Progressive Corp (PGR) Expected to Post Earnings of $1.05 Per Share

Wall Street brokerages forecast that Progressive Corp (NYSE:PGR) will report earnings of $1.05 per share for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Progressive’s earnings, with the lowest EPS estimate coming in at $0.91 and the highest estimate coming in at $1.16. Progressive reported earnings per share of $0.79 during the same quarter last year, which would suggest a positive year-over-year growth rate of 32.9%. The company is expected to issue its next quarterly earnings report on Wednesday, January 23rd.

On average, analysts expect that Progressive will report full-year earnings of $4.78 per share for the current fiscal year, with EPS estimates ranging from $4.66 to $4.91. For the next year, analysts anticipate that the firm will report earnings of $4.72 per share, with EPS estimates ranging from $4.20 to $5.50. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow Progressive.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The firm had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. During the same period in the prior year, the firm earned $0.38 EPS. The firm’s revenue was up 20.5% on a year-over-year basis.

Several equities analysts recently issued reports on PGR shares. Wells Fargo & Co reissued a “hold” rating and issued a $64.00 target price on shares of Progressive in a research report on Wednesday, August 15th. MKM Partners upped their target price on Progressive to $85.00 and gave the company a “buy” rating in a research report on Wednesday, September 26th. Citigroup cut their target price on Progressive from $66.00 to $63.00 and set a “neutral” rating on the stock in a research report on Thursday, July 12th. Credit Suisse Group set a $79.00 target price on Progressive and gave the company a “buy” rating in a research report on Friday, November 2nd. Finally, ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Progressive presently has a consensus rating of “Hold” and an average target price of $69.79.

In other news, CEO Susan Patricia Griffith sold 12,600 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.14, for a total transaction of $808,164.00. Following the sale, the chief executive officer now directly owns 265,856 shares of the company’s stock, valued at approximately $17,052,003.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John A. Barbagallo sold 50,000 shares of the stock in a transaction dated Friday, October 26th. The stock was sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the sale, the insider now directly owns 177,368 shares in the company, valued at $12,064,571.36. The disclosure for this sale can be found here. Insiders have sold a total of 124,600 shares of company stock worth $8,325,164 over the last ninety days. 0.70% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of PGR. Principal Financial Group Inc. boosted its stake in shares of Progressive by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock worth $307,278,000 after acquiring an additional 47,656 shares in the last quarter. Suntrust Banks Inc. boosted its stake in shares of Progressive by 6.9% during the 1st quarter. Suntrust Banks Inc. now owns 36,293 shares of the insurance provider’s stock worth $2,210,000 after acquiring an additional 2,333 shares in the last quarter. Cerebellum GP LLC purchased a new stake in shares of Progressive during the 2nd quarter worth about $168,000. Gulf International Bank UK Ltd boosted its stake in shares of Progressive by 3.9% during the 2nd quarter. Gulf International Bank UK Ltd now owns 187,806 shares of the insurance provider’s stock worth $11,108,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Clinton Group Inc. boosted its stake in shares of Progressive by 144.5% during the 2nd quarter. Clinton Group Inc. now owns 191,799 shares of the insurance provider’s stock worth $11,345,000 after acquiring an additional 113,361 shares in the last quarter. 79.89% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE PGR traded up $3.34 during mid-day trading on Wednesday, hitting $73.12. The stock had a trading volume of 4,782,622 shares, compared to its average volume of 3,389,301. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. Progressive has a twelve month low of $50.14 and a twelve month high of $73.69. The company has a market cap of $39.83 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 1.94 and a beta of 0.71.

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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Earnings History and Estimates for Progressive (NYSE:PGR)

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