Progressive Corp (NYSE:PGR) – Equities researchers at B. Riley boosted their FY2020 earnings estimates for shares of Progressive in a research report issued on Thursday, June 13th. B. Riley analyst R. Binner now forecasts that the insurance provider will earn $5.45 per share for the year, up from their prior estimate of $5.25. B. Riley currently has a “Buy” rating and a $96.00 target price 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.
A number of other equities research analysts also recently commented on the company. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, June 6th. Zacks Investment Research downgraded Progressive from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a research report on Monday, May 27th. UBS Group increased their price objective on Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Buckingham Research set a $64.00 price objective on Progressive and gave the company a “hold” rating in a research report on Monday, May 13th. Finally, Credit Suisse Group increased their price objective on Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $81.00.
Shares of NYSE:PGR opened at $81.96 on Friday. Progressive has a one year low of $56.71 and a one year high of $84.30. The firm has a market cap of $47.68 billion, a PE ratio of 18.54, a P/E/G ratio of 2.14 and a beta of 0.74. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The company had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.20 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. The company’s quarterly revenue was up 16.0% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, July 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.49%. Progressive’s payout ratio is currently 9.05%.
In other news, insider Susan Patricia Griffith sold 22,500 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $78.01, for a total value of $1,755,225.00. Following the completion of the sale, the insider now owns 250,162 shares in the company, valued at $19,515,137.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael D. Sieger sold 7,500 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $79.16, for a total value of $593,700.00. Following the completion of the sale, the insider now owns 68,969 shares of the company’s stock, valued at approximately $5,459,586.04. The disclosure for this sale can be found here. Insiders sold 131,350 shares of company stock valued at $10,089,257 in the last 90 days. Corporate insiders own 0.39% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Progressive during the first quarter worth $26,000. Lindbrook Capital LLC purchased a new stake in shares of Progressive during the fourth quarter worth $27,000. Liberty Wealth Management LLC purchased a new stake in shares of Progressive during the fourth quarter worth $30,000. Karp Capital Management Corp purchased a new stake in shares of Progressive during the fourth quarter worth $32,000. Finally, Capital Investment Advisory Services LLC purchased a new stake in shares of Progressive during the fourth quarter worth $33,000. Institutional investors own 79.11% of the company’s stock.
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.
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