Progressive (NYSE:PGR) Releases Earnings Results, Beats Estimates By $0.13 EPS

Progressive (NYSE:PGR) released its quarterly earnings data on Wednesday. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13, FiscalAI reports. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.72% and a net margin of 12.90%.The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $4.37 EPS.

Progressive Price Performance

Shares of NYSE PGR opened at $196.57 on Wednesday. Progressive has a fifty-two week low of $192.02 and a fifty-two week high of $289.96. The business has a 50 day moving average price of $203.59 and a two-hundred day moving average price of $215.38. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm has a market cap of $114.99 billion, a PE ratio of 10.22, a price-to-earnings-growth ratio of 5.76 and a beta of 0.34.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is 2.08%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PGR. Argus upgraded Progressive to a “hold” rating in a report on Thursday, March 5th. Bank of America raised their target price on Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday. Roth Mkm set a $235.00 target price on Progressive in a report on Thursday, February 19th. William Blair downgraded Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Finally, BMO Capital Markets dropped their target price on Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a report on Wednesday, March 11th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $237.50.

Insider Activity

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive owned 26,250 shares in the company, valued at $5,330,062.50. This trade represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 11,687 shares of company stock worth $2,413,044 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Progressive

Institutional investors have recently made changes to their positions in the company. Bison Wealth LLC increased its holdings in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after acquiring an additional 80 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the 4th quarter valued at approximately $269,000. Brighton Jones LLC increased its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of Progressive in the 4th quarter valued at approximately $222,000. Finally, 1248 Management LLC increased its holdings in shares of Progressive by 34.3% in the 4th quarter. 1248 Management LLC now owns 795 shares of the insurance provider’s stock valued at $181,000 after acquiring an additional 203 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.