Progressive Corp. (NYSE:PGR) – Equities research analysts at Langen Mcalenn lifted their FY2016 earnings per share estimates for shares of Progressive Corp. in a research report issued on Thursday. Langen Mcalenn analyst R. Glasspiegel now anticipates that the brokerage will post earnings per share of $1.57 for the year, up from their prior forecast of $1.55. Langen Mcalenn also issued estimates for Progressive Corp.’s Q4 2016 earnings at $0.50 EPS and Q3 2017 earnings at $0.41 EPS.

PGR has been the subject of several other research reports. Zacks Investment Research cut shares of Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Monday, September 19th. Credit Suisse Group AG set a $28.00 price objective on shares of Progressive Corp. and gave the stock a “sell” rating in a research report on Tuesday, August 23rd. Deutsche Bank AG dropped their price objective on shares of Progressive Corp. from $30.00 to $28.00 and set a “sell” rating for the company in a research report on Monday, September 19th. William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Finally, Keefe, Bruyette & Woods upgraded shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and upped their target price for the company from $29.00 to $31.00 in a research report on Thursday, September 15th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.41.

Earnings History and Estimates for Progressive Corp. (NYSE:PGR)

Shares of Progressive Corp. (NYSE:PGR) opened at 33.26 on Monday. Progressive Corp. has a one year low of $29.32 and a one year high of $35.54. The company’s 50 day moving average price is $32.03 and its 200 day moving average price is $32.45. The stock has a market capitalization of $19.32 billion, a price-to-earnings ratio of 19.90 and a beta of 0.75.

Progressive Corp. (NYSE:PGR) last announced 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 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 last year, the company posted $0.47 EPS. The company’s quarterly revenue was up 11.8% compared to the same quarter last year.

In related news, insider M Jeffrey Charney sold 7,000 shares of the company’s stock in a transaction on 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 approximately $2,338,732.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.60% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the company. Tompkins Financial Corp raised its position in shares of Progressive Corp. by 14.8% in the second quarter. Tompkins Financial Corp now owns 8,605 shares of the company’s stock worth $288,000 after buying an additional 1,110 shares during the last quarter. Creative Planning raised its position in shares of Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock worth $136,000 after buying an additional 1,910 shares during the last quarter. Svenska Handelsbanken AB publ raised its position in shares of Progressive Corp. by 2,405.4% in the second quarter. Svenska Handelsbanken AB publ now owns 558,700 shares of the company’s stock worth $18,716,000 after buying an additional 536,400 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its position in shares of Progressive Corp. by 1.0% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 503,248 shares of the company’s stock worth $16,859,000 after buying an additional 4,986 shares during the last quarter. Finally, Exxonmobil Investment Management Inc. TX raised its position in shares of Progressive Corp. by 6.1% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 150,910 shares of the company’s stock worth $5,055,000 after buying an additional 8,640 shares during the last quarter. 78.05% of the stock is owned by hedge funds and other institutional investors.

WARNING: This piece was published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this piece on another publication, it was stolen and reposted in violation of US & international copyright laws. The correct version of this piece can be read at https://www.thecerbatgem.com/2016/11/23/progressive-corp-to-post-fy2016-earnings-of-1-57-per-share-langen-mcalenn-forecasts-pgr.html.

Progressive Corp. Company Profile

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.

5 Day Chart for NYSE:PGR

Receive News & Stock Ratings for Progressive Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive Corp. and related stocks with our FREE daily email newsletter.