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.
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.
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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