$0.93 Earnings Per Share Expected for Progressive Corp (PGR) This Quarter

Brokerages expect that Progressive Corp (NYSE:PGR) will post earnings of $0.93 per share for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Progressive’s earnings, with the highest EPS estimate coming in at $1.09 and the lowest estimate coming in at $0.82. Progressive reported earnings of $0.67 per share during the same quarter last year, which indicates a positive year over year growth rate of 38.8%. The company is scheduled to issue its next quarterly earnings report on Tuesday, April 17th.

According to Zacks, analysts expect that Progressive will report full-year earnings of $3.41 per share for the current financial year, with EPS estimates ranging from $3.20 to $3.95. For the next year, analysts expect that the firm will report earnings of $3.75 per share, with EPS estimates ranging from $3.50 to $4.50. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that cover Progressive.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The company had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The firm’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 earnings per share.

A number of research firms have recently weighed in on PGR. UBS Group boosted their target price on Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. MKM Partners boosted their target price on Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Wells Fargo & Co set a $55.00 price objective on Progressive and gave the company a “hold” rating in a report on Wednesday, December 13th. Credit Suisse Group reiterated a “hold” rating and issued a $48.00 price objective on shares of Progressive in a report on Friday, December 15th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $60.00 price objective on shares of Progressive in a report on Wednesday, December 6th. Two 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’s stock. The company has an average rating of “Hold” and an average price target of $50.53.

In related news, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares in the company, valued at $7,726,204.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.56% of the company’s stock.

Large investors have recently bought and sold shares of the business. Exane Derivatives acquired a new position in Progressive in the fourth quarter valued at about $104,000. First Personal Financial Services grew its stake in Progressive by 101.8% in the fourth quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after acquiring an additional 1,111 shares during the period. Balentine LLC grew its stake in Progressive by 3,273.0% in the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after acquiring an additional 2,422 shares during the period. MUFG Americas Holdings Corp grew its stake in Progressive by 824.9% in the fourth quarter. MUFG Americas Holdings Corp now owns 3,561 shares of the insurance provider’s stock valued at $201,000 after acquiring an additional 3,176 shares during the period. Finally, Greenwood Capital Associates LLC acquired a new position in Progressive in the fourth quarter valued at about $206,000. 79.40% of the stock is owned by hedge funds and other institutional investors.

Shares of Progressive (PGR) opened at $51.07 on Friday. The firm has a market capitalization of $31,060.00, a price-to-earnings ratio of 18.71, a PEG ratio of 2.11 and a beta of 0.82. Progressive has a 52-week low of $36.88 and a 52-week high of $58.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.37.

The business also recently disclosed an annual dividend, which will be paid on Friday, February 9th. Investors of record on Friday, February 2nd will be issued a $1.125 dividend. The ex-dividend date is Thursday, February 1st. This represents a yield of 0.0203325501536237%. Progressive’s dividend payout ratio is presently 41.03%.

ILLEGAL ACTIVITY WARNING: This news story was reported by American Banking News and is the property of of American Banking News. If you are accessing this news story on another publication, it was illegally copied and republished in violation of United States and international trademark and copyright laws. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2018/02/09/0-93-earnings-per-share-expected-for-progressive-corp-pgr-this-quarter.html.

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.

Get a free copy of the Zacks research report on Progressive (PGR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply