Progressive (PGR) Scheduled to Post Earnings on Friday

Progressive (NYSE:PGR) is set to release its earnings data before the market opens on Friday, April 12th. Analysts expect Progressive to post earnings of $2.96 per share for the quarter.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.53. The company had revenue of $16.89 billion during the quarter, compared to analyst estimates of $16.10 billion. Progressive had a net margin of 6.28% and a return on equity of 21.25%. During the same quarter in the previous year, the business posted $1.52 EPS. On average, analysts expect Progressive to post $10 EPS for the current fiscal year and $11 EPS for the next fiscal year.

Progressive Stock Performance

Shares of PGR stock opened at $209.26 on Friday. The firm has a market capitalization of $122.56 billion, a PE ratio of 31.80, a price-to-earnings-growth ratio of 0.94 and a beta of 0.35. The firm has a fifty day simple moving average of $193.26 and a two-hundred day simple moving average of $169.73. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35. Progressive has a 12 month low of $111.41 and a 12 month high of $212.24.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, April 4th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 12.92%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. UBS Group boosted their price target on shares of Progressive from $159.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Morgan Stanley upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $185.00 to $227.00 in a research note on Wednesday, March 6th. Piper Sandler restated an “overweight” rating and set a $240.00 price target on shares of Progressive in a research note on Monday. Citigroup lifted their price objective on shares of Progressive from $192.00 to $202.00 and gave the stock a “neutral” rating in a report on Monday, March 18th. Finally, BMO Capital Markets lifted their price objective on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $188.50.

Insider Buying and Selling

In related news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $93,251.24. Following the transaction, the insider now directly owns 27,921 shares in the company, valued at $4,725,350.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the completion of the sale, the insider now owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 5,939 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the sale, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at approximately $78,821,329.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,629 shares of company stock worth $8,348,176. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SageView Advisory Group LLC bought a new position in Progressive in the fourth quarter worth $1,275,000. Sanibel Captiva Trust Company Inc. bought a new position in Progressive in the fourth quarter worth $222,000. DRW Securities LLC bought a new position in Progressive in the fourth quarter worth $256,000. Oarsman Capital Inc. bought a new position in Progressive in the fourth quarter worth $258,000. Finally, Harbour Investments Inc. raised its holdings in Progressive by 30.4% in the fourth quarter. Harbour Investments Inc. now owns 270 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.