Progressive Corp (NYSE:PGR) – Equities research analysts at B. Riley issued their Q4 2017 earnings per share estimates for shares of Progressive in a report released on Monday. B. Riley analyst R. Binner anticipates that the insurance provider will post earnings per share of $0.64 for the quarter. B. Riley has a “Hold” rating and a $46.00 price target on the stock.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 15.40% and a net margin of 5.41%. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 EPS.
Other research analysts have also issued research reports about the company. Morgan Stanley raised their price objective on Progressive from $49.00 to $51.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Barclays increased their target price on Progressive from $41.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 16th. Credit Suisse Group raised their price target on Progressive from $38.00 to $42.00 and gave the stock an “underperform” rating in a research note on Monday, September 18th. Buckingham Research started coverage on Progressive in a research report on Monday, September 11th. They set an “underperform” rating and a $40.00 target price on the stock. Finally, ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Two equities research 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. The company has an average rating of “Hold” and an average target price of $49.82.
Progressive (NYSE PGR) opened at $54.59 on Wednesday. Progressive has a 52-week low of $33.42 and a 52-week high of $54.75. The stock has a market capitalization of $31,551.80, a P/E ratio of 23.69, a PEG ratio of 3.09 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50.
Hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC lifted its stake in Progressive by 8,999.0% in the 2nd quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock valued at $285,384,000 after buying an additional 6,401,640 shares in the last quarter. William Blair Investment Management LLC raised its holdings in Progressive by 24,360.1% in the 2nd quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock valued at $211,591,000 after acquiring an additional 4,779,442 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in Progressive by 40.4% in the 2nd quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock valued at $510,843,000 after acquiring an additional 3,332,180 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Progressive by 55.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock valued at $362,783,000 after acquiring an additional 2,687,224 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Progressive by 49.2% in the 3rd quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock valued at $328,303,000 after acquiring an additional 2,234,425 shares during the last quarter. 79.55% of the stock is currently owned by institutional investors and hedge funds.
In other Progressive news, CMO M Jeffrey Charney sold 6,000 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the sale, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at $5,050,881. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jeffrey W. Basch sold 9,000 shares of the company’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the sale, the insider now directly owns 70,965 shares in the company, valued at $3,422,641.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,000 shares of company stock worth $1,024,470. 0.56% of the stock is owned by insiders.
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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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