The Progressive Co. (NYSE:PGR) Expected to Post Earnings of $0.97 Per Share

Brokerages forecast that The Progressive Co. (NYSE:PGRGet Rating) will announce earnings of $0.97 per share for the current quarter, according to Zacks. Four analysts have issued estimates for Progressive’s earnings, with estimates ranging from $0.53 to $1.14. Progressive posted earnings per share of $1.51 in the same quarter last year, which would suggest a negative year over year growth rate of 35.8%. The company is expected to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Progressive will report full year earnings of $4.74 per share for the current fiscal year, with EPS estimates ranging from $3.65 to $5.87. For the next year, analysts expect that the firm will report earnings of $6.32 per share, with EPS estimates ranging from $5.55 to $7.54. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Progressive.

Progressive (NYSE:PGRGet Rating) last announced its earnings results on Thursday, April 14th. The insurance provider reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). The business had revenue of $12.29 billion during the quarter, compared to analyst estimates of $12.24 billion. Progressive had a net margin of 4.54% and a return on equity of 12.85%.

A number of equities analysts have recently weighed in on PGR shares. The Goldman Sachs Group cut shares of Progressive from a “buy” rating to a “neutral” rating and set a $116.00 price target on the stock. in a research note on Wednesday, March 2nd. Piper Sandler lowered shares of Progressive from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $113.00 to $100.00 in a research report on Monday, April 18th. Barclays upped their target price on shares of Progressive from $88.00 to $90.00 and gave the company an “underweight” rating in a report on Thursday. StockNews.com began coverage on shares of Progressive in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company upped their price objective on shares of Progressive from $88.00 to $96.00 and gave the company an “underweight” rating in a research note on Tuesday, April 12th. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $107.00.

Shares of Progressive stock traded down $1.48 during trading on Thursday, reaching $110.42. The company’s stock had a trading volume of 3,110,273 shares, compared to its average volume of 2,832,219. The company has a 50-day moving average price of $112.00 and a two-hundred day moving average price of $105.64. The firm has a market cap of $64.58 billion, a PE ratio of 30.01, a P/E/G ratio of 1.32 and a beta of 0.50. Progressive has a fifty-two week low of $89.35 and a fifty-two week high of $120.17. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.39.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, July 7th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date is Wednesday, July 6th. Progressive’s payout ratio is 10.87%.

In related news, Director Jeffrey D. Kelly sold 10,000 shares of the company’s stock in a transaction on Monday, April 4th. The stock was sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the transaction, the director now directly owns 58,720 shares in the company, valued at $6,752,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 46,735 shares of the company’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $110.26, for a total value of $5,153,001.10. The disclosure for this sale can be found here. Insiders sold a total of 76,957 shares of company stock worth $8,632,952 over the last three months. 0.37% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in PGR. First Horizon Advisors Inc. grew its holdings in shares of Progressive by 126.8% during the third quarter. First Horizon Advisors Inc. now owns 1,386 shares of the insurance provider’s stock worth $147,000 after purchasing an additional 775 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Progressive by 11.3% in the third quarter. Geneos Wealth Management Inc. now owns 17,601 shares of the insurance provider’s stock valued at $1,600,000 after acquiring an additional 1,782 shares during the last quarter. Evolution Wealth Advisors LLC boosted its holdings in Progressive by 69.0% in the third quarter. Evolution Wealth Advisors LLC now owns 453 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 185 shares during the last quarter. Oakworth Capital Inc. bought a new position in Progressive in the third quarter valued at about $27,000. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Progressive by 31.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 16,353,656 shares of the insurance provider’s stock valued at $1,478,206,000 after acquiring an additional 3,924,541 shares during the last quarter. Hedge funds and other institutional investors own 83.68% of the company’s stock.

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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