Progressive (NYSE:PGR) released its quarterly earnings data on Wednesday. The insurance provider reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.10, MarketWatch Earnings reports. The firm had revenue of $10.14 billion during the quarter, compared to analyst estimates of $9.72 billion. Progressive had a return on equity of 26.80% and a net margin of 9.18%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.66 earnings per share.
PGR stock opened at $85.89 on Thursday. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.39. Progressive has a 12-month low of $62.18 and a 12-month high of $84.96. The stock has a market cap of $49.46 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 2.25 and a beta of 0.51. The business’s 50-day moving average is $79.18 and its 200 day moving average is $77.63.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, July 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.47%. The ex-dividend date was Monday, July 6th. Progressive’s payout ratio is 5.95%.
A number of equities analysts have recently weighed in on PGR shares. Deutsche Bank upped their price objective on Progressive from $88.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Bank of America began coverage on Progressive in a research note on Monday, June 1st. They issued a “buy” rating for the company. Piper Sandler lowered Progressive from an “overweight” rating to a “neutral” rating and set a $88.00 price target for the company. in a research note on Thursday, June 11th. Raymond James raised Progressive from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $85.00 to $90.00 in a research note on Friday, April 3rd. Finally, ValuEngine lowered Progressive from a “hold” rating to a “sell” rating in a research note on Monday, May 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $85.71.
In other news, insider Andrew J. Quigg sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $74.26, for a total transaction of $297,040.00. Following the transaction, the insider now directly owns 8,063 shares in the company, valued at approximately $598,758.38. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $74.52, for a total value of $1,117,800.00. Following the transaction, the chief financial officer now owns 347,326 shares in the company, valued at $25,882,733.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,000 shares of company stock worth $2,598,490. 0.38% of the stock is currently owned by insiders.
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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