Progressive Corp (NYSE:PGR) – B. Riley issued their Q1 2019 earnings estimates for Progressive in a research note issued to investors on Wednesday, March 13th. B. Riley analyst R. Binner anticipates that the insurance provider will post earnings of $1.34 per share for the quarter. B. Riley has a “Buy” rating and a $81.00 price objective on the stock. B. Riley also issued estimates for Progressive’s Q2 2019 earnings at $1.16 EPS, Q3 2019 earnings at $1.21 EPS, Q4 2019 earnings at $1.24 EPS, Q1 2020 earnings at $1.36 EPS, Q2 2020 earnings at $1.25 EPS, Q3 2020 earnings at $1.28 EPS and Q4 2020 earnings at $1.26 EPS.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.57). Progressive had a return on equity of 24.83% and a net margin of 8.16%. The business had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. Progressive’s quarterly revenue was up 17.6% compared to the same quarter last year.

Several other equities analysts also recently commented on the company. Credit Suisse Group reiterated a “buy” rating and issued a $73.00 target price on shares of Progressive in a research report on Thursday, January 3rd. Wells Fargo & Co set a $69.00 target price on Progressive and gave the company a “hold” rating in a research report on Wednesday, December 12th. Barclays upgraded Progressive from an “underweight” rating to an “overweight” rating and increased their target price for the company from $67.00 to $73.00 in a research report on Wednesday, January 9th. Buckingham Research upgraded Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 target price for the company in a research report on Monday, November 19th. Finally, Citigroup increased their target price on Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, February 14th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Progressive has an average rating of “Buy” and an average target price of $72.50.

Progressive stock opened at $72.86 on Friday. The company has a quick ratio of 0.32, a current ratio of 0.36 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $42.96 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.98 and a beta of 0.78. Progressive has a 12 month low of $56.71 and a 12 month high of $73.78.

The business also recently disclosed an annual dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 4th. This represents a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is 56.79%.

In other news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $65.27, for a total transaction of $783,240.00. Following the completion of the transaction, the chief financial officer now directly owns 392,019 shares in the company, valued at $25,587,080.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $70.30, for a total value of $885,780.00. Following the transaction, the insider now owns 260,138 shares of the company’s stock, valued at $18,287,701.40. The disclosure for this sale can be found here. Insiders have sold 108,048 shares of company stock valued at $7,201,719 over the last 90 days. 0.70% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC acquired a new stake in Progressive during the fourth quarter worth approximately $27,000. Karp Capital Management Corp acquired a new stake in Progressive during the fourth quarter worth approximately $32,000. Capital Investment Advisory Services LLC acquired a new stake in Progressive during the fourth quarter worth approximately $33,000. Capital Financial Planning LLC acquired a new stake in Progressive during the fourth quarter worth approximately $33,000. Finally, JOYN Advisors Inc. grew its stake in Progressive by 46.3% during the fourth quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 186 shares during the period. 79.85% of the stock is owned by institutional investors and hedge funds.

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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