William Blair Analysts Reduce Earnings Estimates for Progressive Corp (PGR)
Progressive Corp (NYSE:PGR) – Investment analysts at William Blair reduced their Q1 2019 EPS estimates for Progressive in a research report issued to clients and investors on Wednesday, March 13th. William Blair analyst A. Klauber now anticipates that the insurance provider will earn $1.41 per share for the quarter, down from their previous estimate of $1.44. William Blair also issued estimates for Progressive’s Q2 2019 earnings at $1.31 EPS.
Several other research firms also recently issued reports on PGR. Wells Fargo & Co reissued a “hold” rating and issued a $73.00 price target on shares of Progressive in a research report on Thursday, February 28th. Credit Suisse Group lifted their price target on shares of Progressive from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Citigroup lifted their price target on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, February 14th. Buckingham Research raised shares of Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 price target for the company in a research report on Monday, November 19th. Finally, B. Riley upgraded Progressive from a “neutral” rating to a “buy” rating and raised their price objective for the company from $71.00 to $81.00 in a research note on Tuesday, December 11th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $72.50.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.83%. The business had revenue of $7.94 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period in the previous year, the business posted $0.98 EPS. The business’s revenue for the quarter was up 17.6% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Rehmann Capital Advisory Group raised its stake in Progressive by 20.2% in the 4th quarter. Rehmann Capital Advisory Group now owns 868 shares of the insurance provider’s stock valued at $52,000 after acquiring an additional 146 shares during the period. Parkside Financial Bank & Trust raised its stake in Progressive by 3.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 4,814 shares of the insurance provider’s stock valued at $291,000 after acquiring an additional 160 shares during the period. JOYN Advisors Inc. raised its stake in Progressive by 46.3% in the 4th quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 186 shares during the period. Flagship Harbor Advisors LLC raised its stake in Progressive by 15.3% in the 4th quarter. Flagship Harbor Advisors LLC now owns 1,420 shares of the insurance provider’s stock valued at $85,000 after acquiring an additional 188 shares during the period. Finally, Impax Asset Management Group plc raised its stake in Progressive by 2.8% in the 4th quarter. Impax Asset Management Group plc now owns 7,924 shares of the insurance provider’s stock valued at $478,000 after acquiring an additional 215 shares during the period. Institutional investors own 79.85% of the company’s stock.
In other news, insider Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $70.30, for a total transaction of $885,780.00. Following the sale, the insider now directly owns 260,138 shares in the company, valued at approximately $18,287,701.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 2,500 shares of Progressive stock in a transaction on Friday, March 1st. The stock was sold at an average price of $72.93, for a total value of $182,325.00. The disclosure for this sale can be found here. Insiders have sold a total of 108,048 shares of company stock worth $7,201,719 over the last quarter. Company insiders own 0.70% of the company’s stock.
The firm also recently announced an annual dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be paid a dividend of $0.10 per share. This represents a dividend yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 4th. Progressive’s payout ratio is 56.79%.
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.
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