FY2018 Earnings Forecast for Progressive Corporation (The) (PGR) Issued By FBR & Co

Progressive Corporation (The) (NYSE:PGR) – Equities researchers at FBR & Co lifted their FY2018 earnings per share (EPS) estimates for shares of Progressive Corporation (The) in a research note issued on Tuesday. FBR & Co analyst R. Binner now forecasts that the insurance provider will post earnings per share of $2.60 for the year, up from their previous estimate of $2.50. FBR & Co has a “Mkt Perform” rating and a $40.00 price target on the stock. FBR & Co also issued estimates for Progressive Corporation (The)’s FY2019 earnings at $2.85 EPS.

Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a research note on Wednesday, August 2nd. BidaskClub cut shares of Progressive Corporation (The) from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Keefe, Bruyette & Woods reissued a “buy” rating and set a $48.00 price target on shares of Progressive Corporation (The) in a research note on Tuesday, July 25th. Bank of America Corporation increased their price target on shares of Progressive Corporation (The) from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 16th. Finally, ValuEngine raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Progressive Corporation (The) currently has an average rating of “Hold” and an average price target of $46.00.

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Progressive Corporation (The) (NYSE:PGR) last announced its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.78 billion. During the same period in the previous year, the firm earned $0.33 EPS. Progressive Corporation (The)’s revenue for the quarter was up 13.7% on a year-over-year basis.

In other news, insider Susan Patricia Griffith sold 35,000 shares of the business’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 value of $1,703,100.00. Following the completion of the transaction, the insider now directly owns 221,715 shares in the company, valued at approximately $10,788,651.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total transaction of $2,432,500.00. Following the completion of the transaction, the chief financial officer now owns 370,364 shares of the company’s stock, valued at $18,018,208.60. The disclosure for this sale can be found here. Insiders sold a total of 86,250 shares of company stock valued at $4,196,513 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Large investors have recently modified their holdings of the company. Mckinley Capital Management LLC Delaware acquired a new position in shares of Progressive Corporation (The) in the 2nd quarter valued at approximately $101,000. Cypress Capital Management LLC WY acquired a new position in Progressive Corporation (The) during the 2nd quarter worth approximately $106,000. IFP Advisors Inc increased its position in Progressive Corporation (The) by 12.9% during the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 341 shares in the last quarter. Fiduciary Trust Co. acquired a new position in Progressive Corporation (The) during the 2nd quarter worth approximately $143,000. Finally, Cornerstone Advisors Inc. increased its position in Progressive Corporation (The) by 4.1% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 133 shares in the last quarter. Institutional investors 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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