Progressive (PGR) Projected to Post Quarterly Earnings on Wednesday

Progressive (NYSE:PGR) is projected to issue its quarterly earnings data before the market opens on Wednesday, January 22nd. Analysts expect the company to announce earnings of $3.44 per share for the quarter.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, analysts expect Progressive to post $13 EPS for the current fiscal year and $14 EPS for the next fiscal year.

Progressive Price Performance

Progressive stock traded up $2.41 during trading hours on Wednesday, hitting $242.17. The stock had a trading volume of 3,498,037 shares, compared to its average volume of 2,679,767. Progressive has a 1-year low of $166.92 and a 1-year high of $270.62. The stock has a market capitalization of $141.87 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 0.70 and a beta of 0.41. The stock’s fifty day moving average is $251.06 and its two-hundred day moving average is $242.00. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s payout ratio is 2.91%.

Insider Activity at Progressive

In other news, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the transaction, the chief executive officer now owns 473,736 shares in the company, valued at $114,691,485.60. The trade was a 1.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,919 shares of company stock worth $8,222,168. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

PGR has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Wells Fargo & Company raised their price target on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research report on Tuesday, December 10th. Finally, Evercore ISI lifted their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $275.24.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.