Progressive (PGR) Shares Gap Up After Strong Earnings
Progressive Corp (NYSE:PGR)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $72.44, but opened at $70.27. Progressive shares last traded at $70.72, with a volume of 137024 shares traded.
The insurance provider reported $1.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year.
Several brokerages have recently weighed in on PGR. Morgan Stanley upped their target price on Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research report on Wednesday, July 18th. Citigroup upped their target price on Progressive from $70.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, October 12th. B. Riley upped their target price on Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. Credit Suisse Group set a $79.00 target price on Progressive and gave the stock a “buy” rating in a research report on Monday. Finally, Wells Fargo & Co set a $64.00 target price on Progressive and gave the stock a “hold” rating in a research report on Tuesday, July 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $68.64.
Institutional investors and hedge funds have recently modified their holdings of the stock. ELM Advisors LLC purchased a new position in Progressive in the third quarter valued at about $107,000. Trust Co. of Vermont boosted its holdings in Progressive by 82.4% in the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after purchasing an additional 906 shares during the last quarter. Cerebellum GP LLC purchased a new position in Progressive in the second quarter valued at about $168,000. Chesley Taft & Associates LLC purchased a new position in Progressive in the third quarter valued at about $222,000. Finally, MAI Capital Management purchased a new position in Progressive in the third quarter valued at about $226,000. 80.26% of the stock is owned by hedge funds and other institutional investors.
The firm has a market cap of $41.38 billion, a P/E ratio of 26.87, a PEG ratio of 2.14 and a beta of 0.67. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37.
Progressive Company Profile (NYSE:PGR)
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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