Brokerages Expect The Progressive Co. (NYSE:PGR) to Post $0.99 EPS

Equities analysts forecast that The Progressive Co. (NYSE:PGRGet Rating) will post earnings per share of $0.99 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Progressive’s earnings. The highest EPS estimate is $1.14 and the lowest is $0.67. Progressive posted earnings of $1.51 per share in the same quarter last year, which would suggest a negative year over year growth rate of 34.4%. The business is expected to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Progressive will report full-year earnings of $4.77 per share for the current financial year, with EPS estimates ranging from $3.78 to $5.87. For the next fiscal year, analysts forecast that the firm will post earnings of $6.34 per share, with EPS estimates ranging from $5.55 to $7.54. Zacks’ EPS averages are an average based on a survey of sell-side research firms that follow Progressive.

Progressive (NYSE:PGRGet Rating) last released its quarterly earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). Progressive had a net margin of 4.54% and a return on equity of 12.85%. The business had revenue of $12.29 billion during the quarter, compared to the consensus estimate of $12.24 billion.

Several research analysts have recently commented on PGR shares. Jefferies Financial Group upgraded Progressive from an “underperform” rating to a “hold” rating and lifted their target price for the stock from $99.00 to $106.00 in a research note on Tuesday, May 10th. Credit Suisse Group began coverage on Progressive in a research report on Thursday, April 28th. They set a “neutral” rating and a $124.00 price objective on the stock. StockNews.com began coverage on shares of Progressive in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Barclays raised their price target on Progressive from $88.00 to $90.00 and gave the stock an “underweight” rating in a research report on Thursday, May 19th. Finally, Edward Jones cut Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, February 9th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $106.13.

In related news, CEO Susan Patricia Griffith sold 46,735 shares of Progressive stock in a transaction on Friday, March 18th. The stock was sold at an average price of $110.26, for a total transaction of $5,153,001.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 1,068 shares of the company’s stock in a transaction dated Friday, March 4th. The stock was sold at an average price of $106.65, for a total value of $113,902.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,285 shares of company stock valued at $8,350,944. Corporate insiders own 0.37% of the company’s stock.

Several institutional investors have recently made changes to their positions in PGR. Blume Capital Management Inc. purchased a new position in Progressive during the first quarter valued at $25,000. Rational Advisors LLC grew its position in shares of Progressive by 132.7% during the fourth quarter. Rational Advisors LLC now owns 249 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 142 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $26,000. TAP Consulting LLC bought a new position in Progressive during the fourth quarter valued at approximately $28,000. Finally, Cornerstone Advisory LLC purchased a new position in Progressive during the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 83.68% of the company’s stock.

PGR stock opened at $118.47 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.33 and a quick ratio of 0.33. Progressive has a fifty-two week low of $89.35 and a fifty-two week high of $120.48. The stock has a market capitalization of $69.29 billion, a P/E ratio of 32.19, a P/E/G ratio of 1.45 and a beta of 0.49. The business has a 50-day moving average of $113.09 and a 200-day moving average of $106.88.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, July 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.34%. Progressive’s dividend payout ratio (DPR) is currently 10.87%.

Progressive declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 18th that permits the company to repurchase 25,000,000 outstanding shares. This repurchase authorization permits the insurance provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

About Progressive (Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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