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.
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 Article: Float
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
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.