The FBR & Co Research Analysts Boost Earnings Estimates for Progressive Corporation (The) (PGR)

The FBR & Co Research Analysts Boost Earnings Estimates for Progressive Corporation (The) (PGR)

Progressive Corporation (The) (NYSE:PGR) – Research analysts at FBR & Co boosted their FY2018 earnings per share estimates for shares of Progressive Corporation (The) in a report issued on Tuesday. FBR & Co analyst R. Binner now forecasts that the insurance provider will post earnings per share of $2.70 for the year, up from their previous forecast of $2.60. FBR & Co currently has a “Hold” rating on the stock. FBR & Co also issued estimates for Progressive Corporation (The)’s FY2019 earnings at $2.95 EPS.

PGR has been the topic of a number of other research reports. Morgan Stanley boosted their target price on Progressive Corporation (The) from $49.00 to $51.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Barclays PLC boosted their target price on Progressive Corporation (The) from $41.00 to $43.00 and gave the company an “underweight” rating in a research report on Monday, October 16th. Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Wednesday, August 2nd. ValuEngine raised Progressive Corporation (The) from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, Buckingham Research started coverage on Progressive Corporation (The) in a research report on Monday, September 11th. They issued an “underperform” rating and a $40.00 target price on the stock. 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 given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $46.44.

Progressive Corporation (NYSE PGR) traded up 1.01% on Wednesday, reaching $49.10. The company’s stock had a trading volume of 1,711,316 shares. The firm has a market capitalization of $28.53 billion, a price-to-earnings ratio of 20.89 and a beta of 0.87. Progressive Corporation has a 52 week low of $30.99 and a 52 week high of $49.75. The company has a 50 day moving average of $47.88 and a 200 day moving average of $44.95.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mckinley Capital Management LLC Delaware acquired a new position in Progressive Corporation (The) in the second quarter valued at $101,000. Cypress Capital Management LLC WY acquired a new position in Progressive Corporation (The) in the second quarter valued at $106,000. IFP Advisors Inc boosted its stake in Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after acquiring an additional 341 shares in the last quarter. Fiduciary Trust Co. acquired a new position in Progressive Corporation (The) in the second quarter valued at $143,000. Finally, Cornerstone Advisors Inc. boosted its stake in Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock valued at $150,000 after acquiring an additional 133 shares in the last quarter. Institutional investors own 79.51% of the company’s stock.

In other Progressive Corporation (The) news, insider M Jeffrey Charney sold 6,000 shares of the company’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $48.90, for a total value of $293,400.00. Following the completion of the transaction, the insider now owns 108,038 shares in the company, valued at $5,283,058.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey W. Basch sold 9,000 shares of the company’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the transaction, the insider now owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The disclosure for this sale can be found here. Insiders sold 101,250 shares of company stock worth $4,923,983 in the last three months. 0.56% of the stock is currently owned by corporate insiders.

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.

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