Progressive (PGR) to Release Quarterly Earnings on Friday

Progressive (NYSE:PGR) is projected to issue its quarterly earnings data before the market opens on Friday, April 11th. Analysts expect the company to announce earnings of $4.28 per share and revenue of $21.87 billion for the quarter. Investors interested in registering for the company’s conference call can do so using this link.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates 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 Up 2.0 %

Shares of NYSE PGR opened at $286.78 on Friday. The stock has a market cap of $168.12 billion, a PE ratio of 19.92, a price-to-earnings-growth 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. The business has a 50-day moving average price of $268.77 and a 200 day moving average price of $256.73. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s dividend payout ratio is currently 2.78%.

Insiders Place Their Bets

In other Progressive news, CIO Jonathan S. Bauer sold 1,696 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $479,391.36. Following the sale, the executive now owns 26,697 shares of the company’s stock, valued at $7,546,174.02. This represents a 5.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the transaction, the chief financial officer now directly owns 258,024 shares of the company’s stock, valued at approximately $71,199,142.56. This trade represents a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,317 shares of company stock worth $14,844,282. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

An institutional investor recently bought a new position in Progressive stock. Revolve Wealth Partners LLC bought a new stake in The Progressive Co. (NYSE:PGR) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,122 shares of the insurance provider’s stock, valued at approximately $269,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research reports. Wells Fargo & Company upped their target price on shares of Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Bank of America lowered their target price on Progressive from $318.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. JPMorgan Chase & Co. boosted their target price on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. BMO Capital Markets decreased their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Finally, Roth Mkm boosted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $281.06.

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.