$6.75 Billion in Sales Expected for Progressive Corporation (The) (PGR) This Quarter

Equities research analysts expect Progressive Corporation (The) (NYSE:PGR) to report $6.75 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Progressive Corporation (The)’s earnings. The highest sales estimate is $6.84 billion and the lowest is $6.66 billion. Progressive Corporation (The) posted sales of $5.96 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 13.3%. The company is expected to report its next quarterly earnings results before the market opens on Tuesday, October 17th.

On average, analysts expect that Progressive Corporation (The) will report full-year sales of $6.75 billion for the current year, with estimates ranging from $26.09 billion to $26.70 billion. For the next financial year, analysts anticipate that the company will post sales of $29.31 billion per share, with estimates ranging from $28.77 billion to $30.80 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Progressive Corporation (The).

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The business had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. During the same quarter last year, the business posted $0.33 EPS. The company’s quarterly revenue was up 13.7% compared to the same quarter last year.

A number of research firms have recently commented on PGR. Barclays PLC upped their target price on Progressive Corporation (The) from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. FBR & Co upped their target price on Progressive Corporation (The) from $36.00 to $40.00 and gave the company a “mkt perform” rating in a research note on Tuesday, July 11th. UBS AG raised Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Finally, BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $46.00.

In related news, insider Susan Patricia Griffith sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $48.66, for a total value of $1,703,100.00. Following the completion of the sale, the insider now owns 221,715 shares in the company, valued at $10,788,651.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the sale, the chief financial officer now owns 370,364 shares of the company’s stock, valued at approximately $18,018,208.60. The disclosure for this sale can be found here. Insiders sold 86,250 shares of company stock valued at $4,196,513 in the last quarter. 0.56% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning lifted its holdings in Progressive Corporation (The) by 0.4% during the second quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock worth $252,000 after buying an additional 23 shares during the period. Financial Architects Inc lifted its holdings in Progressive Corporation (The) by 0.4% during the second quarter. Financial Architects Inc now owns 18,187 shares of the insurance provider’s stock worth $801,000 after buying an additional 65 shares during the period. Cleararc Capital Inc. lifted its holdings in Progressive Corporation (The) by 0.6% during the first quarter. Cleararc Capital Inc. now owns 14,188 shares of the insurance provider’s stock worth $556,000 after buying an additional 90 shares during the period. ING Groep NV lifted its holdings in Progressive Corporation (The) by 0.3% during the second quarter. ING Groep NV now owns 39,707 shares of the insurance provider’s stock worth $1,751,000 after buying an additional 112 shares during the period. Finally, Weatherly Asset Management L. P. lifted its holdings in Progressive Corporation (The) by 1.8% during the second quarter. Weatherly Asset Management L. P. now owns 7,320 shares of the insurance provider’s stock worth $323,000 after buying an additional 130 shares during the period. Hedge funds and other institutional investors own 79.41% of the company’s stock.

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Progressive Corporation (NYSE:PGR) traded down 0.16% during midday trading on Friday, reaching $49.37. The company’s stock had a trading volume of 2,198,168 shares. The company’s 50-day moving average is $47.41 and its 200 day moving average is $44.24. The firm has a market cap of $28.69 billion, a price-to-earnings ratio of 21.01 and a beta of 0.87. Progressive Corporation has a 12-month low of $30.99 and a 12-month high of $49.75.

Progressive Corporation (The) Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Earnings History and Estimates for Progressive Corporation (The) (NYSE:PGR)

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