Progressive Corp (NYSE:PGR) – Research analysts at B. Riley lifted their FY2020 earnings estimates for shares of Progressive in a note issued to investors on Thursday, June 13th. B. Riley analyst R. Binner now forecasts that the insurance provider will post earnings of $5.45 per share for the year, up from their prior estimate of $5.25. B. Riley has a “Buy” rating and a $96.00 price objective on the stock. B. Riley also issued estimates for Progressive’s Q1 2021 earnings at $1.53 EPS and FY2021 earnings at $6.00 EPS.
Progressive (NYSE:PGR) last issued its earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The firm had revenue of $9.24 billion for the quarter, compared to analyst estimates of $9.20 billion. During the same quarter last year, the business posted $1.22 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis.
A number of other research analysts have also recently issued reports on the stock. Barclays lifted their price objective on shares of Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Citigroup lifted their price objective on shares of Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, June 6th. Credit Suisse Group upped their target price on shares of Progressive from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Finally, Buckingham Research set a $64.00 target price on shares of Progressive and gave the stock a “hold” rating in a report on Monday, May 13th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $81.00.
PGR stock opened at $81.64 on Friday. Progressive has a 52-week low of $56.71 and a 52-week high of $84.30. The firm has a market cap of $47.38 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 2.13 and a beta of 0.74. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38.
A number of institutional investors have recently made changes to their positions in PGR. Oregon Public Employees Retirement Fund increased its holdings in shares of Progressive by 4,886.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock valued at $161,000 after acquiring an additional 9,515,013 shares in the last quarter. Norges Bank purchased a new stake in Progressive in the 4th quarter worth approximately $346,597,000. Amundi Pioneer Asset Management Inc. boosted its position in Progressive by 101.1% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 4,989,430 shares of the insurance provider’s stock worth $359,688,000 after purchasing an additional 2,508,171 shares in the last quarter. Geode Capital Management LLC boosted its position in Progressive by 21.8% in the 1st quarter. Geode Capital Management LLC now owns 9,108,549 shares of the insurance provider’s stock worth $655,610,000 after purchasing an additional 1,629,843 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Progressive by 17.0% during the 1st quarter. Wellington Management Group LLP now owns 10,163,461 shares of the insurance provider’s stock worth $732,683,000 after buying an additional 1,478,779 shares during the period. Institutional investors and hedge funds own 79.11% of the company’s stock.
In other Progressive news, insider John A. Barbagallo sold 48,000 shares of Progressive stock in a transaction on Friday, April 26th. The shares were sold at an average price of $75.78, for a total transaction of $3,637,440.00. Following the completion of the transaction, the insider now directly owns 84,370 shares of the company’s stock, valued at $6,393,558.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dyke Kahina Van sold 1,715 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $78.49, for a total transaction of $134,610.35. Following the sale, the director now directly owns 2,464 shares of the company’s stock, valued at $193,399.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 131,350 shares of company stock worth $10,089,257. Company insiders own 0.39% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, July 5th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is currently 9.05%.
Progressive Company Profile
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.
See Also: Price to Earnings Ratio (PE)
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