Zacks: Brokerages Anticipate Progressive Corp (NYSE:PGR) to Post $1.40 Earnings Per Share

Equities research analysts expect Progressive Corp (NYSE:PGR) to post earnings of $1.40 per share for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Progressive’s earnings, with estimates ranging from $1.20 to $1.48. Progressive reported earnings per share of $1.19 in the same quarter last year, which would suggest a positive year-over-year growth rate of 17.6%. The firm is scheduled to issue its next earnings results before the market opens on Wednesday, July 17th.

According to Zacks, analysts expect that Progressive will report full year earnings of $5.23 per share for the current financial year, with EPS estimates ranging from $4.90 to $5.50. For the next year, analysts expect that the business will report earnings of $5.58 per share, with EPS estimates ranging from $5.00 to $6.20. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that follow Progressive.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.45. The business had revenue of $9.24 billion for the quarter, compared to analyst estimates of $9.20 billion. Progressive had a return on equity of 27.10% and a net margin of 8.77%. Progressive’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the company posted $1.22 earnings per share.

Several brokerages have issued reports on PGR. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, June 6th. Janney Montgomery Scott initiated coverage on Progressive in a research note on Thursday, June 20th. They issued a “neutral” rating and a $59.00 target price on the stock. B. Riley boosted their price objective on Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a research note on Monday, May 27th. Finally, UBS Group boosted their price objective on Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Five 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 stock. The stock currently has a consensus rating of “Buy” and an average target price of $79.31.

In other news, insider Susan Patricia Griffith sold 22,500 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $78.01, for a total value of $1,755,225.00. Following the completion of the transaction, the insider now directly owns 250,162 shares in the company, valued at approximately $19,515,137.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John A. Barbagallo sold 48,000 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $75.78, for a total value of $3,637,440.00. Following the completion of the transaction, the insider now owns 84,370 shares of the company’s stock, valued at $6,393,558.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,350 shares of company stock worth $11,313,287. 0.39% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Progressive by 106.0% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 5,112,626 shares of the insurance provider’s stock valued at $368,569,000 after acquiring an additional 2,631,367 shares during the last quarter. FMR LLC lifted its stake in shares of Progressive by 11.2% in the 1st quarter. FMR LLC now owns 4,851,497 shares of the insurance provider’s stock valued at $349,744,000 after acquiring an additional 490,215 shares during the last quarter. Horizon Investments LLC bought a new stake in shares of Progressive in the 1st quarter valued at about $205,000. Weiss Asset Management LP bought a new stake in shares of Progressive in the 1st quarter valued at about $201,000. Finally, Hendley & Co. Inc. bought a new stake in shares of Progressive in the 1st quarter valued at about $3,635,000. Hedge funds and other institutional investors own 79.02% of the company’s stock.

Shares of PGR traded down $0.80 during mid-day trading on Tuesday, hitting $80.36. The stock had a trading volume of 3,015,400 shares, compared to its average volume of 3,061,945. The company has a market capitalization of $46.79 billion, a price-to-earnings ratio of 18.18, a P/E/G ratio of 2.07 and a beta of 0.74. The stock’s fifty day moving average price is $79.38. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. Progressive has a 52 week low of $56.71 and a 52 week high of $84.30.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.50%. Progressive’s payout ratio is 9.05%.

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.

Featured Story: What is a stock portfolio tracker?

Get a free copy of the Zacks research report on Progressive (PGR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.