Brokers Issue Forecasts for Progressive Corp’s Q1 2019 Earnings (PGR)

Progressive Corp (NYSE:PGR) – Stock analysts at William Blair dropped their Q1 2019 earnings per share estimates for Progressive in a research report issued on Wednesday, March 13th. William Blair analyst A. Klauber now anticipates that the insurance provider will post earnings per share of $1.41 for the quarter, down from their previous forecast of $1.44. William Blair also issued estimates for Progressive’s Q2 2019 earnings at $1.31 EPS.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.57). Progressive had a return on equity of 24.83% and a net margin of 8.16%. The firm had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period in the previous year, the firm posted $0.98 earnings per share. The company’s revenue for the quarter was up 17.6% on a year-over-year basis.

A number of other research firms have also recently commented on PGR. Buckingham Research raised shares of Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 target price on the stock in a research report on Monday, November 19th. Wells Fargo & Co set a $69.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Wednesday, December 12th. Credit Suisse Group boosted their target price on shares of Progressive from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Barclays raised shares of Progressive from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $67.00 to $73.00 in a research report on Wednesday, January 9th. Finally, Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Wednesday, January 2nd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $72.50.

NYSE PGR opened at $72.86 on Friday. Progressive has a 52 week low of $56.71 and a 52 week high of $73.78. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.32 and a current ratio of 0.36. The firm has a market cap of $42.96 billion, a PE ratio of 16.48, a PEG ratio of 1.98 and a beta of 0.78.

The business also recently declared an annual dividend, which will be paid on Monday, April 15th. Investors of record on Friday, April 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a yield of 0.14%. Progressive’s dividend payout ratio is presently 56.79%.

In related news, insider Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $70.30, for a total value of $885,780.00. Following the sale, the insider now directly owns 260,138 shares of the company’s stock, valued at $18,287,701.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John A. Barbagallo sold 5,948 shares of the company’s stock in a transaction on Thursday, January 3rd. The shares were sold at an average price of $58.96, for a total transaction of $350,694.08. Following the completion of the sale, the insider now directly owns 177,370 shares in the company, valued at $10,457,735.20. The disclosure for this sale can be found here. Insiders sold 108,048 shares of company stock worth $7,201,719 over the last ninety days. 0.70% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Rehmann Capital Advisory Group increased its stake in Progressive by 20.2% during the fourth quarter. Rehmann Capital Advisory Group now owns 868 shares of the insurance provider’s stock valued at $52,000 after purchasing an additional 146 shares during the last quarter. Parkside Financial Bank & Trust grew its position in shares of Progressive by 3.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 4,814 shares of the insurance provider’s stock worth $291,000 after acquiring an additional 160 shares during the last quarter. JOYN Advisors Inc. grew its position in shares of Progressive by 46.3% during the fourth quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 186 shares during the last quarter. Flagship Harbor Advisors LLC grew its position in shares of Progressive by 15.3% during the fourth quarter. Flagship Harbor Advisors LLC now owns 1,420 shares of the insurance provider’s stock worth $85,000 after acquiring an additional 188 shares during the last quarter. Finally, Impax Asset Management Group plc grew its position in shares of Progressive by 2.8% during the fourth quarter. Impax Asset Management Group plc now owns 7,924 shares of the insurance provider’s stock worth $478,000 after acquiring an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 79.85% 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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