Progressive Corp (NYSE:PGR) – Equities research analysts at William Blair issued their Q1 2019 earnings per share (EPS) estimates for shares of Progressive in a note issued to investors on Wednesday. William Blair analyst A. Klauber expects that the insurance provider will earn $1.10 per share for the quarter. William Blair also issued estimates for Progressive’s Q2 2019 earnings at $0.80 EPS and Q3 2019 earnings at $0.94 EPS.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.07. The business had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 EPS.

Several other equities analysts have also weighed in on the company. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Wells Fargo & Company set a $50.00 price objective on Progressive and gave the company a “hold” rating in a research note on Wednesday, November 15th. Credit Suisse Group raised Progressive from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $42.00 to $48.00 in a research note on Wednesday, September 20th. MKM Partners lifted their price objective on Progressive to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 16th. Finally, Buckingham Research started coverage on Progressive in a research report on Monday, September 11th. They set an “underperform” rating and a $40.00 price target on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Progressive presently has a consensus rating of “Hold” and a consensus price target of $50.12.

Progressive (NYSE:PGR) traded down $0.72 during midday trading on Thursday, hitting $55.14. The stock had a trading volume of 3,069,152 shares, compared to its average volume of 3,081,811. The firm has a market cap of $32,075.24, a price-to-earnings ratio of 24.08, a P/E/G ratio of 3.14 and a beta of 0.94. Progressive has a fifty-two week low of $35.11 and a fifty-two week high of $56.23. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36.

A number of large investors have recently added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC boosted its position in Progressive by 16.2% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,282,097 shares of the insurance provider’s stock valued at $62,079,000 after purchasing an additional 178,930 shares during the period. Public Employees Retirement System of Ohio boosted its position in Progressive by 145.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 898,307 shares of the insurance provider’s stock valued at $43,496,000 after purchasing an additional 532,117 shares during the period. GSA Capital Partners LLP boosted its position in Progressive by 31.3% during the 3rd quarter. GSA Capital Partners LLP now owns 7,736 shares of the insurance provider’s stock valued at $375,000 after purchasing an additional 1,846 shares during the period. Coastline Trust Co acquired a new position in Progressive during the 3rd quarter worth $271,000. Finally, Sterling Capital Management LLC boosted its position in Progressive by 96.7% during the 3rd quarter. Sterling Capital Management LLC now owns 121,220 shares of the insurance provider’s stock worth $5,869,000 after acquiring an additional 59,580 shares during the period. Institutional investors and hedge funds own 79.55% of the company’s stock.

In other news, insider Jeffrey W. Basch sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the sale, the insider now directly owns 70,965 shares in the company, valued at approximately $3,422,641.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the completion of the sale, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at $5,050,881. The disclosure for this sale can be found here. Insiders sold a total of 21,000 shares of company stock valued at $1,024,470 over the last quarter. Company insiders own 0.56% of the company’s stock.

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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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