$9.40 Billion in Sales Expected for Progressive Corp (NYSE:PGR) This Quarter

Brokerages expect Progressive Corp (NYSE:PGR) to report $9.40 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Progressive’s earnings. The lowest sales estimate is $9.22 billion and the highest is $9.74 billion. Progressive reported sales of $8.31 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 13.1%. The business is expected to announce its next earnings report on Tuesday, October 15th.

On average, analysts expect that Progressive will report full year sales of $37.55 billion for the current fiscal year, with estimates ranging from $37.20 billion to $37.74 billion. For the next year, analysts expect that the firm will report sales of $41.42 billion, with estimates ranging from $40.11 billion to $42.89 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Progressive.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.23. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The company had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.13 billion. During the same quarter in the previous year, the firm earned $1.19 EPS. Progressive’s revenue was up 12.7% on a year-over-year basis.

A number of equities analysts have issued reports on the company. Credit Suisse Group reaffirmed an “underperform” rating on shares of MARKS & SPENCER/S in a report on Wednesday, April 17th. B. Riley set a $18.00 target price on TiVo and gave the stock a “buy” rating in a report on Thursday, June 13th. Buckingham Research set a $64.00 target price on Progressive and gave the stock a “hold” rating in a report on Monday, May 13th. UBS Group set a $25.00 target price on Macy’s and gave the stock a “hold” rating in a report on Friday, May 17th. Finally, Barclays reiterated a “buy” rating and issued a $65.00 price target on shares of Owens Corning in a research report on Monday, July 1st. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Progressive currently has an average rating of “Buy” and a consensus target price of $80.62.

PGR traded up $0.99 on Friday, reaching $81.19. The stock had a trading volume of 3,348,166 shares, compared to its average volume of 3,050,354. Progressive has a fifty-two week low of $56.71 and a fifty-two week high of $84.96. The firm’s 50-day moving average price is $81.86. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The stock has a market cap of $49.12 billion, a P/E ratio of 18.37, a price-to-earnings-growth ratio of 2.15 and a beta of 0.69.

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, July 5th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.49%. The ex-dividend date was Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 9.05%.

In other Progressive news, insider John A. Barbagallo sold 48,000 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $75.78, for a total transaction 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 approximately $6,393,558.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider M Jeffrey Charney sold 7,202 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $76.61, for a total transaction of $551,745.22. Following the transaction, the insider now directly owns 120,102 shares of the company’s stock, valued at approximately $9,201,014.22. The disclosure for this sale can be found here. Insiders have sold a total of 116,350 shares of company stock valued at $9,020,907 in the last three months. Insiders own 0.39% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGR. BlackRock Inc. raised its position in shares of Progressive by 0.9% during the 1st quarter. BlackRock Inc. now owns 41,390,620 shares of the insurance provider’s stock valued at $2,983,849,000 after buying an additional 358,718 shares in the last quarter. Janus Henderson Group PLC raised its position in Progressive by 2.9% in the 1st quarter. Janus Henderson Group PLC now owns 13,147,056 shares of the insurance provider’s stock worth $947,787,000 after purchasing an additional 374,526 shares during the period. JPMorgan Chase & Co. increased its position in shares of Progressive by 0.7% during the first quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock worth $747,404,000 after acquiring an additional 72,786 shares during the period. Geode Capital Management LLC increased its position in shares of Progressive by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock worth $450,389,000 after acquiring an additional 515,706 shares during the period. Finally, Northern Trust Corp increased its position in shares of Progressive by 2.6% during the first quarter. Northern Trust Corp now owns 7,163,441 shares of the insurance provider’s stock worth $516,412,000 after acquiring an additional 181,272 shares during the period. 79.02% of the stock is owned by institutional investors and hedge funds.

About Progressive

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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Earnings History and Estimates for Progressive (NYSE:PGR)

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