The Progressive (PGR) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS
The Progressive (NYSE:PGR) announced its earnings results on Thursday. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.01, American Banking News reports. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was up 5.5% on a year-over-year basis.
The Progressive (NYSE:PGR) opened at 25.19 on Thursday. The Progressive has a 1-year low of $22.53 and a 1-year high of $28.54. The stock’s 50-day moving average is $25.2 and its 200-day moving average is $24.67. The company has a market cap of $14.913 billion and a P/E ratio of 12.85.
A number of research firms have recently commented on PGR. Analysts at Deutsche Bank upgraded shares of The Progressive from a “sell” rating to a “hold” rating in a research note on Monday, June 16th. They now have a $24.00 price target on the stock, up previously from $20.00. On a related note, analysts at Citigroup Inc. reiterated a “hold” rating on shares of The Progressive in a research note on Tuesday, May 20th. They now have a $27.00 price target on the stock, up previously from $25.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of The Progressive in a research note on Friday, April 11th. They now have a $25.00 price target on the stock. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $24.44.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.