Progressive Corp (NYSE:PGR) Expected to Post Quarterly Sales of $10.62 Billion

Wall Street brokerages expect Progressive Corp (NYSE:PGR) to announce $10.62 billion in sales for the current quarter, according to Zacks. Three analysts have made estimates for Progressive’s earnings, with the lowest sales estimate coming in at $10.14 billion and the highest estimate coming in at $11.08 billion. Progressive reported sales of $9.47 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 12.1%. The firm is expected to issue its next earnings report on Wednesday, October 21st.

On average, analysts expect that Progressive will report full-year sales of $41.66 billion for the current financial year, with estimates ranging from $41.18 billion to $42.09 billion. For the next financial year, analysts forecast that the company will post sales of $46.08 billion, with estimates ranging from $45.20 billion to $46.91 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Progressive.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.10. The company had revenue of $10.14 billion during the quarter, compared to analyst estimates of $9.72 billion. Progressive had a net margin of 10.85% and a return on equity of 29.04%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.66 EPS.

A number of analysts have recently weighed in on PGR shares. Bank of America began coverage on shares of Progressive in a research note on Monday, June 1st. They issued a “buy” rating for the company. Benchmark lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, July 31st. Morgan Stanley increased their target price on shares of Progressive from $94.00 to $96.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Argus lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Raymond James increased their target price on shares of Progressive from $100.00 to $110.00 and gave the company a “strong-buy” rating in a research note on Monday. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Progressive has an average rating of “Hold” and an average target price of $89.25.

Shares of NYSE:PGR opened at $95.08 on Thursday. The company has a 50 day moving average of $91.69 and a 200-day moving average of $81.67. The firm has a market cap of $55.66 billion, a P/E ratio of 12.78, a P/E/G ratio of 2.31 and a beta of 0.54. Progressive has a twelve month low of $62.18 and a twelve month high of $96.90. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.33.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, October 7th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, October 6th. This represents a $0.40 annualized dividend and a yield of 0.42%. Progressive’s dividend payout ratio is presently 5.95%.

In other Progressive news, insider Michael D. Sieger sold 2,868 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $88.05, for a total value of $252,527.40. Following the transaction, the insider now owns 60,433 shares in the company, valued at approximately $5,321,125.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 15,000 shares of the stock in a transaction on Thursday, July 16th. The stock was sold at an average price of $85.85, for a total transaction of $1,287,750.00. Following the transaction, the chief financial officer now owns 317,326 shares in the company, valued at approximately $27,242,437.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,549 shares of company stock worth $3,420,458. Company insiders own 0.38% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Blue Square Asset Management LLC bought a new position in shares of Progressive during the 2nd quarter valued at $25,000. WASHINGTON TRUST Co bought a new position in shares of Progressive during the 1st quarter valued at $25,000. Baystate Wealth Management LLC raised its holdings in shares of Progressive by 62.8% during the 2nd quarter. Baystate Wealth Management LLC now owns 389 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 150 shares in the last quarter. Security National Trust Co. bought a new position in shares of Progressive during the 1st quarter valued at $31,000. Finally, Balentine LLC bought a new position in shares of Progressive during the 1st quarter valued at $45,000. Institutional investors and hedge funds own 80.93% of the company’s stock.

About Progressive

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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Earnings History and Estimates for Progressive (NYSE:PGR)

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