Langen Mcalenn Equities Analysts Raise Earnings Estimates for Progressive Corporation (The) (PGR)

Progressive Corporation (The) (NYSE:PGR) – Equities researchers at Langen Mcalenn increased their Q3 2017 earnings estimates for shares of Progressive Corporation (The) in a research note issued on Monday. Langen Mcalenn analyst R. Glasspiegel now anticipates that the insurance provider will earn $0.34 per share for the quarter, up from their prior forecast of $0.32.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $6.78 billion. During the same quarter in the previous year, the business posted $0.33 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis.

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A number of other equities research analysts also recently weighed in on PGR. Wells Fargo & Company restated a “hold” rating on shares of Progressive Corporation (The) in a research report on Wednesday, June 14th. Bank of America Corporation raised their price target on Progressive Corporation (The) from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 16th. BidaskClub upgraded Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Barclays PLC raised their price target on Progressive Corporation (The) from $35.00 to $39.00 and gave the company an “underweight” rating in a research report on Monday, July 3rd. Finally, Morgan Stanley restated an “equal weight” rating and set a $43.00 price target (up previously from $40.00) on shares of Progressive Corporation (The) in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $46.00.

Progressive Corporation (NYSE:PGR) opened at 49.37 on Wednesday. The stock has a 50 day moving average price of $47.41 and a 200 day moving average price of $44.24. Progressive Corporation has a 52 week low of $30.99 and a 52 week high of $49.75. The company has a market cap of $28.69 billion, a price-to-earnings ratio of 21.01 and a beta of 0.87.

In other news, insider Susan Patricia Griffith sold 35,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was 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 of the company’s stock, valued at $10,788,651.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 50,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $48.65, for a total value of $2,432,500.00. Following the transaction, the chief financial officer now directly 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 ninety days. Insiders own 0.56% of the company’s stock.

Several large investors have recently made changes to their positions in PGR. Wellington Management Group LLP grew its stake in shares of Progressive Corporation (The) by 136.4% during the first quarter. Wellington Management Group LLP now owns 63,242 shares of the insurance provider’s stock valued at $2,478,000 after buying an additional 36,486 shares during the last quarter. FMR LLC grew its stake in shares of Progressive Corporation (The) by 21.5% during the first quarter. FMR LLC now owns 4,645,969 shares of the insurance provider’s stock valued at $182,029,000 after buying an additional 821,712 shares during the last quarter. Advantus Capital Management Inc grew its stake in shares of Progressive Corporation (The) by 0.9% during the first quarter. Advantus Capital Management Inc now owns 58,374 shares of the insurance provider’s stock valued at $2,287,000 after buying an additional 529 shares during the last quarter. Teachers Advisors LLC grew its stake in shares of Progressive Corporation (The) by 3.8% during the first quarter. Teachers Advisors LLC now owns 1,012,662 shares of the insurance provider’s stock valued at $39,676,000 after buying an additional 36,977 shares during the last quarter. Finally, TIAA CREF Investment Management LLC grew its stake in shares of Progressive Corporation (The) by 2.2% during the first quarter. TIAA CREF Investment Management LLC now owns 5,365,854 shares of the insurance provider’s stock valued at $210,234,000 after buying an additional 113,795 shares during the last quarter. 79.41% of the stock is currently owned by hedge funds and other institutional investors.

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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