Progressive (PGR) Scheduled to Post Earnings on Friday

Progressive (NYSE:PGR) is set to release its earnings data before the market opens on Friday, April 12th. Analysts expect Progressive to post earnings of $2.96 per share for the quarter.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. The business had revenue of $16.89 billion during the quarter, compared to analyst estimates of $16.10 billion. Progressive had a net margin of 6.28% and a return on equity of 21.25%. During the same period in the previous year, the business earned $1.52 EPS. On average, analysts expect Progressive to post $10 EPS for the current fiscal year and $11 EPS for the next fiscal year.

Progressive Stock Up 0.6 %

PGR opened at $206.14 on Thursday. The company has a fifty day moving average price of $196.22 and a 200-day moving average price of $172.04. The firm has a market capitalization of $120.74 billion, a P/E ratio of 31.33, a price-to-earnings-growth ratio of 0.94 and a beta of 0.35. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.31 and a quick ratio of 0.31. Progressive has a one year low of $111.41 and a one year high of $212.24.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, April 4th will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is currently 6.08%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PGR. TD Cowen began coverage on shares of Progressive in a research report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 target price for the company. Piper Sandler reiterated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Roth Mkm upped their target price on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, BMO Capital Markets upped their target price on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $192.00.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 5,939 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the sale, the chief executive officer now directly owns 465,737 shares in the company, valued at $78,821,329.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Progressive news, CEO Susan Patricia Griffith sold 5,939 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the completion of the transaction, the chief executive officer now owns 465,737 shares of the company’s stock, valued at $78,821,329.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew J. Quigg sold 551 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,629 shares of company stock valued at $8,348,176. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Moneta Group Investment Advisors LLC bought a new position in shares of Progressive during the fourth quarter valued at approximately $840,885,000. Norges Bank bought a new stake in shares of Progressive during the fourth quarter valued at approximately $802,968,000. Viking Global Investors LP increased its position in shares of Progressive by 412.0% during the fourth quarter. Viking Global Investors LP now owns 5,863,559 shares of the insurance provider’s stock valued at $933,948,000 after acquiring an additional 4,718,237 shares in the last quarter. Morgan Stanley increased its position in shares of Progressive by 25.4% during the fourth quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock valued at $871,826,000 after acquiring an additional 1,361,665 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of Progressive by 26.3% during the fourth quarter. Legal & General Group Plc now owns 4,832,952 shares of the insurance provider’s stock valued at $769,794,000 after acquiring an additional 1,006,467 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

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.