Progressive Corp (NYSE:PGR) – Equities researchers at B. Riley lifted their FY2018 earnings per share estimates for shares of Progressive in a report released on Tuesday, according to Zacks Investment Research. B. Riley analyst R. Binner now forecasts that the insurance provider will post earnings of $3.30 per share for the year, up from their previous forecast of $3.25. B. Riley currently has a “Hold” rating and a $46.00 target price on the stock.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.02. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. Progressive’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 EPS.
Several other research firms have also issued reports on PGR. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $58.00 price target on shares of Progressive in a research report on Friday, November 17th. Credit Suisse Group reissued a “hold” rating and issued a $48.00 target price on shares of Progressive in a research report on Friday, December 15th. MKM Partners boosted their target price on Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Wells Fargo & Co set a $50.00 target price on Progressive and gave the stock a “hold” rating in a research report on Wednesday, November 15th. Finally, Goldman Sachs Group initiated coverage on Progressive in a research report on Monday, December 4th. They issued a “buy” rating and a $57.00 target price for the company. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $50.65.
Progressive (PGR) traded up $0.60 on Wednesday, hitting $59.02. The stock had a trading volume of 1,400,200 shares, compared to its average volume of 3,916,198. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.36. The stock has a market cap of $34,133.02, a price-to-earnings ratio of 21.70, a PEG ratio of 2.27 and a beta of 0.71. Progressive has a 12-month low of $38.61 and a 12-month high of $59.36.
Institutional investors have recently added to or reduced their stakes in the business. Lockheed Martin Investment Management Co. bought a new position in shares of Progressive during the 3rd quarter valued at approximately $872,000. Meeder Asset Management Inc. grew its stake in shares of Progressive by 126.4% during the 3rd quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock valued at $4,677,000 after acquiring an additional 53,917 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Progressive by 85.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock valued at $42,613,000 after acquiring an additional 405,643 shares during the period. Brown Advisory Inc. grew its stake in shares of Progressive by 8.3% during the 3rd quarter. Brown Advisory Inc. now owns 46,734 shares of the insurance provider’s stock valued at $2,262,000 after acquiring an additional 3,580 shares during the period. Finally, Cortland Associates Inc. MO bought a new position in shares of Progressive during the 4th quarter valued at approximately $349,000. Institutional investors and hedge funds own 80.02% of the company’s stock.
In other Progressive news, insider William M. Cody sold 25,000 shares of the business’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now directly owns 137,722 shares in the company, valued at approximately $7,726,204.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.56% of the company’s stock.
The company also recently declared an annual dividend, which was paid on Friday, February 9th. Shareholders of record on Friday, February 2nd were paid a dividend of $1.125 per share. The ex-dividend date was Thursday, February 1st. This represents a dividend yield of 0.0203325501536237%. Progressive’s dividend payout ratio is currently 41.18%.
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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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