Brokerages expect Progressive Corp (NYSE:PGR) to post sales of $7.14 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Progressive’s earnings. The lowest sales estimate is $6.76 billion and the highest is $7.34 billion. Progressive posted sales of $6.27 billion in the same quarter last year, which suggests a positive year over year growth rate of 13.9%. The firm is expected to issue its next quarterly earnings results on Tuesday, April 17th.
On average, analysts expect that Progressive will report full year sales of $7.14 billion for the current fiscal year, with estimates ranging from $29.75 billion to $31.15 billion. For the next year, analysts anticipate that the company will report sales of $33.68 billion per share, with estimates ranging from $32.26 billion to $34.91 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Progressive.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.02. The firm had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.66 EPS.
A number of equities research analysts have recently weighed in on PGR shares. B. Riley reaffirmed a “hold” rating and set a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. Morgan Stanley raised their price target on Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Citigroup raised their price target on Progressive from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 18th. Wells Fargo & Co set a $47.00 price target on Progressive and gave the stock a “hold” rating in a research note on Tuesday, October 17th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $58.00 price target on shares of Progressive in a research note on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Progressive has a consensus rating of “Hold” and an average price target of $50.65.
In other Progressive news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total value of $1,402,500.00. Following the sale, the insider now owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.56% of the company’s stock.
Large investors have recently made changes to their positions in the company. Lockheed Martin Investment Management Co. acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $872,000. Meeder Asset Management Inc. grew its holdings in shares of Progressive by 126.4% during the 3rd quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock worth $4,677,000 after purchasing an additional 53,917 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Progressive by 12.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 691,882 shares of the insurance provider’s stock worth $30,506,000 after purchasing an additional 74,853 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Progressive by 85.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock worth $42,613,000 after purchasing an additional 405,643 shares in the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of Progressive by 8.3% during the 3rd quarter. Brown Advisory Inc. now owns 46,734 shares of the insurance provider’s stock worth $2,262,000 after purchasing an additional 3,580 shares in the last quarter. 78.27% of the stock is currently owned by institutional investors.
Progressive (NYSE:PGR) traded up $3.08 on Friday, hitting $56.30. The stock had a trading volume of 6,304,580 shares, compared to its average volume of 4,120,000. Progressive has a 52 week low of $37.29 and a 52 week high of $58.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.37 and a quick ratio of 0.50. The stock has a market cap of $32,750.00, a P/E ratio of 20.62, a PEG ratio of 2.09 and a beta of 0.82.
The firm also recently announced an annual dividend, which was paid on Friday, February 9th. Shareholders of record on Friday, February 2nd were issued a $1.125 dividend. This represents a yield of 0.0203325501536237%. The ex-dividend date of this dividend was Thursday, February 1st. Progressive’s dividend payout ratio (DPR) is currently 41.03%.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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