Q4 2016 Earnings Forecast for Progressive Corp. Issued By Langen Mcalenn (PGR)
Progressive Corp. (NYSE:PGR) – Stock analysts at Langen Mcalenn dropped their Q4 2016 earnings per share estimates for shares of Progressive Corp. in a research note issued on Friday. Langen Mcalenn analyst R. Glasspiegel now forecasts that the firm will post earnings of $0.47 per share for the quarter, down from their previous estimate of $0.54. Langen Mcalenn also issued estimates for Progressive Corp.’s Q1 2017 earnings at $0.62 EPS and Q4 2017 earnings at $0.63 EPS.
Progressive Corp. (NYSE:PGR) last issued its quarterly earnings data on Thursday, October 13th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Progressive Corp. had a net margin of 4.31% and a return on equity of 12.30%. The firm earned $6.05 billion during the quarter. During the same period last year, the business earned $0.47 earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year.
A number of other brokerages have also recently weighed in on PGR. Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $29.00 to $31.00 in a research note on Thursday, September 15th. Zacks Investment Research cut Progressive Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 3rd. Credit Suisse Group AG reaffirmed an “underperform” rating and set a $28.00 target price on shares of Progressive Corp. in a research note on Wednesday, September 7th. Deutsche Bank AG lowered their target price on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating on the stock in a research note on Monday, September 19th. Finally, MKM Partners reaffirmed a “buy” rating and set a $40.00 target price on shares of Progressive Corp. in a research note on Thursday, June 23rd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $32.41.
Shares of Progressive Corp. (NYSE:PGR) opened at 32.46 on Monday. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54. The firm has a 50-day moving average of $31.61 and a 200 day moving average of $32.72. The firm has a market cap of $18.89 billion, a P/E ratio of 18.03 and a beta of 0.73.
In related news, insider M Jeffrey Charney sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the sale, the insider now directly owns 71,961 shares in the company, valued at approximately $2,338,732.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael D. Sieger sold 3,200 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $32.93, for a total value of $105,376.00. Following the completion of the sale, the insider now owns 49,755 shares of the company’s stock, valued at $1,638,432.15. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Progressive Corp. by 1.6% in the second quarter. Vanguard Group Inc. now owns 33,554,178 shares of the company’s stock worth $1,124,064,000 after buying an additional 518,305 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Progressive Corp. by 3.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 15,891,464 shares of the company’s stock worth $532,364,000 after buying an additional 586,874 shares during the period. Primecap Management Co. CA raised its position in shares of Progressive Corp. by 0.7% in the first quarter. Primecap Management Co. CA now owns 11,766,525 shares of the company’s stock worth $413,476,000 after buying an additional 86,200 shares during the period. BlackRock Fund Advisors raised its position in shares of Progressive Corp. by 1.5% in the second quarter. BlackRock Fund Advisors now owns 9,611,108 shares of the company’s stock worth $321,972,000 after buying an additional 139,319 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Progressive Corp. by 2.9% in the second quarter. JPMorgan Chase & Co. now owns 7,590,351 shares of the company’s stock worth $254,277,000 after buying an additional 211,111 shares during the period. Institutional investors own 76.01% of the company’s stock.
About Progressive Corp.
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 Personal Lines, Commercial Lines and Property segments.
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