Progressive Co. (NYSE:PGR) – Equities researchers at William Blair dropped their Q2 2018 earnings estimates for Progressive in a note issued to investors on Wednesday, March 14th, according to Zacks Investment Research. William Blair analyst A. Klauber now anticipates that the insurance provider will post earnings per share of $0.78 for the quarter, down from their prior estimate of $0.79. William Blair also issued estimates for Progressive’s Q3 2018 earnings at $0.94 EPS, Q4 2018 earnings at $1.09 EPS, Q2 2019 earnings at $0.90 EPS, Q3 2019 earnings at $1.05 EPS and Q4 2019 earnings at $1.21 EPS.
Several other brokerages have also recently issued reports on PGR. Wells Fargo set a $61.00 price objective on Progressive and gave the stock a “hold” rating in a research note on Wednesday, March 14th. MKM Partners raised their price objective on Progressive to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, March 27th. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Finally, UBS raised their price objective on Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $51.56.
PGR traded down $1.21 during trading hours on Friday, hitting $60.04. 3,661,435 shares of the stock were exchanged, compared to its average volume of 2,938,707. Progressive has a 12 month low of $38.61 and a 12 month high of $62.74. The stock has a market capitalization of $34,959.85, a PE ratio of 22.83, a price-to-earnings-growth ratio of 2.21 and a beta of 0.65. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.43 and a quick ratio of 0.43.
Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.02. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the prior year, the business posted $0.66 EPS. The business’s revenue was up 21.6% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently modified their holdings of PGR. Exane Derivatives acquired a new position in shares of Progressive during the fourth quarter valued at $104,000. Valeo Financial Advisors LLC increased its holdings in shares of Progressive by 13,675.2% during the fourth quarter. Valeo Financial Advisors LLC now owns 84,029 shares of the insurance provider’s stock valued at $118,000 after purchasing an additional 83,419 shares during the period. We Are One Seven LLC acquired a new position in shares of Progressive during the fourth quarter valued at $119,000. Balentine LLC increased its holdings in shares of Progressive by 3,273.0% during the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 2,422 shares during the period. Finally, First Personal Financial Services increased its holdings in shares of Progressive by 101.8% during the fourth quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after purchasing an additional 1,111 shares during the period. 81.08% of the stock is currently owned by hedge funds and other institutional investors.
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The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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