Progressive (PGR) to Release Quarterly Earnings on Friday

Progressive (NYSE:PGR) is anticipated to post its quarterly earnings results before the market opens on Friday, April 11th. Analysts expect Progressive to post earnings of $4.28 per share and revenue of $21.87 billion for the quarter. Parties that wish to register for the company’s conference call can do so using this link.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, analysts expect Progressive to post $15 EPS for the current fiscal year and $15 EPS for the next fiscal year.

Progressive Stock Performance

PGR opened at $270.69 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The business’s 50-day simple moving average is $270.81 and its 200 day simple moving average is $256.95. The firm has a market capitalization of $158.69 billion, a PE ratio of 18.80, a PEG ratio of 1.70 and a beta of 0.38. Progressive has a 52-week low of $201.34 and a 52-week high of $292.99.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date is Thursday, April 3rd. Progressive’s payout ratio is presently 2.78%.

Insider Activity at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company’s stock, valued at $180,891.35. This represents a 35.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew J. Quigg sold 962 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $234,044.98. Following the completion of the transaction, the insider now owns 34,787 shares of the company’s stock, valued at $8,463,329.23. The trade was a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,317 shares of company stock worth $14,844,282. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Progressive stock. Brighton Jones LLC grew its holdings in The Progressive Co. (NYSE:PGR) by 15.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,392 shares of the insurance provider’s stock after purchasing an additional 457 shares during the period. Brighton Jones LLC’s holdings in Progressive were worth $813,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on PGR. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a research note on Thursday, December 26th. Keefe, Bruyette & Woods reduced their price target on Progressive from $300.00 to $288.00 and set an “outperform” rating for the company in a report on Wednesday. UBS Group boosted their price target on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. increased their price target on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $281.41.

About Progressive

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.