Progressive Corp (NYSE:PGR) – Langen Mcalenn increased their Q1 2019 earnings per share estimates for shares of Progressive in a note issued to investors on Wednesday, October 17th. Langen Mcalenn analyst R. Glasspiegel now anticipates that the insurance provider will earn $1.41 per share for the quarter, up from their prior estimate of $1.40. Langen Mcalenn also issued estimates for Progressive’s Q3 2019 earnings at $0.87 EPS, Q4 2019 earnings at $1.22 EPS and FY2019 earnings at $4.55 EPS.
PGR has been the topic of a number of other research reports. Citigroup upped their price target on Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a report on Thursday, August 16th. Buckingham Research upgraded Progressive to a “sell” rating and set a $52.00 price target on the stock in a report on Wednesday, July 18th. Credit Suisse Group set a $79.00 price target on Progressive and gave the stock a “buy” rating in a report on Monday, October 15th. Wells Fargo & Co restated a “hold” rating and issued a $64.00 price target on shares of Progressive in a report on Wednesday, August 15th. Finally, Morgan Stanley upped their price target on Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a report on Wednesday, July 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $68.64.
PGR opened at $70.55 on Thursday. The company has a market capitalization of $41.14 billion, a P/E ratio of 26.94, a PEG ratio of 2.06 and a beta of 0.67. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.43 and a current ratio of 0.38. Progressive has a 1-year low of $48.52 and a 1-year high of $72.72.
Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.43. The business had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a return on equity of 27.25% and a net margin of 9.42%. The company’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS.
A number of hedge funds have recently bought and sold shares of the stock. Millennium Management LLC lifted its stake in shares of Progressive by 174.1% during the 2nd quarter. Millennium Management LLC now owns 2,518,308 shares of the insurance provider’s stock worth $148,958,000 after purchasing an additional 1,599,598 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Progressive by 19.6% during the 2nd quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock worth $419,663,000 after purchasing an additional 1,163,500 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Progressive by 10.2% during the 2nd quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock worth $715,456,000 after purchasing an additional 1,122,013 shares during the period. Fred Alger Management Inc. lifted its stake in shares of Progressive by 119.8% during the 2nd quarter. Fred Alger Management Inc. now owns 1,929,297 shares of the insurance provider’s stock worth $114,118,000 after purchasing an additional 1,051,697 shares during the period. Finally, Artisan Partners Limited Partnership lifted its stake in shares of Progressive by 5.1% during the 2nd quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock worth $1,061,511,000 after purchasing an additional 864,700 shares during the period. 79.88% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $66.90, for a total value of $3,345,000.00. Following the sale, the insider now owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.25, for a total value of $771,000.00. Following the completion of the sale, the chief financial officer now directly owns 390,584 shares in the company, valued at approximately $25,095,022. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,600 shares of company stock worth $4,924,164. 0.70% of the stock is owned by corporate insiders.
Progressive Company Profile
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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