Equities research analysts forecast that The Progressive Co. (NYSE:PGR - Get Rating) will report sales of $12.76 billion for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Progressive's earnings, with the highest sales estimate coming in at $12.96 billion and the lowest estimate coming in at $12.55 billion. Progressive reported sales of $11.44 billion during the same quarter last year, which would suggest a positive year over year growth rate of 11.5%. The business is scheduled to report its next quarterly earnings results on Monday, January 1st.
According to Zacks, analysts expect that Progressive will report full year sales of $51.58 billion for the current financial year, with estimates ranging from $50.49 billion to $52.55 billion. For the next year, analysts forecast that the firm will report sales of $58.55 billion, with estimates ranging from $56.07 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:PGR - Get Rating) last posted its quarterly earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.12). Progressive had a net margin of 4.54% and a return on equity of 12.85%. The business had revenue of $12.29 billion during the quarter, compared to the consensus estimate of $12.24 billion.
A number of analysts recently weighed in on PGR shares. Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $85.00 to $115.00 in a report on Monday, May 9th. Edward Jones lowered shares of Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, February 9th. Raymond James upped their target price on shares of Progressive from $125.00 to $130.00 and gave the stock an "outperform" rating in a report on Friday, March 18th. UBS Group lowered shares of Progressive from a "buy" rating to a "neutral" rating and upped their target price 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, Barclays upped their target price on shares of Progressive from $85.00 to $88.00 and gave the stock an "underweight" rating in a report on Thursday, March 17th. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $106.87.
Progressive stock opened at $107.82 on Friday. The firm's 50 day simple moving average is $111.49 and its 200 day simple moving average is $105.20. 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 firm has a market capitalization of $63.06 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 1.30 and a beta of 0.50. Progressive has a 1-year low of $89.35 and a 1-year high of $120.17.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, April 7th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.37%. Progressive's dividend payout ratio (DPR) is 10.87%.
In other Progressive news, insider Daniel P. Mascaro sold 558 shares of the stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $113.59, for a total transaction of $63,383.22. Following the completion of the sale, the insider now owns 39,445 shares of the company's stock, valued at approximately $4,480,557.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 46,735 shares of the stock in a transaction on Friday, March 18th. The shares were sold at an average price of $110.26, for a total transaction 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 valued at $8,632,952 in the last ninety days. 0.37% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PGR. Norges Bank bought a new position in Progressive in the 4th quarter worth $560,913,000. Victory Capital Management Inc. increased its stake in shares of Progressive by 425.0% in the 4th quarter. Victory Capital Management Inc. now owns 2,893,646 shares of the insurance provider's stock worth $297,033,000 after acquiring an additional 2,342,430 shares in the last quarter. BlackRock Inc. increased its stake in shares of Progressive by 3.1% in the 4th quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider's stock worth $4,700,376,000 after acquiring an additional 1,393,588 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Progressive by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 48,453,671 shares of the insurance provider's stock worth $5,523,234,000 after acquiring an additional 1,250,492 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Progressive by 15.8% in the 4th quarter. Alliancebernstein L.P. now owns 8,824,278 shares of the insurance provider's stock worth $905,812,000 after acquiring an additional 1,205,937 shares in the last quarter. Institutional investors and hedge funds 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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