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.
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.
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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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