Langen Mcalenn Comments on Progressive Corp’s FY2018 Earnings (PGR)

Progressive Corp (NYSE:PGR) – Equities research analysts at Langen Mcalenn upped their FY2018 earnings per share (EPS) estimates for Progressive in a report released on Tuesday. Langen Mcalenn analyst R. Glasspiegel now forecasts that the insurance provider will post earnings of $3.30 per share for the year, up from their prior forecast of $2.85.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. The company had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the business posted $0.34 EPS.

Other analysts also recently issued reports about the company. MKM Partners restated a “buy” rating on shares of Progressive in a research note on Monday, September 25th. UBS Group restated a “buy” rating and issued a $62.00 target price on shares of Progressive in a research note on Friday, December 1st. Keefe, Bruyette & Woods restated a “buy” rating and issued a $58.00 target price on shares of Progressive in a research note on Friday, November 17th. Goldman Sachs Group initiated coverage on Progressive in a research note on Monday, December 4th. They issued a “buy” rating and a $57.00 target price for the company. Finally, Morgan Stanley raised their price target on shares of Progressive from $49.00 to $51.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $50.41.

Shares of Progressive (NYSE PGR) opened at $57.66 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market capitalization of $33,319.86, a PE ratio of 24.03, a PEG ratio of 2.39 and a beta of 0.94. Progressive has a 12 month low of $36.17 and a 12 month high of $57.85.

In other Progressive news, CMO M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total transaction of $297,000.00. Following the transaction, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at approximately $5,050,881. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William M. Cody sold 25,000 shares of Progressive stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the transaction, the insider now directly owns 137,722 shares in the company, valued at approximately $7,726,204.20. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of PGR. Franklin Resources Inc. lifted its position in shares of Progressive by 12.7% during the 2nd quarter. Franklin Resources Inc. now owns 60,213 shares of the insurance provider’s stock worth $2,655,000 after buying an additional 6,778 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Progressive by 121.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 474,424 shares of the insurance provider’s stock worth $20,923,000 after buying an additional 260,585 shares in the last quarter. Laurion Capital Management LP lifted its position in shares of Progressive by 3.2% during the 2nd quarter. Laurion Capital Management LP now owns 22,400 shares of the insurance provider’s stock worth $988,000 after buying an additional 700 shares in the last quarter. Mutual of America Capital Management LLC lifted its position in shares of Progressive by 6.9% during the 2nd quarter. Mutual of America Capital Management LLC now owns 112,587 shares of the insurance provider’s stock worth $4,964,000 after buying an additional 7,272 shares in the last quarter. Finally, Quantitative Investment Management LLC lifted its position in shares of Progressive by 4.7% during the 2nd quarter. Quantitative Investment Management LLC now owns 86,900 shares of the insurance provider’s stock worth $3,831,000 after buying an additional 3,900 shares in the last quarter. 79.45% of the stock is currently owned by hedge funds and other institutional investors.

TRADEMARK VIOLATION WARNING: This piece of content was first published by StockNewsTimes and is the sole property of of StockNewsTimes. If you are reading this piece of content on another site, it was stolen and reposted in violation of US & international trademark & copyright legislation. The legal version of this piece of content can be viewed at https://stocknewstimes.com/2018/01/20/langen-mcalenn-comments-on-progressive-corps-fy2018-earnings-pgr.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

Leave a Reply