Progressive (NYSE:PGR) announced its quarterly earnings results on Tuesday. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.45, Briefing.com reports. Progressive had a net margin of 8.16% and a return on equity of 24.83%. The firm had revenue of $9.24 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same period in the prior year, the firm posted $1.22 earnings per share. The company’s revenue for the quarter was up 16.0% on a year-over-year basis.
Shares of PGR opened at $77.26 on Wednesday. The company has a market capitalization of $42.20 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.94 and a beta of 0.77. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. Progressive has a 1-year low of $56.71 and a 1-year high of $77.30.
The business also recently announced an annual dividend, which was paid on Monday, April 15th. Investors of record on Friday, April 5th were paid a $0.10 dividend. This represents a yield of 0.14%. The ex-dividend date was Thursday, April 4th. Progressive’s dividend payout ratio is currently 59.05%.
In related news, insider John A. Barbagallo sold 45,000 shares of the firm’s stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $65.44, for a total value of $2,944,800.00. Following the sale, the insider now directly owns 132,370 shares of the company’s stock, valued at $8,662,292.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider M Jeffrey Charney sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $66.58, for a total transaction of $1,198,440.00. Following the completion of the sale, the insider now directly owns 145,304 shares in the company, valued at $9,674,340.32. The disclosure for this sale can be found here. Insiders sold 114,100 shares of company stock worth $7,722,825 over the last ninety days. 0.39% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. PCJ Investment Counsel Ltd. bought a new position in Progressive during the fourth quarter valued at approximately $1,985,000. Picton Mahoney Asset Management grew its position in Progressive by 3.7% during the fourth quarter. Picton Mahoney Asset Management now owns 306,700 shares of the insurance provider’s stock valued at $18,503,000 after acquiring an additional 10,900 shares during the last quarter. Bank of Montreal Can grew its position in Progressive by 35.1% during the fourth quarter. Bank of Montreal Can now owns 3,273,063 shares of the insurance provider’s stock valued at $197,463,000 after acquiring an additional 850,970 shares during the last quarter. Retirement Systems of Alabama grew its position in Progressive by 0.5% during the first quarter. Retirement Systems of Alabama now owns 654,987 shares of the insurance provider’s stock valued at $47,218,000 after acquiring an additional 2,985 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Progressive by 1.4% during the third quarter. Legal & General Group Plc now owns 2,832,561 shares of the insurance provider’s stock valued at $201,225,000 after acquiring an additional 37,940 shares during the last quarter. 80.57% of the stock is currently owned by institutional investors and hedge funds.
Progressive Company Profile
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.
See Also: Futures Contract
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.