Progressive (PGR) Releases Earnings Results, Beats Expectations By $0.45 EPS

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%.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Wednesday, January 2nd. Credit Suisse Group lowered their price target on shares of Progressive from $79.00 to $74.00 and set a “buy” rating on the stock in a report on Thursday, December 20th. Wells Fargo & Co reissued a “hold” rating and issued a $73.00 price target on shares of Progressive in a report on Wednesday, March 13th. Barclays raised shares of Progressive from an “underweight” rating to an “overweight” rating and raised their target price for the company from $67.00 to $73.00 in a research note on Wednesday, January 9th. Finally, Citigroup raised their target price on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Progressive currently has an average rating of “Buy” and a consensus price target of $73.43.

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.

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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.

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Earnings History for Progressive (NYSE:PGR)

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