Progressive Corp Expected to Post Q1 2019 Earnings of $1.10 Per Share (PGR)
Progressive Corp (NYSE:PGR) – Stock analysts at William Blair issued their Q1 2019 earnings per share (EPS) estimates for Progressive in a research note issued on Wednesday. William Blair analyst A. Klauber anticipates that the insurance provider will post earnings per share of $1.10 for the quarter. William Blair also issued estimates for Progressive’s Q2 2019 earnings at $0.80 EPS and Q3 2019 earnings at $0.94 EPS.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm’s revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 EPS.
Shares of Progressive (PGR) traded up $0.32 during trading on Thursday, hitting $55.46. 5,240,391 shares of the stock were exchanged, compared to its average volume of 2,845,431. The firm has a market cap of $32,069.42, a price-to-earnings ratio of 24.08, a PEG ratio of 3.12 and a beta of 0.94. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. Progressive has a 1-year low of $35.23 and a 1-year high of $56.23.
Several large investors have recently made changes to their positions in PGR. Janus Henderson Group PLC grew its position in shares of Progressive by 8,999.0% during the 2nd quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock valued at $285,384,000 after buying an additional 6,401,640 shares during the last quarter. William Blair Investment Management LLC grew its position in Progressive by 24,360.1% in the 2nd quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock worth $211,591,000 after purchasing an additional 4,779,442 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Progressive by 40.4% in the 2nd quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock worth $510,843,000 after purchasing an additional 3,332,180 shares during the last quarter. Bank of New York Mellon Corp grew its position in Progressive by 55.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after purchasing an additional 2,687,224 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in Progressive by 49.2% in the 3rd quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock worth $328,303,000 after purchasing an additional 2,234,425 shares during the last quarter. 79.55% of the stock is owned by institutional investors and hedge funds.
In related news, insider Jeffrey W. Basch sold 9,000 shares of the business’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the sale, the insider now owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $48.90, for a total transaction of $293,400.00. Following the sale, the insider now directly owns 108,038 shares of the company’s stock, valued at approximately $5,283,058.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,000 shares of company stock valued at $1,024,470. Insiders own 0.56% of the company’s stock.
Progressive Company Profile
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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