Progressive (NYSE:PGR) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Progressive reported quarterly earnings of $4.37 per share, topping the consensus estimate of $4.35 but declining from $4.45 in the same quarter last year.
• Shares rose 1.1% to open at $222.81. Analysts have a consensus “Hold” rating and an average price target of $234.95.
• The company paid a quarterly dividend of $0.10 per share, representing an annualized dividend of $0.40 and a 0.2% yield; insiders have sold more than 106,000 shares worth approximately $23 million over the past 90 days.

Progressive (NYSE:PGR - Get Free Report) posted its quarterly earnings data on Wednesday. The insurance provider reported $4.37 earnings per share for the quarter, beating the consensus estimate of $4.35 by $0.02, Briefing.com reports. Progressive had a net margin of 12.84% and a return on equity of 32.92%. During the same quarter last year, the business posted $4.45 earnings per share.

Progressive Stock Up 1.1%

Shares of NYSE:PGR opened at $222.81 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $129.53 billion, a PE ratio of 11.17, a price-to-earnings-growth ratio of 2.39 and a beta of 0.25. Progressive has a 52 week low of $189.20 and a 52 week high of $241.01. The firm has a 50 day simple moving average of $214.72 and a 200 day simple moving average of $209.19.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.01%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods restated an "outperform" rating and set a $250.00 target price on shares of Progressive in a report on Friday, September 18th. Barclays upped their price target on Progressive from $246.00 to $247.00 and gave the company an "overweight" rating in a report on Wednesday, October 7th. Wells Fargo & Company increased their price objective on Progressive from $198.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday, August 20th. Piper Sandler raised their price objective on Progressive from $241.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, August 20th. Finally, Mizuho decreased their target price on Progressive from $236.00 to $230.00 and set a "neutral" rating on the stock in a report on Wednesday, September 16th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and an average target price of $234.95.

Insider Transactions at Progressive

In other news, insider John Murphy sold 8,124 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares in the company, valued at $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the sale, the chief financial officer directly owned 42,595 shares of the company's stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 106,782 shares of company stock worth $22,965,332. 0.32% of the stock is currently owned by insiders.

About Progressive

Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.

The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.

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