Progressive Corporation (The) (PGR) Expected to Announce Quarterly Sales of $6.54 Billion

Wall Street brokerages predict that Progressive Corporation (The) (NYSE:PGR) will announce sales of $6.54 billion for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Progressive Corporation (The)’s earnings. The lowest sales estimate is $6.45 billion and the highest is $6.62 billion. Progressive Corporation (The) posted sales of $5.79 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 13%. The company is expected to report its next quarterly earnings report before the market opens on Tuesday, July 18th.

On average, analysts expect that Progressive Corporation (The) will report full year sales of $6.54 billion for the current financial year, with estimates ranging from $25.88 billion to $26.81 billion. For the next financial year, analysts forecast that the company will report sales of $28.88 billion per share, with estimates ranging from $28.16 billion to $30.64 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Progressive Corporation (The).

Progressive Corporation (The) (NYSE:PGR) last issued its earnings results on Tuesday, April 18th. The insurance provider reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.01. Progressive Corporation (The) had a net margin of 4.95% and a return on equity of 13.99%. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.49 billion. During the same period in the prior year, the business posted $0.44 EPS. The business’s revenue was up 11.6% on a year-over-year basis.

Several research firms have commented on PGR. Barclays PLC boosted their target price on shares of Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday. Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Monday, June 19th. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Bank of America Corporation boosted their target price on shares of Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 16th. Finally, Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research report on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $41.00.

In related news, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the completion of the sale, the insider now directly owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey D. Kelly sold 20,000 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the sale, the director now directly owns 59,963 shares of the company’s stock, valued at $2,669,552.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,100 shares of company stock valued at $3,168,605. 0.56% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of PGR. Howard Hughes Medical Institute purchased a new stake in Progressive Corporation (The) during the first quarter valued at about $110,000. Ibex Wealth Advisors purchased a new stake in Progressive Corporation (The) during the fourth quarter valued at about $189,000. Wendell David Associates Inc. purchased a new stake in Progressive Corporation (The) during the first quarter valued at about $204,000. Intrust Bank NA purchased a new stake in Progressive Corporation (The) during the first quarter valued at about $205,000. Finally, Douglas Lane & Associates LLC purchased a new stake in Progressive Corporation (The) during the first quarter valued at about $208,000. 79.38% of the stock is owned by institutional investors and hedge funds.

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Shares of Progressive Corporation (NYSE PGR) traded up 0.50% during trading on Thursday, hitting $44.31. 1,208,184 shares of the stock were exchanged. The stock’s 50 day moving average is $42.89 and its 200-day moving average is $39.38. The stock has a market cap of $25.74 billion, a price-to-earnings ratio of 21.63 and a beta of 0.85. Progressive Corporation has a 12-month low of $30.54 and a 12-month high of $45.03.

About Progressive Corporation (The)

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Earnings History and Estimates for Progressive Corporation (The) (NYSE:PGR)

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