The Progressive Co. to Post Q2 2022 Earnings of $0.90 Per Share, Jefferies Financial Group Forecasts (NYSE:PGR)

The Progressive Co. (NYSE:PGRGet Rating) – Research analysts at Jefferies Financial Group lifted their Q2 2022 earnings estimates for shares of Progressive in a research report issued on Monday, April 11th. Jefferies Financial Group analyst Y. Kinar now anticipates that the insurance provider will post earnings of $0.90 per share for the quarter, up from their previous estimate of $0.88. Jefferies Financial Group also issued estimates for Progressive’s Q3 2022 earnings at $1.14 EPS, Q4 2022 earnings at $1.48 EPS, FY2022 earnings at $4.75 EPS, FY2023 earnings at $6.05 EPS and FY2024 earnings at $8.35 EPS.

Progressive (NYSE:PGRGet Rating) last issued its earnings results on Wednesday, January 26th. The insurance provider reported $1.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.06. The business had revenue of $10.75 billion during the quarter, compared to analyst estimates of $10.78 billion. Progressive had a return on equity of 14.69% and a net margin of 7.02%. Progressive’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.83 earnings per share.

PGR has been the subject of a number of other research reports. The Goldman Sachs Group lowered Progressive from a “buy” rating to a “neutral” rating and set a $116.00 price objective for the company. in a research note on Wednesday, March 2nd. Evercore ISI raised Progressive from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $90.00 to $118.00 in a research note on Thursday, January 6th. StockNews.com started coverage on Progressive in a research note on Thursday, March 31st. They set a “hold” rating for the company. Edward Jones lowered Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, February 9th. Finally, Barclays increased their price objective on Progressive from $85.00 to $88.00 and gave the company an “underweight” rating in a research note on Thursday, March 17th. Six investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $101.85.

NYSE:PGR opened at $113.91 on Tuesday. The firm has a market cap of $66.62 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 1.35 and a beta of 0.47. Progressive has a fifty-two week low of $89.35 and a fifty-two week high of $120.17. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.33 and a current ratio of 0.33. The business has a 50 day moving average price of $109.77 and a 200-day moving average price of $102.41.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 14th. Shareholders of record on Thursday, April 7th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, April 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.35%. Progressive’s dividend payout ratio (DPR) is 7.05%.

In other news, Director Jeffrey D. Kelly sold 10,000 shares of the stock in a transaction on Thursday, April 7th. The stock was sold at an average price of $120.00, for a total value of $1,200,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,068 shares of the stock in a transaction on Friday, February 4th. The stock was sold at an average price of $109.49, for a total value of $116,935.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,630 shares of company stock valued at $8,916,018. 0.33% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in shares of Progressive by 90.8% in the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,112 shares of the insurance provider’s stock worth $241,000 after acquiring an additional 1,005 shares during the last quarter. Redpoint Investment Management Pty Ltd boosted its position in shares of Progressive by 26.6% during the first quarter. Redpoint Investment Management Pty Ltd now owns 14,292 shares of the insurance provider’s stock valued at $1,629,000 after buying an additional 3,006 shares during the last quarter. Raub Brock Capital Management LP purchased a new stake in shares of Progressive during the first quarter valued at $331,000. CNB Bank boosted its position in shares of Progressive by 5.8% during the first quarter. CNB Bank now owns 3,804 shares of the insurance provider’s stock valued at $433,000 after buying an additional 207 shares during the last quarter. Finally, Coastal Investment Advisors Inc. boosted its position in shares of Progressive by 27.8% during the first quarter. Coastal Investment Advisors Inc. now owns 3,579 shares of the insurance provider’s stock valued at $408,000 after buying an additional 779 shares during the last quarter. 82.75% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Company Profile (Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

Further Reading

Earnings History and Estimates for Progressive (NYSE:PGR)

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