Equities analysts forecast that Progressive Corp (NYSE:PGR) will report sales of $8.88 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Progressive’s earnings. The lowest sales estimate is $8.85 billion and the highest is $8.92 billion. Progressive reported sales of $7.48 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 18.7%. The firm is expected to report its next quarterly earnings results before the market opens on Tuesday, April 16th.
On average, analysts expect that Progressive will report full-year sales of $37.49 billion for the current fiscal year, with estimates ranging from $36.47 billion to $37.94 billion. For the next financial year, analysts anticipate that the company will post sales of $41.51 billion, with estimates ranging from $39.39 billion to $42.93 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Progressive.
Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.57). The company had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.86 billion. Progressive had a net margin of 8.16% and a return on equity of 24.83%. The business’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period last year, the company posted $0.98 EPS.
A number of research firms have recently weighed in on PGR. Citigroup increased their price objective on Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Credit Suisse Group reissued a “buy” rating and set a $73.00 price objective on shares of Progressive in a research note on Thursday, January 3rd. Wells Fargo & Co reaffirmed a “hold” rating and issued a $70.00 price target on shares of Progressive in a research note on Wednesday, January 23rd. Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating in a research note on Tuesday, December 18th. Finally, Barclays raised Progressive from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $67.00 to $73.00 in a research note on Wednesday, January 9th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Progressive presently has an average rating of “Buy” and an average price target of $73.43.
Shares of NYSE:PGR traded down $0.25 during trading on Friday, reaching $72.36. 58,279 shares of the company traded hands, compared to its average volume of 2,748,123. The firm has a market cap of $41.91 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77. Progressive has a 52-week low of $56.71 and a 52-week high of $73.78. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 0.36.
The business also recently declared an annual dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a dividend yield of 0.14%. Progressive’s payout ratio is presently 59.05%.
In other news, insider Steven Broz sold 2,500 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $72.93, for a total transaction of $182,325.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $65.27, for a total value of $783,240.00. Following the completion of the sale, the chief financial officer now owns 392,019 shares of the company’s stock, valued at $25,587,080.13. The disclosure for this sale can be found here. Insiders have sold 114,100 shares of company stock valued at $7,722,825 over the last 90 days. Corporate insiders own 0.39% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC purchased a new position in Progressive in the fourth quarter worth about $27,000. Liberty Wealth Management LLC purchased a new position in Progressive in the fourth quarter worth about $30,000. Karp Capital Management Corp purchased a new position in Progressive in the fourth quarter worth about $32,000. Capital Investment Advisory Services LLC purchased a new position in Progressive in the fourth quarter worth about $33,000. Finally, Capital Financial Planning LLC purchased a new position in Progressive in the fourth quarter worth about $33,000. Institutional investors own 80.58% 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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