The Progressive Co. (NYSE:PGR) Expected to Announce Quarterly Sales of $12.77 Billion

Equities research analysts forecast that The Progressive Co. (NYSE:PGRGet Rating) will post $12.77 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Progressive’s earnings. The lowest sales estimate is $12.55 billion and the highest is $12.96 billion. Progressive reported sales of $11.44 billion during the same quarter last year, which indicates a positive year over year growth rate of 11.6%. The business is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Progressive will report full year sales of $51.54 billion for the current financial year, with estimates ranging from $50.48 billion to $52.55 billion. For the next year, analysts anticipate that the firm will report sales of $57.94 billion, with estimates ranging from $54.50 billion to $61.41 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Progressive.

Progressive (NYSE:PGRGet Rating) last released its quarterly earnings data on Wednesday, January 26th. The insurance provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.06. Progressive had a return on equity of 12.60% and a net margin of 4.54%. The company had revenue of $10.75 billion for the quarter, compared to analyst estimates of $10.78 billion. During the same period in the prior year, the company posted $1.83 EPS. The company’s revenue was up 12.6% compared to the same quarter last year.

A number of research firms recently commented on PGR. Piper Sandler lowered Progressive from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $113.00 to $100.00 in a research report on Monday, April 18th. The Goldman Sachs Group downgraded Progressive from a “buy” rating to a “neutral” rating and set a $116.00 price objective on the stock. in a report on Wednesday, March 2nd. Credit Suisse Group assumed coverage on Progressive in a report on Thursday. They set a “neutral” rating and a $124.00 price objective on the stock. UBS Group downgraded Progressive from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $106.00 to $114.00 in a report on Monday, February 14th. They noted that the move was a valuation call. Finally, Evercore ISI raised Progressive from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $90.00 to $118.00 in a report on Thursday, January 6th. Seven investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $103.20.

In other Progressive news, Director Jeffrey D. Kelly sold 10,000 shares of the stock in a transaction dated Thursday, April 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the director now owns 48,720 shares in the company, valued at approximately $5,846,400. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Daniel P. Mascaro sold 558 shares of the stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $113.59, for a total value of $63,383.22. Following the transaction, the insider now owns 39,445 shares of the company’s stock, valued at approximately $4,480,557.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 80,188 shares of company stock valued at $8,979,401. Corporate insiders own 0.37% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Patten & Patten Inc. TN grew its holdings in shares of Progressive by 0.4% in the 1st quarter. Patten & Patten Inc. TN now owns 181,993 shares of the insurance provider’s stock valued at $20,745,000 after acquiring an additional 655 shares in the last quarter. Alaska Permanent Fund Corp lifted its stake in Progressive by 7.4% in the 1st quarter. Alaska Permanent Fund Corp now owns 1,723 shares of the insurance provider’s stock valued at $196,000 after purchasing an additional 118 shares during the last quarter. Markel Corp lifted its stake in Progressive by 4.1% in the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after purchasing an additional 29,750 shares during the last quarter. Cornerstone Investment Partners LLC lifted its stake in Progressive by 1.4% in the 1st quarter. Cornerstone Investment Partners LLC now owns 339,322 shares of the insurance provider’s stock valued at $38,679,000 after purchasing an additional 4,552 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its stake in Progressive by 287.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 76,268 shares of the insurance provider’s stock valued at $8,694,000 after purchasing an additional 56,572 shares during the last quarter. Institutional investors own 82.75% of the company’s stock.

Shares of PGR stock traded down $3.06 during trading hours on Friday, hitting $107.36. The company had a trading volume of 2,771,063 shares, compared to its average volume of 2,626,262. The firm has a market capitalization of $62.79 billion, a price-to-earnings ratio of 29.17, a PEG ratio of 1.28 and a beta of 0.47. Progressive has a 12 month low of $89.35 and a 12 month high of $120.17. The firm’s fifty day moving average is $110.54 and its 200 day moving average is $104.12. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.33 and a current ratio of 0.33.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, April 7th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date was Wednesday, April 6th. Progressive’s dividend payout ratio is currently 10.87%.

About Progressive (Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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