Wall Street brokerages expect Progressive Corp (NYSE:PGR) to announce earnings per share of $1.04 for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Progressive’s earnings, with the highest EPS estimate coming in at $1.18 and the lowest estimate coming in at $0.85. Progressive posted earnings per share of $0.59 in the same quarter last year, which indicates a positive year-over-year growth rate of 76.3%. The business is scheduled to issue its next quarterly earnings report before the market opens on Tuesday, July 17th.
According to Zacks, analysts expect that Progressive will report full-year earnings of $4.21 per share for the current fiscal year, with EPS estimates ranging from $3.85 to $4.40. For the next financial year, analysts expect that the business will post earnings of $4.23 per share, with EPS estimates ranging from $3.70 to $5.50. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Progressive.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, May 2nd. The insurance provider reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.10. Progressive had a net margin of 6.75% and a return on equity of 18.90%.
Several equities research analysts recently weighed in on the stock. MKM Partners upped their price objective on shares of Progressive to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, May 22nd. Keefe, Bruyette & Woods cut shares of Progressive from an “outperform” rating to a “market perform” rating and set a $45.00 price objective for the company. in a research report on Thursday, May 17th. Wells Fargo & Co set a $64.00 price objective on shares of Progressive and gave the stock a “hold” rating in a research report on Thursday, May 3rd. ValuEngine cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Thursday, May 17th. Finally, Buckingham Research upped their price objective on shares of Progressive from $48.00 to $52.00 and gave the stock an “underperform” rating in a research report on Thursday, May 17th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $55.47.
PGR opened at $58.71 on Monday. Progressive has a twelve month low of $43.59 and a twelve month high of $64.77. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market cap of $35.05 billion, a P/E ratio of 22.32, a PEG ratio of 1.95 and a beta of 0.67.
In other news, CEO Susan Patricia Griffith sold 12,600 shares of the stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $60.54, for a total value of $762,804.00. Following the completion of the transaction, the chief executive officer now owns 222,723 shares of the company’s stock, valued at $13,483,650.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $62.40, for a total transaction of $748,800.00. Following the completion of the transaction, the chief financial officer now directly owns 364,423 shares of the company’s stock, valued at approximately $22,739,995.20. The disclosure for this sale can be found here. Insiders sold 49,600 shares of company stock valued at $3,025,024 in the last three months. Company insiders own 0.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. First Republic Investment Management Inc. raised its holdings in Progressive by 72.2% in the 4th quarter. First Republic Investment Management Inc. now owns 31,856 shares of the insurance provider’s stock valued at $1,794,000 after buying an additional 13,357 shares during the last quarter. Bank of Hawaii bought a new position in Progressive in the 4th quarter valued at approximately $511,000. Carillon Tower Advisers Inc. bought a new position in Progressive in the 4th quarter valued at approximately $49,903,000. Institute for Wealth Management LLC. bought a new position in Progressive in the 4th quarter valued at approximately $1,190,000. Finally, Buckingham Asset Management LLC raised its holdings in Progressive by 14.2% in the 4th quarter. Buckingham Asset Management LLC now owns 10,666 shares of the insurance provider’s stock valued at $601,000 after buying an additional 1,329 shares during the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.
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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