Progressive Corp (PGR) Expected to Earn FY2018 Earnings of $3.30 Per Share

Progressive Corp (NYSE:PGR) – Stock analysts at Langen Mcalenn raised their FY2018 EPS estimates for shares of Progressive in a report issued on Tuesday. Langen Mcalenn analyst R. Glasspiegel now anticipates that the insurance provider will post earnings per share of $3.30 for the year, up from their previous estimate of $2.85.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.34 by $0.07. The business had revenue of $7.14 billion during the quarter, compared to analyst estimates of $7.04 billion. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The company’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 earnings per share.

PGR has been the subject of several other research reports. B. Riley restated a “hold” rating and set a $46.00 price target on shares of Progressive in a research report on Wednesday, November 15th. Morgan Stanley upped their price target on shares of Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 18th. Barclays upped their price target on shares of Progressive from $41.00 to $43.00 and gave the stock an “underweight” rating in a research report on Monday, October 16th. ValuEngine downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Finally, Citigroup upped their price objective on shares of Progressive from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $50.41.

Progressive (NYSE PGR) traded up $0.06 during trading on Friday, hitting $57.29. 2,042,800 shares of the stock traded hands, compared to its average volume of 2,972,708. The company has a market capitalization of $33,530.00, a price-to-earnings ratio of 23.87, a P/E/G ratio of 2.42 and a beta of 0.94. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36. Progressive has a fifty-two week low of $36.17 and a fifty-two week high of $57.44.

Hedge funds and other institutional investors have recently modified their holdings of the business. Lockheed Martin Investment Management Co. purchased a new stake in Progressive during the third quarter valued at about $872,000. Meeder Asset Management Inc. lifted its stake in Progressive by 126.4% during the third quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock valued at $4,677,000 after buying an additional 53,917 shares in the last quarter. Royal Bank of Canada lifted its stake in Progressive by 20.4% during the second quarter. Royal Bank of Canada now owns 747,020 shares of the insurance provider’s stock valued at $32,936,000 after buying an additional 126,317 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Progressive by 12.1% during the second quarter. The Manufacturers Life Insurance Company now owns 691,882 shares of the insurance provider’s stock valued at $30,506,000 after buying an additional 74,853 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Progressive by 85.5% during the third quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock valued at $42,613,000 after buying an additional 405,643 shares in the last quarter. 79.45% of the stock is owned by institutional investors.

In other Progressive news, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO M Jeffrey Charney sold 6,000 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total transaction of $297,000.00. Following the completion of the sale, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at $5,050,881. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

TRADEMARK VIOLATION WARNING: This news story was posted by Ticker Report and is the sole property of of Ticker Report. If you are viewing this news story on another site, it was copied illegally and republished in violation of US and international trademark & copyright law. The original version of this news story can be viewed at https://www.tickerreport.com/banking-finance/3146163/progressive-corp-pgr-expected-to-earn-fy2018-earnings-of-3-30-per-share.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.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


© 2006-2018 Ticker Report. Google+.