Analysts Expect The Progressive Co. (NYSE:PGR) Will Announce Quarterly Sales of $12.59 Billion

Analysts expect The Progressive Co. (NYSE:PGRGet Rating) to announce sales of $12.59 billion for the current quarter, according to Zacks. Three analysts have made estimates for Progressive’s earnings, with the highest sales estimate coming in at $12.93 billion and the lowest estimate coming in at $12.13 billion. Progressive posted sales of $11.44 billion during the same quarter last year, which suggests a positive year over year growth rate of 10.1%. The business is scheduled to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Progressive will report full-year sales of $51.15 billion for the current financial year, with estimates ranging from $50.20 billion to $51.73 billion. For the next fiscal year, analysts anticipate that the company will post sales of $58.55 billion, with estimates ranging from $56.28 billion to $61.41 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Progressive.

Progressive (NYSE:PGRGet Rating) last released its earnings results on Thursday, April 14th. The insurance provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.12). Progressive had a net margin of 4.54% and a return on equity of 12.85%. The business had revenue of $12.29 billion for the quarter, compared to analyst estimates of $12.24 billion.

Several analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of Progressive from $88.00 to $96.00 and gave the company an “underweight” rating in a research note on Tuesday, April 12th. Piper Sandler downgraded shares of Progressive from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $113.00 to $100.00 in a research report on Monday, April 18th. Barclays upped their price target on shares of Progressive from $88.00 to $90.00 and gave the company an “underweight” rating in a research report on Thursday, May 19th. Credit Suisse Group assumed coverage on shares of Progressive in a research report on Thursday, April 28th. They issued a “neutral” rating and a $124.00 price target for the company. Finally, The Goldman Sachs Group downgraded shares of Progressive from a “buy” rating to a “neutral” rating and set a $116.00 price target for the company. in a research report on Wednesday, March 2nd. Six analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $106.13.

PGR stock opened at $119.11 on Friday. Progressive has a 12 month low of $89.35 and a 12 month high of $120.48. The firm has a market cap of $69.66 billion, a PE ratio of 32.37, a P/E/G ratio of 1.44 and a beta of 0.49. The firm has a 50 day simple moving average of $113.28 and a 200 day simple moving average of $107.14. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.33 and a quick ratio of 0.33.

Progressive declared that its Board of Directors has approved a stock buyback program on Wednesday, May 18th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, July 7th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.34%. Progressive’s dividend payout ratio (DPR) is 10.87%.

In other news, insider Patrick K. Callahan sold 3,231 shares of the stock in a transaction on Tuesday, March 22nd. The shares were sold at an average price of $112.87, for a total transaction of $364,682.97. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 46,735 shares of the firm’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $110.26, for a total transaction of $5,153,001.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,217 shares of company stock worth $8,237,041. 0.37% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of PGR. Vanguard Group Inc. lifted its position in shares of Progressive by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 48,453,671 shares of the insurance provider’s stock worth $5,523,234,000 after purchasing an additional 1,250,492 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Progressive by 3.1% during the fourth quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider’s stock worth $4,700,376,000 after buying an additional 1,393,588 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Progressive by 17.6% in the first quarter. Wellington Management Group LLP now owns 33,242,101 shares of the insurance provider’s stock valued at $3,789,267,000 after acquiring an additional 4,980,478 shares during the period. State Street Corp grew its stake in shares of Progressive by 2.2% in the fourth quarter. State Street Corp now owns 27,182,740 shares of the insurance provider’s stock worth $2,790,308,000 after acquiring an additional 572,891 shares during the last quarter. Finally, Capital World Investors increased its position in Progressive by 0.5% during the first quarter. Capital World Investors now owns 9,002,404 shares of the insurance provider’s stock worth $1,026,184,000 after acquiring an additional 46,799 shares during the period. 83.68% of the stock is currently owned by institutional investors.

About Progressive (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.

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Earnings History and Estimates for Progressive (NYSE:PGR)

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