Progressive Corp (NYSE:PGR) – Langen Mcalenn upped their Q3 2018 earnings per share (EPS) estimates for shares of Progressive in a report issued on Thursday, August 16th. Langen Mcalenn analyst R. Glasspiegel now forecasts that the insurance provider will post earnings of $1.02 per share for the quarter, up from their prior estimate of $0.80. Langen Mcalenn also issued estimates for Progressive’s Q4 2018 earnings at $1.10 EPS, FY2018 earnings at $4.55 EPS, Q1 2019 earnings at $1.40 EPS, Q2 2019 earnings at $1.04 EPS, Q3 2019 earnings at $0.82 EPS, Q4 2019 earnings at $1.19 EPS and FY2019 earnings at $4.45 EPS.
A number of other analysts have also recently commented on the company. B. Riley boosted their price target on Progressive from $54.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, July 16th. Citigroup decreased their price objective on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating for the company in a report on Thursday, July 12th. Morgan Stanley boosted their price objective on shares of Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a report on Wednesday, July 18th. Buckingham Research upgraded shares of Progressive to a “sell” rating and set a $52.00 price objective for the company in a report on Wednesday, July 18th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating on shares of Progressive in a report on Thursday, May 31st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $62.36.
Shares of PGR opened at $67.22 on Monday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. Progressive has a 52 week low of $43.59 and a 52 week high of $67.63. The company has a market capitalization of $38.61 billion, a PE ratio of 25.59, a P/E/G ratio of 2.01 and a beta of 0.68.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.11. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The firm had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.01 billion. During the same period in the previous year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year.
Institutional investors and hedge funds have recently made changes to their positions in the business. Natixis raised its stake in Progressive by 259.2% during the 1st quarter. Natixis now owns 874,732 shares of the insurance provider’s stock valued at $53,297,000 after buying an additional 631,192 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in Progressive by 114.8% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock valued at $201,000 after buying an additional 1,819 shares during the last quarter. Trexquant Investment LP raised its stake in Progressive by 41.2% during the 2nd quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock valued at $5,015,000 after buying an additional 24,722 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in Progressive by 9.6% during the 1st quarter. Artisan Partners Limited Partnership now owns 17,081,390 shares of the insurance provider’s stock valued at $1,040,769,000 after buying an additional 1,501,554 shares during the last quarter. Finally, Horizon Investment Services LLC purchased a new stake in Progressive during the 1st quarter valued at $214,000. Institutional investors and hedge funds own 82.16% of the company’s stock.
In related news, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the completion of the transaction, the chief executive officer now directly owns 265,856 shares in the company, valued at approximately $17,052,003.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Jo Murphy sold 7,503 shares of the business’s stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total transaction of $452,280.84. Following the sale, the insider now owns 41,722 shares of the company’s stock, valued at $2,515,002.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 106,103 shares of company stock valued at $6,837,205. 0.70% of the stock is owned by company insiders.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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