Progressive Corp. (PGR) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS
Progressive Corp. (NYSE:PGR) issued its quarterly earnings data on Wednesday. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.07, Analyst RN reports. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same quarter in the previous year, the company posted $0.41 earnings per share. The company’s revenue for the quarter was up 5.5% on a year-over-year basis.
Shares of Progressive Corp. (NYSE:PGR) traded down 1.77% on Wednesday, hitting $25.47. 4,264,919 shares of the company’s stock traded hands. Progressive Corp. has a 52 week low of $22.33 and a 52 week high of $28.54. The stock’s 50-day moving average is $26.59 and its 200-day moving average is $26.42. The company has a market cap of $15.282 billion and a P/E ratio of 14.09.
The company also recently announced a special dividend, which is scheduled for Friday, February 7th. Stockholders of record on Wednesday, January 29th will be paid a dividend of 1.00 per share. This represents a dividend yield of 1.07%. The ex-dividend date is Monday, January 27th.
PGR has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Progressive Corp. in a research note to investors on Tuesday, January 14th. They now have a $27.00 price target on the stock. On a related note, analysts at Nomura reiterated a “reduce” rating on shares of Progressive Corp. in a research note to investors on Thursday, December 12th. They now have a $21.00 price target on the stock, up previously from $20.00. Finally, analysts at Goldman Sachs Group Inc. upgraded shares of Progressive Corp. from a “sell” rating to a “neutral” rating in a research note to investors on Monday, December 2nd. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Progressive Corp. has an average rating of “Hold” and a consensus target price of $24.96.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and mutual insurance company affiliate provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services.
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