Analysts expect Progressive Corp (NYSE:PGR) to post sales of $8.46 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Progressive’s earnings, with the lowest sales estimate coming in at $8.24 billion and the highest estimate coming in at $8.62 billion. Progressive reported sales of $7.13 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 18.7%. The business is scheduled to announce its next earnings report on Wednesday, January 23rd.
On average, analysts expect that Progressive will report full-year sales of $32.11 billion for the current financial year, with estimates ranging from $31.84 billion to $32.40 billion. For the next fiscal year, analysts expect that the business will report sales of $36.73 billion, with estimates ranging from $35.54 billion to $38.05 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Progressive.
Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue for the quarter was up 20.5% on a year-over-year basis.
Several research firms recently weighed in on PGR. Credit Suisse Group set a $79.00 price target on shares of Progressive and gave the stock a “buy” rating in a research report on Tuesday, October 9th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. MKM Partners upped their price target on shares of Progressive to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, September 26th. B. Riley upped their price target on shares of Progressive from $68.00 to $71.00 and gave the stock a “neutral” rating in a research report on Monday, October 8th. Finally, Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $69.79.
Shares of PGR traded up $3.34 during mid-day trading on Friday, hitting $73.12. 4,782,622 shares of the company were exchanged, compared to its average volume of 3,389,301. Progressive has a 1-year low of $50.14 and a 1-year high of $73.69. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34. The company has a market cap of $39.83 billion, a PE ratio of 27.80, a price-to-earnings-growth ratio of 1.94 and a beta of 0.71.
In other news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following the completion of the sale, the chief financial officer now owns 390,584 shares in the company, valued at approximately $25,095,022. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,600 shares of company stock valued at $8,325,164. 0.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PGR. Principal Financial Group Inc. increased its holdings in shares of Progressive by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock worth $307,278,000 after buying an additional 47,656 shares during the last quarter. Cerebellum GP LLC acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $168,000. Gulf International Bank UK Ltd increased its holdings in shares of Progressive by 3.9% during the 2nd quarter. Gulf International Bank UK Ltd now owns 187,806 shares of the insurance provider’s stock worth $11,108,000 after buying an additional 7,000 shares during the last quarter. Clinton Group Inc. increased its holdings in shares of Progressive by 144.5% during the 2nd quarter. Clinton Group Inc. now owns 191,799 shares of the insurance provider’s stock worth $11,345,000 after buying an additional 113,361 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its holdings in shares of Progressive by 41.1% during the 2nd quarter. IFM Investors Pty Ltd now owns 26,140 shares of the insurance provider’s stock worth $1,546,000 after buying an additional 7,620 shares during the last quarter. Institutional investors and hedge funds own 79.89% of the company’s stock.
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.
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