Langen Mcalenn Equities Analysts Lift Earnings Estimates for Progressive Corporation (The) (PGR)

Progressive Corporation (The) (NYSE:PGR) – Equities researchers at Langen Mcalenn raised their FY2017 earnings per share estimates for shares of Progressive Corporation (The) in a research note issued on Wednesday. Langen Mcalenn analyst R. Glasspiegel now forecasts that the insurance provider will post earnings of $2.40 per share for the year, up from their previous forecast of $2.35. Langen Mcalenn also issued estimates for Progressive Corporation (The)’s Q3 2018 earnings at $0.60 EPS, Q4 2018 earnings at $0.81 EPS and FY2018 earnings at $2.85 EPS.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.07. The firm had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. Progressive Corporation (The) had a return on equity of 15.76% and a net margin of 5.41%. The business’s revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $0.34 earnings per share.

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PGR has been the subject of several other reports. Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, August 3rd. Citigroup Inc. increased their price objective on Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 17th. Credit Suisse Group upgraded Progressive Corporation (The) from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $42.00 to $48.00 in a research report on Wednesday, September 20th. Barclays PLC increased their target price on Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, July 3rd. Finally, Morgan Stanley restated an “equal weight” rating and set a $43.00 target price (up previously from $40.00) on shares of Progressive Corporation (The) in a research report on Friday, July 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $46.44.

Shares of Progressive Corporation (NYSE:PGR) opened at 48.09 on Thursday. The stock has a 50 day moving average price of $47.49 and a 200-day moving average price of $44.60. The firm has a market capitalization of $27.94 billion, a PE ratio of 20.46 and a beta of 0.87. Progressive Corporation has a 52-week low of $30.99 and a 52-week high of $49.75.

In other news, CFO John P. Sauerland sold 50,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $48.65, for a total transaction of $2,432,500.00. Following the sale, the chief financial officer now directly owns 370,364 shares in the company, valued at approximately $18,018,208.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Susan Patricia Griffith sold 35,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $48.66, for a total transaction of $1,703,100.00. Following the sale, the insider now owns 221,715 shares in the company, valued at $10,788,651.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 86,250 shares of company stock worth $4,196,513. Corporate insiders own 0.56% of the company’s stock.

Large investors have recently modified their holdings of the stock. Mckinley Capital Management LLC Delaware bought a new position in Progressive Corporation (The) during the 2nd quarter valued at about $101,000. Cypress Capital Management LLC WY bought a new position in Progressive Corporation (The) in the 2nd quarter worth about $106,000. IFP Advisors Inc grew its stake in Progressive Corporation (The) by 12.9% in the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after acquiring an additional 341 shares in the last quarter. Fiduciary Trust Co. bought a new position in Progressive Corporation (The) in the 2nd quarter worth about $143,000. Finally, Cornerstone Advisors Inc. grew its stake in Progressive Corporation (The) by 4.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after acquiring an additional 133 shares in the last quarter. Institutional investors own 79.38% of the company’s stock.

About Progressive Corporation (The)

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 Corporation (The) (NYSE:PGR)

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