Progressive Corporation (The) (NYSE:PGR) – William Blair upped their FY2017 earnings per share (EPS) estimates for shares of Progressive Corporation (The) in a research note issued on Tuesday. William Blair analyst A. Klauber now expects that the insurance provider will post earnings per share of $2.58 for the year, up from their previous forecast of $2.50. William Blair also issued estimates for Progressive Corporation (The)’s Q3 2018 earnings at $0.89 EPS, FY2018 earnings at $3.45 EPS and FY2019 earnings at $3.90 EPS.

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

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PGR has been the subject of a number of other research reports. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, August 3rd. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Monday, June 19th. Citigroup Inc. lifted their price target on Progressive Corporation (The) from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. Credit Suisse Group upgraded Progressive Corporation (The) from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $42.00 to $48.00 in a report on Wednesday. Finally, Barclays PLC lifted their price target on Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, July 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $46.00.

Shares of Progressive Corporation (PGR) opened at 47.68 on Thursday. Progressive Corporation has a 52 week low of $30.63 and a 52 week high of $49.01. The company has a market cap of $27.70 billion, a P/E ratio of 20.29 and a beta of 0.88. The company’s 50-day moving average price is $47.13 and its 200 day moving average price is $43.28.

In related news, CFO John P. Sauerland sold 50,000 shares of the business’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 value of $2,432,500.00. Following the completion of the sale, the chief financial officer now directly owns 370,364 shares in the company, valued at $18,018,208.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey D. Kelly sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $44.52, for a total value of $890,400.00. Following the completion of the sale, the director now owns 59,963 shares of the company’s stock, valued at $2,669,552.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 106,250 shares of company stock valued at $5,086,913. 0.56% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of PGR. Advisors Asset Management Inc. boosted its stake in shares of Progressive Corporation (The) by 5.2% in the first quarter. Advisors Asset Management Inc. now owns 12,311 shares of the insurance provider’s stock valued at $482,000 after buying an additional 611 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of Progressive Corporation (The) by 10.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,616,026 shares of the insurance provider’s stock valued at $63,316,000 after buying an additional 147,842 shares during the period. State of Wisconsin Investment Board boosted its stake in shares of Progressive Corporation (The) by 21.8% in the first quarter. State of Wisconsin Investment Board now owns 387,859 shares of the insurance provider’s stock valued at $15,196,000 after buying an additional 69,501 shares during the period. Ffcm LLC boosted its stake in shares of Progressive Corporation (The) by 4.3% in the first quarter. Ffcm LLC now owns 39,102 shares of the insurance provider’s stock valued at $1,533,000 after buying an additional 1,617 shares during the period. Finally, Norinchukin Bank The boosted its stake in shares of Progressive Corporation (The) by 13.3% in the first quarter. Norinchukin Bank The now owns 20,413 shares of the insurance provider’s stock valued at $800,000 after buying an additional 2,401 shares during the period. Institutional investors and hedge funds own 79.41% of the company’s stock.

Progressive Corporation (The) 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.

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

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