Progressive Corp (NYSE:PGR) – Analysts at B. Riley raised their FY2019 earnings estimates for Progressive in a note issued to investors on Monday, February 11th. B. Riley analyst R. Binner now forecasts that the insurance provider will earn $4.90 per share for the year, up from their prior forecast of $4.80. B. Riley has a “Buy” rating and a $81.00 price target on the stock. B. Riley also issued estimates for Progressive’s FY2020 earnings at $5.10 EPS.
A number of other equities research analysts have also recently issued reports on PGR. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Wednesday, January 2nd. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Credit Suisse Group set a $79.00 price objective on shares of Progressive and gave the company a “buy” rating in a research note on Wednesday, November 14th. Wells Fargo & Co set a $69.00 price objective on shares of Progressive and gave the company a “hold” rating in a research note on Thursday, November 1st. Finally, Buckingham Research raised shares of Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 price objective for the company in a research note on Monday, November 19th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $71.64.
Shares of Progressive stock opened at $69.16 on Tuesday. Progressive has a 52-week low of $51.47 and a 52-week high of $73.69. The firm has a market capitalization of $39.82 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.86 and a beta of 0.75. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.32 and a quick ratio of 0.42.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.54%. The business had revenue of $7.94 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the company posted $0.98 EPS. Progressive’s revenue for the quarter was up 17.6% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently modified their holdings of PGR. Oregon Public Employees Retirement Fund raised its holdings in Progressive by 4,886.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock worth $161,000 after purchasing an additional 9,515,013 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Progressive by 493.1% during the third quarter. The Manufacturers Life Insurance Company now owns 3,228,119 shares of the insurance provider’s stock worth $229,325,000 after purchasing an additional 2,683,854 shares during the last quarter. BlackRock Inc. lifted its stake in Progressive by 5.2% during the third quarter. BlackRock Inc. now owns 41,533,608 shares of the insurance provider’s stock worth $2,950,547,000 after purchasing an additional 2,048,705 shares during the last quarter. American Century Companies Inc. lifted its stake in Progressive by 41,010.3% during the third quarter. American Century Companies Inc. now owns 1,720,055 shares of the insurance provider’s stock worth $122,193,000 after purchasing an additional 1,715,871 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Progressive by 20.0% during the third quarter. Renaissance Technologies LLC now owns 8,511,700 shares of the insurance provider’s stock worth $604,671,000 after purchasing an additional 1,416,800 shares during the last quarter. Institutional investors and hedge funds own 82.13% of the company’s stock.
In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction on Friday, January 25th. The shares were sold at an average price of $65.27, for a total value of $783,240.00. Following the completion of the transaction, the chief financial officer now directly owns 392,019 shares in the company, valued at approximately $25,587,080.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John A. Barbagallo sold 5,948 shares of the company’s stock in a transaction on Thursday, January 3rd. The stock was sold at an average price of $58.96, for a total transaction of $350,694.08. Following the completion of the transaction, the insider now owns 177,370 shares of the company’s stock, valued at $10,457,735.20. The disclosure for this sale can be found here. Insiders sold a total of 93,548 shares of company stock valued at $6,094,536 over the last 90 days. Company insiders own 0.70% of the company’s stock.
The business also recently disclosed an annual dividend, which was paid on Monday, February 11th. Shareholders of record on Monday, February 4th were issued a $2.514 dividend. The ex-dividend date was Friday, February 1st. This is a positive change from Progressive’s previous annual dividend of $1.12. This represents a yield of 3.85%. Progressive’s dividend payout ratio is 56.79%.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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