Progressive Corporation (The) (NYSE:PGR) – Equities researchers at FBR & Co lowered their Q3 2017 earnings per share (EPS) estimates for shares of Progressive Corporation (The) in a research report issued on Tuesday. FBR & Co analyst R. Binner now anticipates that the insurance provider will earn $0.20 per share for the quarter, down from their prior forecast of $0.55. FBR & Co currently has a “Mkt Perform” rating and a $40.00 price target on the stock. FBR & Co also issued estimates for Progressive Corporation (The)’s FY2017 earnings at $2.10 EPS.

A number of other analysts have also recently weighed in on PGR. ValuEngine cut shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. Citigroup Inc. upped their target price on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 17th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Finally, Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. Progressive Corporation (The) currently has an average rating of “Hold” and a consensus target price of $46.00.

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Progressive Corporation (NYSE:PGR) opened at 48.75 on Thursday. Progressive Corporation has a one year low of $30.99 and a one year high of $49.75. The company has a market cap of $28.33 billion, a PE ratio of 20.74 and a beta of 0.87. The firm has a 50-day moving average of $47.41 and a 200-day moving average of $44.31.

Progressive Corporation (The) (NYSE:PGR) last issued its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.01). Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.78 billion. During the same period in the prior year, the business earned $0.33 EPS. The business’s revenue was up 13.7% on a year-over-year basis.

In other news, insider Susan Patricia Griffith sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.66, for a total transaction of $1,703,100.00. Following the transaction, the insider now directly owns 221,715 shares in the company, valued at $10,788,651.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $48.65, for a total transaction of $2,432,500.00. Following the transaction, the chief financial officer now owns 370,364 shares in the company, valued at $18,018,208.60. The disclosure for this sale can be found here. Insiders have sold 86,250 shares of company stock worth $4,196,513 over the last quarter. 0.56% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. National Planning Corp lifted its holdings in Progressive Corporation (The) by 28.0% in the second quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after buying an additional 1,995 shares during the period. JPMorgan Chase & Co. lifted its holdings in Progressive Corporation (The) by 1.1% in the second quarter. JPMorgan Chase & Co. now owns 7,038,766 shares of the insurance provider’s stock valued at $310,340,000 after buying an additional 79,773 shares during the period. Vanguard Group Inc. lifted its holdings in Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after buying an additional 1,357,926 shares during the period. Great Lakes Advisors LLC lifted its holdings in Progressive Corporation (The) by 2.0% in the second quarter. Great Lakes Advisors LLC now owns 15,225 shares of the insurance provider’s stock valued at $671,000 after buying an additional 295 shares during the period. Finally, Swiss National Bank lifted its holdings in Progressive Corporation (The) by 3.2% in the second quarter. Swiss National Bank now owns 2,122,034 shares of the insurance provider’s stock valued at $93,560,000 after buying an additional 65,900 shares during the period. Institutional investors and hedge funds own 79.41% of the company’s stock.

About Progressive Corporation (The)

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.

Earnings History and Estimates for Progressive Corporation (The) (NYSE:PGR)

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