Brokerages Expect Progressive Corp (PGR) to Announce $0.77 EPS

Brokerages forecast that Progressive Corp (NYSE:PGR) will report $0.77 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Progressive’s earnings, with the lowest EPS estimate coming in at $0.67 and the highest estimate coming in at $0.87. Progressive reported earnings of $0.62 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 24.2%. The business is expected to issue its next earnings report before the market opens on Wednesday, January 24th.

On average, analysts expect that Progressive will report full year earnings of $2.47 per share for the current fiscal year, with EPS estimates ranging from $2.40 to $2.54. For the next year, analysts expect that the company will post earnings of $3.27 per share, with EPS estimates ranging from $2.85 to $3.70. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Progressive.

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

Several brokerages have issued reports on PGR. Wells Fargo & Co set a $55.00 target price on Progressive and gave the company a “hold” rating in a report on Wednesday, December 13th. MKM Partners upped their target price on Progressive to $65.00 and gave the company a “buy” rating in a report on Friday, December 15th. Credit Suisse Group restated a “hold” rating and issued a $48.00 target price on shares of Progressive in a report on Friday, December 15th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $60.00 target price on shares of Progressive in a report on Wednesday, December 6th. Finally, Goldman Sachs Group began coverage on Progressive in a report on Monday, December 4th. They issued a “buy” rating and a $57.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $50.41.

In other news, CMO M Jeffrey Charney sold 6,000 shares of the company’s 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 transaction, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at approximately $5,050,881. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the transaction, the insider now directly owns 137,722 shares in the company, valued at approximately $7,726,204.20. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Several institutional investors have recently made changes to their positions in PGR. Janus Henderson Group PLC lifted its stake in shares of Progressive by 8,999.0% in the 2nd quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock valued at $285,384,000 after purchasing an additional 6,401,640 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of Progressive by 23.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock valued at $694,793,000 after purchasing an additional 2,762,934 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Progressive by 55.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after acquiring an additional 2,687,224 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Progressive by 49.2% during the 3rd quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock worth $328,303,000 after acquiring an additional 2,234,425 shares in the last quarter. Finally, Voya Investment Management LLC lifted its stake in Progressive by 515.0% during the 2nd quarter. Voya Investment Management LLC now owns 2,665,312 shares of the insurance provider’s stock worth $117,514,000 after acquiring an additional 2,231,956 shares in the last quarter. 79.35% of the stock is currently owned by institutional investors and hedge funds.

Shares of Progressive (NYSE:PGR) opened at $58.22 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50. The company has a market capitalization of $33,860.00, a P/E ratio of 24.26, a P/E/G ratio of 2.41 and a beta of 0.94. Progressive has a 12-month low of $36.17 and a 12-month high of $58.25.

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Progressive Company Profile

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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