Progressive Corp (NYSE:PGR) – Langen Mcalenn increased their FY2018 EPS estimates for Progressive in a research note issued to investors on Tuesday. Langen Mcalenn analyst R. Glasspiegel now expects that the insurance provider will post earnings of $3.30 per share for the year, up from their previous forecast of $2.85.
PGR has been the subject of a number of other research reports. B. Riley reiterated a “hold” rating and set a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. Morgan Stanley increased their price target on shares of Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Barclays increased their price target on shares of Progressive from $41.00 to $43.00 and gave the stock an “underweight” rating in a research note on Monday, October 16th. ValuEngine cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Finally, Citigroup increased their price target on shares of Progressive from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 18th. Two equities research 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 target price of $50.41.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. The firm had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.04 billion. Progressive had a net margin of 5.41% and a return on equity of 15.40%. Progressive’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 EPS.
In related news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares in the company, valued at $7,726,204.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total transaction 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 approximately $5,050,881. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Progressive in the second quarter valued at about $101,000. Balentine LLC lifted its stake in shares of Progressive by 3,273.0% in the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 2,422 shares during the period. YorkBridge Wealth Partners LLC lifted its stake in shares of Progressive by 12.9% in the second quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock valued at $165,000 after purchasing an additional 427 shares during the period. Sun Life Financial INC lifted its stake in shares of Progressive by 35,300.0% in the second quarter. Sun Life Financial INC now owns 4,248 shares of the insurance provider’s stock valued at $187,000 after purchasing an additional 4,236 shares during the period. Finally, W. E. Donoghue & Co. LLC acquired a new stake in shares of Progressive in the second quarter valued at about $200,000. Hedge funds and other institutional investors own 79.45% of the company’s stock.
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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.
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