Progressive Corp Expected to Post Q3 2018 Earnings of $0.50 Per Share (PGR)
Progressive Corp (NYSE:PGR) – Stock analysts at Langen Mcalenn reduced their Q3 2018 EPS estimates for Progressive Corp in a research report issued on Wednesday. Langen Mcalenn analyst R. Glasspiegel now anticipates that the insurance provider will post earnings of $0.50 per share for the quarter, down from their prior estimate of $0.51.
Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Progressive Corp from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a report on Wednesday, January 11th. Sandler O’Neill upgraded shares of Progressive Corp from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, March 21st. Bank of America Corp upgraded shares of Progressive Corp from a “neutral” rating to a “buy” rating and raised their target price for the stock from $40.00 to $46.00 in a report on Monday, March 20th. Morgan Stanley upgraded shares of Progressive Corp from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $31.00 to $36.00 in a report on Thursday, January 5th. Finally, Wells Fargo & Co restated a “hold” rating on shares of Progressive Corp in a report on Sunday, March 5th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Progressive Corp has an average rating of “Hold” and an average target price of $37.62.
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Progressive Corp (NYSE:PGR) remained flat at $39.41 during mid-day trading on Thursday. The company had a trading volume of 1,241,063 shares. The stock has a market capitalization of $22.89 billion, a PE ratio of 22.39 and a beta of 0.75. Progressive Corp has a one year low of $30.54 and a one year high of $40.74. The company’s 50-day moving average price is $39.54 and its 200 day moving average price is $35.94.
Progressive Corp (NYSE:PGR) last released its earnings results on Tuesday, April 18th. The insurance provider reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by $0.01. Progressive Corp had a return on equity of 12.59% and a net margin of 4.40%. The business earned $6.49 billion during the quarter, compared to the consensus estimate of $6.49 billion. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year.
Several hedge funds have recently bought and sold shares of PGR. Woodmont Investment Counsel LLC acquired a new stake in Progressive Corp during the third quarter worth about $112,000. SRB Corp increased its stake in Progressive Corp by 11.7% in the third quarter. SRB Corp now owns 4,881 shares of the insurance provider’s stock worth $154,000 after buying an additional 512 shares during the period. Ibex Wealth Advisors acquired a new stake in Progressive Corp during the fourth quarter worth about $189,000. Wendell David Associates Inc. acquired a new stake in Progressive Corp during the first quarter worth about $204,000. Finally, Douglas Lane & Associates LLC acquired a new stake in Progressive Corp during the first quarter worth about $208,000. Institutional investors own 76.70% of the company’s stock.
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 the Personal Lines, Commercial Lines and Property segments.
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