Zacks: Brokerages Expect Progressive Corp (PGR) Will Announce Earnings of $1.01 Per Share

Wall Street brokerages predict that Progressive Corp (NYSE:PGR) will announce earnings of $1.01 per share for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Progressive’s earnings, with estimates ranging from $0.95 to $1.05. Progressive posted earnings of $0.79 per share in the same quarter last year, which would suggest a positive year over year growth rate of 27.8%. The business is scheduled to issue its next quarterly earnings report before the market opens on Wednesday, January 23rd.

On average, analysts expect that Progressive will report full-year earnings of $4.77 per share for the current financial year, with EPS estimates ranging from $4.72 to $4.81. For the next financial year, analysts anticipate that the business will post earnings of $4.86 per share, with EPS estimates ranging from $4.20 to $5.50. Zacks Investment Research’s EPS averages are a mean average based on a survey of research analysts that cover Progressive.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.43. The business had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The business’s revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the company earned $0.38 EPS.



A number of brokerages have recently commented on PGR. UBS Group raised their price objective on shares of Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, September 19th. Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. B. Riley lifted their price target on shares of Progressive from $68.00 to $71.00 and gave the company a “neutral” rating in a research note on Monday, October 8th. Wells Fargo & Co set a $69.00 price target on shares of Progressive and gave the company a “hold” rating in a research note on Tuesday, October 16th. Finally, Credit Suisse Group dropped their price target on shares of Progressive from $79.00 to $74.00 and set a “buy” rating on the stock in a research note on Thursday, December 20th. Six 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. The company has a consensus rating of “Buy” and a consensus target price of $71.57.

In other Progressive news, insider John A. Barbagallo sold 5,948 shares of the firm’s stock in a transaction on Thursday, January 3rd. The stock was sold at an average price of $58.96, for a total value of $350,694.08. Following the transaction, the insider now owns 177,370 shares in the company, valued at approximately $10,457,735.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $64.87, for a total value of $817,362.00. Following the completion of the transaction, the insider now owns 253,256 shares in the company, valued at approximately $16,428,716.72. The disclosure for this sale can be found here. Insiders sold a total of 68,548 shares of company stock worth $4,569,056 in the last three months. 0.70% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Inverness Counsel LLC NY raised its holdings in shares of Progressive by 0.7% during the 3rd quarter. Inverness Counsel LLC NY now owns 581,349 shares of the insurance provider’s stock worth $41,299,000 after acquiring an additional 4,320 shares during the period. BB&T Corp raised its holdings in shares of Progressive by 22.5% during the 3rd quarter. BB&T Corp now owns 36,457 shares of the insurance provider’s stock worth $2,589,000 after acquiring an additional 6,698 shares during the period. Morgan Stanley raised its holdings in shares of Progressive by 27.5% during the 2nd quarter. Morgan Stanley now owns 874,445 shares of the insurance provider’s stock worth $51,725,000 after acquiring an additional 188,567 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Progressive by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock worth $779,788,000 after acquiring an additional 476,696 shares during the period. Finally, First Republic Investment Management Inc. raised its holdings in shares of Progressive by 6.9% during the 2nd quarter. First Republic Investment Management Inc. now owns 38,119 shares of the insurance provider’s stock worth $2,254,000 after acquiring an additional 2,477 shares during the period. Institutional investors own 79.93% of the company’s stock.

Shares of NYSE PGR opened at $61.97 on Tuesday. The company has a market cap of $35.71 billion, a PE ratio of 23.56, a PEG ratio of 1.72 and a beta of 0.76. Progressive has a 12 month low of $50.79 and a 12 month high of $73.69. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.42 and a current ratio of 0.42.

About Progressive

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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