Progressive Corp (PGR) Expected to Announce Earnings of $0.72 Per Share
Wall Street brokerages expect Progressive Corp (NYSE:PGR) to report $0.72 earnings per share for the current quarter, Zacks reports. Four analysts have issued estimates for Progressive’s earnings, with estimates ranging from $0.66 to $0.87. Progressive reported earnings per share of $0.62 during the same quarter last year, which would indicate a positive year over year growth rate of 16.1%. The company is scheduled to report its next quarterly earnings report on Wednesday, January 24th.
According to Zacks, analysts expect that Progressive will report full year earnings of $2.39 per share for the current financial year, with EPS estimates ranging from $2.29 to $2.54. For the next year, analysts anticipate that the business will report earnings of $2.90 per share, with EPS estimates ranging from $2.70 to $3.45. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow Progressive.
Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.07. The business had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $7.04 billion. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The company’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period last year, the company earned $0.34 earnings per share.
Progressive (NYSE:PGR) traded up $0.42 during midday trading on Friday, hitting $53.60. 3,300,000 shares of the stock were exchanged, compared to its average volume of 2,699,711. Progressive has a twelve month low of $33.28 and a twelve month high of $54.00. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $30,929.49, a PE ratio of 23.22, a P/E/G ratio of 3.03 and a beta of 0.94.
In related news, insider M Jeffrey Charney sold 6,000 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $48.90, for a total value of $293,400.00. Following the transaction, the insider now owns 108,038 shares in the company, valued at $5,283,058.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey W. Basch sold 9,000 shares of the stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the transaction, the insider now owns 70,965 shares in the company, valued at approximately $3,422,641.95. The disclosure for this sale can be found here. Insiders sold 21,000 shares of company stock worth $1,024,470 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in PGR. Creative Planning boosted its position in Progressive by 0.4% during the second quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 23 shares during the period. APG Asset Management N.V. boosted its position in Progressive by 70.8% during the second quarter. APG Asset Management N.V. now owns 116,081 shares of the insurance provider’s stock worth $5,118,000 after purchasing an additional 48,100 shares during the period. Janney Montgomery Scott LLC boosted its position in Progressive by 91.4% during the second quarter. Janney Montgomery Scott LLC now owns 28,189 shares of the insurance provider’s stock worth $1,243,000 after purchasing an additional 13,459 shares during the period. Great West Life Assurance Co. Can boosted its position in Progressive by 35.8% during the second quarter. Great West Life Assurance Co. Can now owns 647,468 shares of the insurance provider’s stock worth $28,501,000 after purchasing an additional 170,515 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Progressive by 1.6% during the second quarter. CIBC Asset Management Inc now owns 53,956 shares of the insurance provider’s stock worth $2,379,000 after purchasing an additional 844 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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