Analysts expect Progressive Corp (NYSE:PGR) to report $1.01 earnings per share (EPS) for the current quarter, according to Zacks. Four analysts have issued estimates for Progressive’s earnings, with the highest EPS estimate coming in at $1.05 and the lowest estimate coming in at $0.95. Progressive reported earnings per share of $0.79 in the same quarter last year, which indicates a positive year over year growth rate of 27.8%. The company is scheduled to announce its next quarterly earnings results before the market opens on Wednesday, January 23rd.
On average, analysts expect that Progressive will report full-year earnings of $4.77 per share for the current fiscal year, with EPS estimates ranging from $4.72 to $4.81. For the next fiscal year, analysts expect that the business will report earnings of $4.86 per share, with EPS estimates ranging from $4.20 to $5.50. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that follow Progressive.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same period last year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 20.5% on a year-over-year basis.
Several equities research analysts have issued reports on the company. Credit Suisse Group set a $79.00 price objective on Progressive and gave the stock a “buy” rating in a report on Monday, October 15th. Morgan Stanley upgraded Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 target price for the company in a research note on Wednesday, November 7th. Citigroup increased their target price on Progressive from $70.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, October 12th. Barclays increased their target price on Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a research note on Monday, November 12th. Finally, Wells Fargo & Co set a $69.00 target price on Progressive and gave the company a “hold” rating in a research note on Wednesday, November 14th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $71.57.
Shares of NYSE PGR opened at $61.97 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. Progressive has a 1-year low of $50.79 and a 1-year high of $73.69. The firm has a market cap of $35.71 billion, a P/E ratio of 23.56, a P/E/G ratio of 1.72 and a beta of 0.76.
In other Progressive news, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $64.87, for a total value of $817,362.00. Following the completion of the sale, the insider now owns 253,256 shares in the company, valued at approximately $16,428,716.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John A. Barbagallo sold 5,948 shares of the firm’s stock in a transaction that occurred on Thursday, January 3rd. The stock was sold at an average price of $58.96, for a total value of $350,694.08. Following the completion of the sale, the insider now owns 177,370 shares of the company’s stock, valued at approximately $10,457,735.20. The disclosure for this sale can be found here. Insiders sold a total of 68,548 shares of company stock valued at $4,569,056 in the last quarter. Corporate insiders own 0.70% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Rehmann Capital Advisory Group boosted its position in shares of Progressive by 88.5% in the 3rd quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 339 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in shares of Progressive by 409.1% in the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock valued at $105,000 after buying an additional 1,125 shares during the period. ELM Advisors LLC bought a new stake in shares of Progressive in the third quarter valued at approximately $107,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Progressive in the third quarter valued at approximately $112,000. Finally, North Star Investment Management Corp. boosted its stake in shares of Progressive by 21.0% in the fourth quarter. North Star Investment Management Corp. now owns 3,375 shares of the insurance provider’s stock valued at $204,000 after buying an additional 585 shares during the period. 79.93% of the stock is owned by institutional investors and hedge funds.
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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