Brokerages expect that Progressive Corp (NYSE:PGR) will announce $1.02 earnings per share for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Progressive’s earnings. The highest EPS estimate is $1.23 and the lowest is $0.67. Progressive posted earnings per share of $0.41 in the same quarter last year, which would indicate a positive year over year growth rate of 148.8%. The company is expected to report its next earnings report on Tuesday, October 16th.
On average, analysts expect that Progressive will report full year earnings of $4.50 per share for the current fiscal year, with EPS estimates ranging from $4.10 to $4.88. For the next fiscal year, analysts anticipate that the company will post earnings of $4.53 per share, with EPS estimates ranging from $4.10 to $5.50. Zacks’ EPS averages are an average based on a survey of research firms that that provide coverage for Progressive.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.11. The business had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $8.01 billion. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.63 earnings per share.
PGR has been the subject of a number of analyst reports. Citigroup upped their price target on Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Buckingham Research upgraded Progressive to a “sell” rating and set a $52.00 price target for the company in a research report on Wednesday, July 18th. Wells Fargo & Co restated a “hold” rating and issued a $64.00 price target on shares of Progressive in a research report on Wednesday, August 15th. Morgan Stanley upped their price target on Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research report on Wednesday, July 18th. Finally, Keefe, Bruyette & Woods cut Progressive from an “outperform” rating to a “market perform” rating and set a $45.00 price target for the company. in a research report on Thursday, May 17th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. Progressive presently has an average rating of “Hold” and a consensus target price of $62.36.
In related news, insider William M. Cody sold 50,000 shares of the stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the completion of the sale, the insider now owns 116,838 shares in the company, valued at $7,816,462.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 7,503 shares of the stock in a transaction dated Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total value of $452,280.84. Following the sale, the insider now owns 41,722 shares of the company’s stock, valued at approximately $2,515,002.16. The disclosure for this sale can be found here. Insiders have sold 106,103 shares of company stock valued at $6,837,205 in the last quarter. 0.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Progressive by 1.7% during the first quarter. BlackRock Inc. now owns 39,414,036 shares of the insurance provider’s stock valued at $2,401,497,000 after buying an additional 644,100 shares during the last quarter. Artisan Partners Limited Partnership boosted its stake in Progressive by 5.1% during the second quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock valued at $1,061,511,000 after buying an additional 864,700 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Progressive by 10.2% during the second quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock valued at $715,456,000 after buying an additional 1,122,013 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Progressive by 16.2% during the first quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock valued at $711,444,000 after buying an additional 1,630,692 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Progressive by 19.6% during the second quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock valued at $419,663,000 after buying an additional 1,163,500 shares during the last quarter. 80.27% of the stock is owned by institutional investors.
PGR traded up $0.05 during midday trading on Monday, reaching $68.87. The company had a trading volume of 2,046,032 shares, compared to its average volume of 2,857,919. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37. The stock has a market cap of $40.09 billion, a price-to-earnings ratio of 26.19, a PEG ratio of 2.08 and a beta of 0.70. Progressive has a 1 year low of $43.60 and a 1 year high of $69.01.
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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