Langen Mcalenn Comments on Progressive Co.’s FY2018 Earnings (PGR)

Progressive Co. (NYSE:PGR) – Equities research analysts at Langen Mcalenn lifted their FY2018 earnings per share estimates for shares of Progressive in a note issued to investors on Wednesday, April 18th. Langen Mcalenn analyst R. Glasspiegel now expects that the insurance provider will post earnings of $3.80 per share for the year, up from their previous estimate of $3.60.

How to Become a New Pot Stock Millionaire

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, April 17th. The insurance provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.10. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.79 billion. Progressive had a return on equity of 18.66% and a net margin of 6.75%. The firm’s revenue for the quarter was up 22.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 EPS.

A number of other equities analysts have also recently commented on PGR. Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Wells Fargo set a $57.00 target price on Progressive and gave the stock a “hold” rating in a report on Wednesday, February 14th. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. MKM Partners lifted their target price on Progressive to $70.00 and gave the stock a “buy” rating in a report on Tuesday, March 27th. Finally, UBS lifted their target price on Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $53.56.

NYSE PGR opened at $61.05 on Friday. The company has a market cap of $35,594.53, a price-to-earnings ratio of 23.21, a PEG ratio of 2.16 and a beta of 0.65. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.26 and a quick ratio of 0.43. Progressive has a 1-year low of $38.75 and a 1-year high of $62.78.

A number of institutional investors and hedge funds have recently bought and sold shares of PGR. Exane Derivatives purchased a new position in Progressive during the 4th quarter valued at $104,000. Valeo Financial Advisors LLC boosted its holdings in Progressive by 13,675.2% during the 4th quarter. Valeo Financial Advisors LLC now owns 84,029 shares of the insurance provider’s stock valued at $118,000 after acquiring an additional 83,419 shares during the period. We Are One Seven LLC purchased a new position in Progressive during the 4th quarter valued at $119,000. First Personal Financial Services boosted its holdings in Progressive by 101.8% during the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after acquiring an additional 1,111 shares during the period. Finally, MUFG Americas Holdings Corp boosted its holdings in Progressive by 824.9% during the 4th quarter. MUFG Americas Holdings Corp now owns 3,561 shares of the insurance provider’s stock valued at $201,000 after acquiring an additional 3,176 shares during the period. Institutional investors own 81.04% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Langen Mcalenn Comments on Progressive Co.’s FY2018 Earnings (PGR)” was first reported by Week Herald and is the sole property of of Week Herald. If you are viewing this piece on another domain, it was copied illegally and reposted in violation of international copyright & trademark laws. The legal version of this piece can be accessed at https://weekherald.com/2018/04/22/langen-mcalenn-comments-on-progressive-co-s-fy2018-earnings-pgr.html.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Earnings History and Estimates for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply