Progressive Corp (NYSE:PGR) – Investment analysts at B. Riley raised their FY2018 earnings per share estimates for shares of Progressive in a research note issued on Tuesday. B. Riley analyst R. Binner now anticipates that the insurance provider will post earnings of $3.30 per share for the year, up from their prior estimate of $3.25. B. Riley currently has a “Hold” rating and a $46.00 target price on the stock.
A number of other brokerages have also issued reports on PGR. Keefe, Bruyette & Woods restated a “buy” rating and set a $58.00 price target on shares of Progressive in a research note on Friday, November 17th. Credit Suisse Group restated a “hold” rating and set a $48.00 price target on shares of Progressive in a research note on Friday, December 15th. MKM Partners upped their price target on shares of Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Wells Fargo & Co set a $50.00 price target on shares of Progressive and gave the company a “hold” rating in a research note on Wednesday, November 15th. Finally, Morgan Stanley upped their price objective on shares of Progressive from $49.00 to $51.00 and gave the company an “equal weight” rating in a report on Wednesday, October 18th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $50.53.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the business posted $0.66 EPS. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year.
The firm also recently disclosed an annual dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, February 2nd were issued a $1.125 dividend. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date of this dividend was Thursday, February 1st. Progressive’s dividend payout ratio (DPR) is currently 41.18%.
In other news, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Exane Derivatives purchased a new stake in Progressive during the fourth quarter worth $104,000. Valeo Financial Advisors LLC boosted its holdings in Progressive by 13,675.2% during the fourth quarter. Valeo Financial Advisors LLC now owns 84,029 shares of the insurance provider’s stock worth $118,000 after buying an additional 83,419 shares in the last quarter. Balentine LLC boosted its holdings in Progressive by 3,273.0% during the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock worth $121,000 after buying an additional 2,422 shares in the last quarter. First Personal Financial Services raised its position in Progressive by 101.8% during the fourth quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock worth $124,000 after acquiring an additional 1,111 shares during the period. Finally, W. E. Donoghue & Co. LLC acquired a new position in Progressive during the second quarter worth $200,000. 78.27% of the stock is currently owned by hedge funds and other institutional investors.
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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