Progressive (NYSE:PGR) Posts Quarterly Earnings Results, Beats Estimates By $0.95 EPS

Progressive (NYSE:PGR) issued its quarterly earnings data on Wednesday. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.72 by $0.95, Briefing.com reports. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $21.25 billion. During the same quarter last year, the company posted $5.40 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year.

Progressive Stock Down 8.1%

Progressive stock traded down $18.32 on Wednesday, hitting $208.26. 735,021 shares of the stock traded hands, compared to its average volume of 3,257,958. Progressive has a 1 year low of $189.20 and a 1 year high of $254.93. The firm has a market cap of $121.70 billion, a P/E ratio of 10.60, a price-to-earnings-growth ratio of 4.43 and a beta of 0.26. The business’s fifty day simple moving average is $208.13 and its 200 day simple moving average is $206.80. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.03%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PGR shares. Royal Bank Of Canada set a $208.00 target price on Progressive in a research note on Friday, May 22nd. Mizuho increased their target price on Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods raised their price objective on Progressive from $210.00 to $231.00 and gave the company a “market perform” rating in a report on Wednesday, July 8th. HSBC boosted their target price on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Five analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average price target of $236.74.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,157 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This represents a 4.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 15,230 shares of company stock worth $3,165,817. Company insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive during the fourth quarter worth $29,000. Acumen Wealth Advisors LLC purchased a new position in Progressive in the 4th quarter valued at approximately $33,000. Swiss RE Ltd. acquired a new stake in shares of Progressive in the fourth quarter valued at $36,000. Darwin Wealth Management LLC purchased a new position in shares of Progressive in the 2nd quarter valued at about $54,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Progressive during the fourth quarter worth approximately $53,000. 85.34% of the stock is owned by institutional investors and hedge funds.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.