William Blair Analysts Boost Earnings Estimates for Progressive Corp (PGR)

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) opened at $54.83 on Monday. The stock has a market cap of $32,435.59, a PE ratio of 20.16, a P/E/G ratio of 2.28 and a beta of 0.94. Progressive has a 1-year low of $36.74 and a 1-year high of $58.25. The company has a current ratio of 0.37, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36.

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%.

TRADEMARK VIOLATION NOTICE: This article was originally reported by American Banking News and is owned by of American Banking News. If you are accessing this article on another website, it was illegally copied and republished in violation of U.S. and international copyright and trademark law. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/01/29/william-blair-analysts-boost-earnings-estimates-for-progressive-corp-pgr.html.

About Progressive

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)

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

Leave a Reply