Progressive Corporation (The) (NYSE:PGR) – Analysts at Langen Mcalenn raised their FY2017 earnings estimates for Progressive Corporation (The) in a research note issued to investors on Thursday. Langen Mcalenn analyst R. Glasspiegel now forecasts that the insurance provider will earn $2.45 per share for the year, up from their previous estimate of $2.40. Langen Mcalenn also issued estimates for Progressive Corporation (The)’s Q1 2018 earnings at $0.84 EPS and Q4 2018 earnings at $0.82 EPS.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. Progressive Corporation (The) had a net margin of 5.41% and a return on equity of 15.40%. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.04 billion. During the same period in the prior year, the firm earned $0.34 earnings per share. The company’s revenue was up 18.1% compared to the same quarter last year. TRADEMARK VIOLATION NOTICE: “Langen Mcalenn Analysts Boost Earnings Estimates for Progressive Corporation (The) (PGR)” was published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece on another website, it was copied illegally and reposted in violation of U.S. and international trademark and copyright legislation. The original version of this piece can be viewed at https://www.thecerbatgem.com/2017/11/22/langen-mcalenn-analysts-boost-earnings-estimates-for-progressive-corporation-the-pgr.html.

Several other research analysts have also recently issued reports on the stock. B. Riley restated a “hold” rating and issued a $46.00 target price on shares of Progressive Corporation (The) in a report on Wednesday, November 15th. Morgan Stanley lifted their price target on Progressive Corporation (The) from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 18th. Barclays PLC lifted their price objective on Progressive Corporation (The) from $41.00 to $43.00 and gave the stock an “underweight” rating in a report on Monday, October 16th. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Wednesday, August 2nd. Finally, Credit Suisse Group boosted their price target on Progressive Corporation (The) from $38.00 to $42.00 and gave the company an “underperform” rating in a research note on Monday, September 18th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $47.76.

Shares of Progressive Corporation (NYSE PGR) opened at $51.87 on Monday. The firm has a market cap of $30,138.51, a P/E ratio of 22.63, a P/E/G ratio of 2.98 and a beta of 0.92. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50. Progressive Corporation has a one year low of $32.93 and a one year high of $52.26.

In related news, insider M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $48.90, for a total transaction of $293,400.00. Following the completion of the transaction, the insider now directly owns 108,038 shares of the company’s stock, valued at approximately $5,283,058.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey W. Basch sold 9,000 shares of the business’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the transaction, the insider now directly owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The disclosure for this sale can be found here. Insiders sold 21,000 shares of company stock valued at $1,024,470 over the last ninety days. Insiders own 0.56% of the company’s stock.

Several institutional investors have recently bought and sold shares of PGR. Creative Planning raised its stake in Progressive Corporation (The) by 0.4% during the 2nd quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock valued at $252,000 after acquiring an additional 23 shares during the last quarter. Aperio Group LLC raised its stake in shares of Progressive Corporation (The) by 14.7% during the 2nd quarter. Aperio Group LLC now owns 233,108 shares of the insurance provider’s stock worth $10,278,000 after buying an additional 29,878 shares in the last quarter. Highland Capital Management LLC acquired a new stake in shares of Progressive Corporation (The) in the 2nd quarter worth approximately $506,000. US Bancorp DE grew its holdings in shares of Progressive Corporation (The) by 3.2% in the 2nd quarter. US Bancorp DE now owns 99,389 shares of the insurance provider’s stock worth $4,383,000 after acquiring an additional 3,083 shares during the period. Finally, Skylands Capital LLC acquired a new stake in shares of Progressive Corporation (The) in the 2nd quarter worth approximately $619,000. 79.06% of the stock is owned by institutional investors and hedge funds.

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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