Equities research analysts expect that Progressive Co. (NYSE:PGR) will announce $7.34 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Progressive’s earnings, with estimates ranging from $7.28 billion to $7.43 billion. Progressive posted sales of $6.27 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 17.1%. The business is scheduled to issue its next quarterly earnings results before the market opens on Tuesday, April 17th.
According to Zacks, analysts expect that Progressive will report full-year sales of $7.34 billion for the current financial year, with estimates ranging from $30.50 billion to $32.67 billion. For the next fiscal year, analysts expect that the business will report sales of $35.30 billion per share, with estimates ranging from $33.83 billion to $38.29 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Progressive.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The company had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same period in the prior year, the firm earned $0.66 earnings per share. The business’s quarterly revenue was up 21.6% on a year-over-year basis.
A number of analysts have commented on the stock. Wells Fargo set a $61.00 price objective on shares of Progressive and gave the company a “hold” rating in a research note on Monday, April 2nd. UBS upped their price objective on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, MKM Partners upped their price objective on shares of Progressive to $70.00 and gave the company a “buy” rating in a research note on Tuesday, March 27th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $51.56.
Several institutional investors and hedge funds have recently modified their holdings of PGR. New York State Common Retirement Fund increased its holdings in Progressive by 1.3% in the third quarter. New York State Common Retirement Fund now owns 1,556,400 shares of the insurance provider’s stock worth $75,361,000 after buying an additional 19,500 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Progressive by 12.8% in the third quarter. Advisors Asset Management Inc. now owns 13,726 shares of the insurance provider’s stock worth $665,000 after buying an additional 1,557 shares during the last quarter. Schroder Investment Management Group increased its holdings in Progressive by 224.5% in the third quarter. Schroder Investment Management Group now owns 168,420 shares of the insurance provider’s stock worth $8,094,000 after buying an additional 116,524 shares during the last quarter. Tiedemann Wealth Management LLC acquired a new position in Progressive in the third quarter worth approximately $200,000. Finally, Brown Advisory Inc. increased its holdings in Progressive by 8.3% in the third quarter. Brown Advisory Inc. now owns 46,734 shares of the insurance provider’s stock worth $2,262,000 after buying an additional 3,580 shares during the last quarter. Institutional investors own 81.08% of the company’s stock.
PGR stock traded down $1.21 during mid-day trading on Monday, reaching $60.04. 3,638,904 shares of the stock traded hands, compared to its average volume of 2,938,707. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.36. Progressive has a 52-week low of $38.61 and a 52-week high of $62.74. The firm has a market capitalization of $35,664.40, a PE ratio of 22.83, a P/E/G ratio of 2.26 and a beta of 0.65.
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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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