Progressive Corp (NYSE:PGR) – Analysts at B. Riley boosted their FY2018 EPS estimates for Progressive in a note issued to investors on Tuesday. B. Riley analyst R. Binner now anticipates that the insurance provider will earn $3.30 per share for the year, up from their prior estimate of $3.25. B. Riley currently has a “Hold” rating and a $46.00 target price on the stock.
A number of other equities analysts have also weighed in on PGR. Wells Fargo & Co set a $57.00 target price on Progressive and gave the stock a “hold” rating in a research note on Wednesday. UBS Group increased their target price on Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. MKM Partners increased their target price on Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Morgan Stanley increased their target price on Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Finally, Citigroup increased their target price on Progressive from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued 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 $50.65.
Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.02. The company had revenue of $6.75 billion for 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%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.66 earnings per share.
Institutional investors have recently bought and sold shares of the business. Exane Derivatives bought a new position in Progressive during the 4th quarter worth $104,000. First Personal Financial Services increased its stake in shares of Progressive by 101.8% in the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after purchasing an additional 1,111 shares during the last quarter. Balentine LLC increased its stake in shares of Progressive by 3,273.0% in the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 2,422 shares during the last quarter. MUFG Americas Holdings Corp increased its stake in shares of Progressive by 824.9% in the 4th quarter. MUFG Americas Holdings Corp now owns 3,561 shares of the insurance provider’s stock valued at $201,000 after purchasing an additional 3,176 shares during the last quarter. Finally, Prentiss Smith & Co. Inc. bought a new position in shares of Progressive in the 4th quarter valued at $205,000. Hedge funds and other institutional investors own 78.27% of the company’s stock.
In other Progressive news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction on 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 transaction, the insider now 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 through this hyperlink. 0.56% of the stock is owned by company insiders.
The business also recently disclosed 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 yield of 0.0203325501536237%. Progressive’s dividend payout ratio (DPR) is presently 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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