shares during the period. ING Groep NV boosted its holdings in shares of Progressive Corporation (The) by 0.3% in the 2nd quarter. ING Groep NV now owns 39,707 shares of the insurance provider’s stock valued at $1,751,000 after buying an additional 112 shares during the period. Finally, Weatherly Asset Management L. P. boosted its holdings in shares of Progressive Corporation (The) by 1.8% in the 2nd quarter. Weatherly Asset Management L. P. now owns 7,320 shares of the insurance provider’s stock valued at $323,000 after buying an additional 130 shares during the period. 79.41% of the stock is owned by institutional investors and hedge funds.

In other news, insider Steven Broz sold 1,250 shares of Progressive Corporation (The) stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $48.73, for a total value of $60,912.50. Following the completion of the transaction, the insider now directly owns 12,181 shares of the company’s stock, valued at approximately $593,580.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 50,000 shares of Progressive Corporation (The) stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $48.65, for a total transaction of $2,432,500.00. Following the completion of the transaction, the chief financial officer now directly owns 370,364 shares of the company’s stock, valued at $18,018,208.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,250 shares of company stock valued at $4,196,513. 0.56% of the stock is owned by company insiders.

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 the Personal Lines, Commercial Lines and Property segments.

Earnings History and Estimates for Progressive Corporation (The) (NYSE:PGR)

Receive News & Ratings for Progressive Corporation (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.