Analysts expect Progressive Corp (NYSE:PGR) to post $6.99 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Progressive’s earnings, with the lowest sales estimate coming in at $6.90 billion and the highest estimate coming in at $7.03 billion. Progressive posted sales of $6.00 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 16.5%. The company is expected to announce its next quarterly earnings results on Wednesday, January 24th.

On average, analysts expect that Progressive will report full year sales of $6.99 billion for the current financial year, with estimates ranging from $26.29 billion to $26.69 billion. For the next year, analysts anticipate that the firm will post sales of $30.18 billion per share, with estimates ranging from $29.40 billion to $31.11 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Progressive.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. During the same period in the prior year, the firm earned $0.34 earnings per share. The business’s quarterly revenue was up 18.1% compared to the same quarter last year.

A number of research firms recently weighed in on PGR. UBS restated a “buy” rating and set a $62.00 target price on shares of Progressive in a research note on Friday. B. Riley reiterated a “hold” rating and issued a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. MKM Partners increased their price target on shares of Progressive to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 16th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $58.00 price target on shares of Progressive in a research note on Friday, November 17th. Finally, Wells Fargo & Company set a $50.00 price target on shares of Progressive and gave the company a “hold” rating in a research note on Wednesday, November 15th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $48.35.

In related news, insider Jeffrey W. Basch sold 9,000 shares of the stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the sale, the insider now directly owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO M Jeffrey Charney sold 6,000 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $49.50, for a total value of $297,000.00. Following the sale, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at $5,050,881. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,000 shares of company stock valued at $1,024,470. Corporate insiders own 0.56% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of PGR. Lockheed Martin Investment Management Co. acquired a new stake in Progressive in the third quarter valued at $872,000. Meeder Asset Management Inc. lifted its holdings in Progressive by 126.4% in the third quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock valued at $4,677,000 after acquiring an additional 53,917 shares during the period. National Planning Corp lifted its holdings in Progressive by 28.0% in the second quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 1,995 shares during the period. JPMorgan Chase & Co. increased its position in shares of Progressive by 1.1% in the second quarter. JPMorgan Chase & Co. now owns 7,038,766 shares of the insurance provider’s stock valued at $310,340,000 after buying an additional 79,773 shares in the last quarter. Finally, Martingale Asset Management L P increased its position in shares of Progressive by 7.4% in the second quarter. Martingale Asset Management L P now owns 678,437 shares of the insurance provider’s stock valued at $29,913,000 after buying an additional 47,002 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Shares of Progressive (NYSE:PGR) opened at $53.60 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50. Progressive has a one year low of $33.28 and a one year high of $54.00. The firm has a market cap of $31,173.76, a P/E ratio of 23.41, a P/E/G ratio of 3.06 and a beta of 0.94.

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About Progressive

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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Earnings History and Estimates for Progressive (NYSE:PGR)

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