Progressive Corp (NYSE:PGR) – Equities researchers at William Blair boosted their Q3 2018 EPS estimates for shares of Progressive in a note issued to investors on Wednesday. William Blair analyst A. Klauber now expects that the insurance provider will post earnings of $0.95 per share for the quarter, up from their previous forecast of $0.84. William Blair also issued estimates for Progressive’s FY2018 earnings at $3.95 EPS and FY2019 earnings at $4.50 EPS.
Several other research analysts have also recently issued reports on PGR. ValuEngine cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Barclays increased their price target on shares of Progressive from $41.00 to $43.00 and gave the stock an “underweight” rating in a report on Monday, October 16th. FBR & Co reissued a “hold” rating on shares of Progressive in a report on Tuesday, October 17th. Wells Fargo & Co set a $47.00 price target on shares of Progressive and gave the stock a “hold” rating in a report on Tuesday, October 17th. Finally, 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 report on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Progressive currently has a consensus rating of “Hold” and a consensus price target of $50.53.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.02. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 earnings per share.
Institutional investors have recently modified their holdings of the business. Commerzbank Aktiengesellschaft FI grew its position in shares of Progressive by 27.2% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 31,936 shares of the insurance provider’s stock valued at $1,799,000 after purchasing an additional 6,835 shares during the last quarter. Eqis Capital Management Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $542,000. Robeco Institutional Asset Management B.V. grew its position in shares of Progressive by 26.1% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 754,226 shares of the insurance provider’s stock valued at $42,480,000 after purchasing an additional 156,194 shares during the last quarter. First Personal Financial Services grew its position in shares of Progressive by 101.8% in the fourth quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after purchasing an additional 1,111 shares during the last quarter. Finally, Jennison Associates LLC acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $863,000. 79.35% of the stock is owned by institutional investors.
In other Progressive news, CMO M Jeffrey Charney sold 6,000 shares of the stock in a transaction dated 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 transaction, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at $5,050,881. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider William M. Cody sold 25,000 shares of the stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the transaction, the insider now directly owns 137,722 shares of the company’s stock, valued at $7,726,204.20. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.
The business also recently announced an annual dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, February 2nd will be issued a $1.125 dividend. The ex-dividend date is Thursday, February 1st. This represents a yield of 0.0203325501536237%. Progressive’s dividend payout ratio (DPR) is presently 25.00%.
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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