Progressive Corp (NYSE:PGR) – Stock analysts at B. Riley increased their FY2019 earnings per share estimates for shares of Progressive in a report issued on Monday, February 11th. B. Riley analyst R. Binner now anticipates that the insurance provider will post earnings per share of $4.90 for the year, up from their prior estimate of $4.80. B. Riley currently has a “Buy” rating and a $81.00 price target on the stock. B. Riley also issued estimates for Progressive’s FY2020 earnings at $5.10 EPS.
A number of other equities research analysts also recently commented on PGR. Raymond James raised their price objective on shares of Progressive from $82.00 to $85.00 and gave the company a “strong-buy” rating in a research report on Wednesday, October 17th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. Wells Fargo & Co set a $69.00 price objective on shares of Progressive and gave the company a “hold” rating in a research report on Thursday, November 1st. Credit Suisse Group set a $79.00 price objective on shares of Progressive and gave the company a “buy” rating in a research report on Friday, November 2nd. Finally, Morgan Stanley upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price objective for the company in a research report on Wednesday, November 7th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $71.86.
Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.57). The business had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.86 billion. Progressive had a return on equity of 24.54% and a net margin of 8.16%. Progressive’s quarterly revenue was up 17.6% on a year-over-year basis. During the same quarter last year, the company posted $0.98 EPS.
The business also recently declared an annual dividend, which was paid on Monday, February 11th. Stockholders of record on Monday, February 4th were given a dividend of $2.514 per share. This represents a dividend yield of 3.85%. This is an increase from Progressive’s previous annual dividend of $1.12. The ex-dividend date of this dividend was Friday, February 1st. Progressive’s dividend payout ratio (DPR) is presently 56.79%.
In other news, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $65.27, for a total transaction of $783,240.00. Following the completion of the sale, the chief financial officer now directly owns 392,019 shares in the company, valued at approximately $25,587,080.13. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider M Jeffrey Charney sold 18,000 shares of Progressive stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $66.58, for a total transaction of $1,198,440.00. Following the sale, the insider now owns 145,304 shares of the company’s stock, valued at $9,674,340.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 80,948 shares of company stock valued at $5,277,174. Insiders own 0.70% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Lindbrook Capital LLC acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $27,000. Karp Capital Management Corp purchased a new position in shares of Progressive during the 4th quarter worth approximately $32,000. Capital Investment Advisory Services LLC purchased a new position in shares of Progressive during the 4th quarter worth approximately $33,000. JOYN Advisors Inc. increased its stake in shares of Progressive by 46.3% during the 4th quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 186 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its stake in shares of Progressive by 88.5% during the 3rd quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 339 shares in the last quarter. Institutional investors own 82.13% of the company’s stock.
Progressive Company Profile
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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