Progressive Corp. to Post FY2016 Earnings of $1.57 Per Share, Langen Mcalenn Forecasts (PGR)
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.
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.
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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.
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