Progressive (NYSE:PGR) released its earnings results on Wednesday. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.23, Briefing.com reports. Progressive had a return on equity of 27.82% and a net margin of 9.19%. The firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same period in the prior year, the firm earned $1.19 EPS. The firm’s revenue was up 12.7% on a year-over-year basis.
PGR stock opened at $79.98 on Friday. The stock’s 50-day moving average price is $81.87. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.40 and a current ratio of 0.41. Progressive has a 52-week low of $56.71 and a 52-week high of $84.96. The stock has a market cap of $47.41 billion, a price-to-earnings ratio of 18.10, a P/E/G ratio of 2.05 and a beta of 0.69.
The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, July 5th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend was Wednesday, July 3rd. Progressive’s payout ratio is currently 9.05%.
Several research firms have commented on PGR. Buckingham Research set a $64.00 price target on shares of Progressive and gave the company a “hold” rating in a report on Monday, May 13th. Janney Montgomery Scott began coverage on shares of Progressive in a report on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price target on the stock. Barclays reaffirmed a “buy” rating and issued a $65.00 price target on shares of Owens Corning in a report on Monday, July 1st. Zacks Investment Research raised shares of GALP ENERGIA SG/ADR from a “sell” rating to a “hold” rating in a report on Monday, May 27th. Finally, Credit Suisse Group reaffirmed an “underperform” rating on shares of MARKS & SPENCER/S in a report on Wednesday, April 17th. Six equities research 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 company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $80.62.
In other news, Director Dyke Kahina Van sold 1,715 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $78.49, for a total transaction of $134,610.35. Following the sale, the director now directly owns 2,464 shares of the company’s stock, valued at approximately $193,399.36. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $81.63, for a total transaction of $979,560.00. Following the sale, the chief financial officer now directly owns 335,815 shares in the company, valued at $27,412,578.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 116,350 shares of company stock worth $9,020,907. Corporate insiders own 0.39% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Archford Capital Strategies LLC boosted its stake in shares of Progressive by 49.5% during the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 135 shares in the last quarter. Creative Planning lifted its stake in Progressive by 0.8% in the 1st quarter. Creative Planning now owns 16,896 shares of the insurance provider’s stock valued at $1,218,000 after buying an additional 137 shares in the last quarter. JLB & Associates Inc. lifted its stake in Progressive by 2.0% in the 1st quarter. JLB & Associates Inc. now owns 6,970 shares of the insurance provider’s stock valued at $502,000 after buying an additional 140 shares in the last quarter. Cornerstone Advisors Inc. lifted its stake in Progressive by 5.4% in the 2nd quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock valued at $219,000 after buying an additional 141 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC lifted its stake in Progressive by 10.7% in the 1st quarter. Prime Capital Investment Advisors LLC now owns 1,521 shares of the insurance provider’s stock valued at $110,000 after buying an additional 147 shares in the last quarter. 79.02% of the stock is currently owned by institutional investors and hedge funds.
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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