Q1 2018 EPS Estimates for Progressive Corp Raised by Langen Mcalenn (NYSE:PGR)

Progressive Corp (NYSE:PGR) – Equities research analysts at Langen Mcalenn increased their Q1 2018 earnings estimates for Progressive in a note issued to investors on Friday, Zacks Investment Research reports. Langen Mcalenn analyst R. Glasspiegel now anticipates that the insurance provider will post earnings per share of $0.85 for the quarter, up from their previous forecast of $0.84.

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

A number of other equities analysts have also issued reports on PGR. FBR & Co reissued a “hold” rating on shares of Progressive in a research report on Tuesday, October 17th. MKM Partners reaffirmed a “buy” rating on shares of Progressive in a report on Monday, September 25th. Wells Fargo & Co reaffirmed a “hold” rating and set a $47.00 target price on shares of Progressive in a report on Tuesday, September 19th. Morgan Stanley lifted their target price 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. Finally, B. Riley reaffirmed a “neutral” rating on shares of Progressive in a report on Monday, November 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Progressive currently has a consensus rating of “Hold” and a consensus target price of $50.41.

Progressive (NYSE PGR) traded down $0.02 on Monday, reaching $55.66. 2,087,117 shares of the company’s stock were exchanged, compared to its average volume of 2,999,977. Progressive has a 12 month low of $35.85 and a 12 month high of $57.18. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36. The stock has a market cap of $32,670.00, a price-to-earnings ratio of 23.19, a PEG ratio of 2.48 and a beta of 0.94.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Waverton Investment Management Ltd acquired a new stake in Progressive during the 4th quarter worth $803,000. Renaissance Investment Group LLC acquired a new position in shares of Progressive during the 4th quarter valued at about $223,000. Parametric Portfolio Associates LLC boosted its position in shares of Progressive by 16.2% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,282,097 shares of the insurance provider’s stock valued at $62,079,000 after acquiring an additional 178,930 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Progressive by 145.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 898,307 shares of the insurance provider’s stock valued at $43,496,000 after acquiring an additional 532,117 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its position in shares of Progressive by 31.3% during the 3rd quarter. GSA Capital Partners LLP now owns 7,736 shares of the insurance provider’s stock valued at $375,000 after acquiring an additional 1,846 shares during the last quarter. 79.39% of the stock is currently owned by institutional investors.

In other Progressive news, insider M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction on Friday, October 20th. The shares were sold at an average price of $48.90, for a total transaction of $293,400.00. Following the sale, the insider now owns 108,038 shares of the company’s stock, valued at approximately $5,283,058.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeffrey W. Basch sold 9,000 shares of Progressive stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the sale, the insider now directly owns 70,965 shares in the company, valued at approximately $3,422,641.95. The disclosure for this sale can be found here. In the last three months, insiders sold 46,000 shares of company stock valued at $2,426,970. 0.56% of the stock is owned by insiders.

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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.

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Earnings History and Estimates for Progressive (NYSE:PGR)

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