Progressive (NYSE:PGR) released its quarterly earnings results on Wednesday. The insurance provider reported $1.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.10, MarketWatch Earnings reports. Progressive had a return on equity of 26.80% and a net margin of 9.18%. The company had revenue of $10.14 billion for the quarter, compared to analyst estimates of $9.72 billion. During the same period in the previous year, the company posted $1.66 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis.
NYSE PGR opened at $85.89 on Thursday. The firm has a market cap of $49.46 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 2.25 and a beta of 0.51. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $79.18 and a 200-day moving average price of $77.63. Progressive has a twelve month low of $62.18 and a twelve month high of $84.96.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, July 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Monday, July 6th. Progressive’s dividend payout ratio (DPR) is 5.95%.
Several equities research analysts recently weighed in on the company. Bank of America assumed coverage on Progressive in a research report on Monday, June 1st. They set a “buy” rating on the stock. Piper Sandler lowered Progressive from an “overweight” rating to a “neutral” rating and set a $88.00 price target on the stock. in a research report on Thursday, June 11th. ValuEngine downgraded Progressive from a “hold” rating to a “sell” rating in a report on Monday, May 4th. Credit Suisse Group reissued a “buy” rating and issued a $79.00 target price on shares of Progressive in a report on Thursday, April 2nd. Finally, Raymond James raised Progressive from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $85.00 to $90.00 in a report on Friday, April 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Progressive currently has an average rating of “Buy” and an average target price of $85.71.
In other news, CFO John P. Sauerland sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $78.91, for a total value of $1,183,650.00. Following the completion of the transaction, the chief financial officer now owns 332,326 shares of the company’s stock, valued at $26,223,844.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 4,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $74.26, for a total value of $297,040.00. Following the completion of the transaction, the insider now directly owns 8,063 shares of the company’s stock, valued at approximately $598,758.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,000 shares of company stock valued at $2,598,490. Corporate insiders own 0.38% of the company’s stock.
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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