Progressive Corp (NYSE:PGR) – Investment analysts at Langen Mcalenn increased their Q1 2018 EPS estimates for shares of Progressive in a research report issued on Thursday. Langen Mcalenn analyst R. Glasspiegel now anticipates that the insurance provider will earn $1.18 per share for the quarter, up from their prior estimate of $1.14. Langen Mcalenn also issued estimates for Progressive’s Q2 2018 earnings at $0.78 EPS, Q1 2019 earnings at $1.21 EPS, Q2 2019 earnings at $0.84 EPS, Q4 2019 earnings at $1.08 EPS and FY2019 earnings at $3.85 EPS.
Several other equities research analysts have also recently commented on the stock. Wells Fargo set a $61.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Wednesday, March 14th. Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. MKM Partners raised their target price on shares of Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. UBS lifted their price target on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Finally, Credit Suisse Group reissued a “hold” rating and set a $48.00 price target on shares of Progressive in a research report on Friday, December 15th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $50.88.
Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same period last year, the company posted $0.66 EPS. The company’s quarterly revenue was up 21.6% compared to the same quarter last year.
In related news, insider William M. Cody sold 25,000 shares of Progressive stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the transaction, 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 SEC, which is available at this hyperlink. Company insiders own 0.56% of the company’s stock.
A number of institutional investors have recently modified their holdings of PGR. Artisan Partners Limited Partnership raised its holdings in Progressive by 23.8% in the third quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after buying an additional 2,762,934 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Progressive by 40.0% in the third quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after buying an additional 2,588,522 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Progressive by 49.2% in the third quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock worth $328,303,000 after buying an additional 2,234,425 shares during the last quarter. BlackRock Inc. raised its holdings in Progressive by 4.7% in the fourth quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock worth $2,183,522,000 after buying an additional 1,742,936 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Progressive by 44.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,768,812 shares of the insurance provider’s stock worth $212,259,000 after buying an additional 1,152,538 shares during the last quarter. 81.11% of the stock is owned by institutional investors and hedge funds.
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Progressive Company Profile
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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