FY2017 Earnings Estimate for Progressive Corp. (PGR) Issued By FBR & Co
Progressive Corp. (NYSE:PGR) – FBR & Co decreased their FY2017 EPS estimates for shares of Progressive Corp. in a research note issued to investors on Wednesday. FBR & Co analyst R. Binner now forecasts that the brokerage will earn $2.00 per share for the year, down from their previous estimate of $2.15. FBR & Co also issued estimates for Progressive Corp.’s FY2018 earnings at $2.15 EPS.
Progressive Corp. (NYSE:PGR) last posted its quarterly earnings data on Thursday, October 13th. The company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Progressive Corp. had a return on equity of 12.30% and a net margin of 4.31%. The firm had revenue of $6.05 billion for the quarter. During the same period in the prior year, the business posted $0.47 EPS. The company’s quarterly revenue was up 11.8% compared to the same quarter last year.
Several other equities research analysts also recently weighed in on the stock. Credit Suisse Group AG set a $28.00 target price on shares of Progressive Corp. and gave the stock a “sell” rating in a research note on Saturday, September 17th. Argus reiterated a “hold” rating and set a $33.00 target price on shares of Progressive Corp. in a research note on Monday, July 18th. Citigroup Inc. upgraded shares of Progressive Corp. from a “sell” rating to a “neutral” rating and increased their target price for the stock from $30.00 to $34.00 in a research note on Friday, October 14th. Keefe, Bruyette & Woods upgraded shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $29.00 to $31.00 in a research note on Thursday, September 15th. Finally, Zacks Investment Research upgraded shares of Progressive Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, September 13th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.41.
Progressive Corp. (NYSE:PGR) traded up 0.64% during midday trading on Thursday, reaching $33.21. The company’s stock had a trading volume of 3,030,493 shares. Progressive Corp. has a 52 week low of $29.32 and a 52 week high of $35.54. The firm has a market capitalization of $19.29 billion, a P/E ratio of 19.87 and a beta of 0.75. The company’s 50-day moving average is $31.69 and its 200 day moving average is $32.45.
In other Progressive Corp. news, insider M Jeffrey Charney sold 7,000 shares of the stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the transaction, the insider now directly owns 71,961 shares of the company’s stock, valued at $2,338,732.50. The sale was disclosed in a filing with the SEC, which is available at this link. 0.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of PGR. Vanguard Group Inc. boosted 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. Longview Partners Guernsey LTD boosted its position in shares of Progressive Corp. by 1.2% in the third quarter. Longview Partners Guernsey LTD now owns 20,409,866 shares of the company’s stock worth $642,911,000 after buying an additional 232,279 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of Progressive Corp. by 0.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 15,982,076 shares of the company’s stock worth $503,435,000 after buying an additional 90,612 shares during the period. BlackRock Fund Advisors boosted its position in shares of Progressive Corp. by 5.6% in the third quarter. BlackRock Fund Advisors now owns 10,153,939 shares of the company’s stock worth $319,849,000 after buying an additional 542,831 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Progressive Corp. by 2.9% in the second quarter. JPMorgan Chase & Co. now owns 7,590,351 shares of the company’s stock valued at $254,277,000 after buying an additional 211,111 shares during the last quarter. 76.25% of the stock is owned by institutional investors and hedge funds.
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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