Progressive Corp (NYSE:PGR) – Research analysts at William Blair raised their Q4 2019 earnings per share estimates for shares of Progressive in a research note issued to investors on Wednesday, October 16th. William Blair analyst A. Klauber now anticipates that the insurance provider will post earnings per share of $1.37 for the quarter, up from their previous estimate of $1.31. William Blair also issued estimates for Progressive’s Q1 2020 earnings at $1.85 EPS, Q2 2020 earnings at $1.68 EPS and Q4 2020 earnings at $1.48 EPS.
Several other equities analysts have also weighed in on PGR. Evercore ISI initiated coverage on shares of Progressive in a research report on Thursday. They set an “in-line” rating and a $78.00 price objective on the stock. Credit Suisse Group cut their price objective on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Friday. ValuEngine lowered shares of Progressive from a “hold” rating to a “sell” rating in a research report on Tuesday, October 15th. Barclays set a $90.00 price target on Progressive and gave the company a “buy” rating in a report on Friday, September 13th. Finally, Raymond James set a $93.00 price target on Progressive and gave the company a “buy” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $82.92.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 16th. The insurance provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.09. The firm had revenue of $9.62 billion for the quarter, compared to analyst estimates of $9.66 billion. Progressive had a net margin of 8.69% and a return on equity of 25.83%. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 earnings per share.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Progressive by 1.3% in the second quarter. Vanguard Group Inc. now owns 47,282,236 shares of the insurance provider’s stock worth $3,779,270,000 after purchasing an additional 608,886 shares during the period. BlackRock Inc. lifted its position in Progressive by 0.9% in the second quarter. BlackRock Inc. now owns 41,763,992 shares of the insurance provider’s stock worth $3,338,197,000 after purchasing an additional 373,372 shares during the period. Amundi Pioneer Asset Management Inc. lifted its position in Progressive by 45.2% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 7,422,571 shares of the insurance provider’s stock worth $593,288,000 after purchasing an additional 2,309,945 shares during the period. Northern Trust Corp lifted its position in Progressive by 1.1% in the second quarter. Northern Trust Corp now owns 7,244,901 shares of the insurance provider’s stock worth $579,085,000 after purchasing an additional 81,460 shares during the period. Finally, Bank of America Corp DE lifted its position in Progressive by 10.9% in the second quarter. Bank of America Corp DE now owns 5,801,352 shares of the insurance provider’s stock worth $463,702,000 after purchasing an additional 568,222 shares during the period. Institutional investors and hedge funds own 78.85% of the company’s stock.
In other news, CEO Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $76.47, for a total value of $1,720,575.00. Following the sale, the chief executive officer now owns 352,795 shares in the company, valued at $26,978,233.65. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John Jo Murphy sold 12,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $81.11, for a total transaction of $973,320.00. Following the completion of the sale, the insider now owns 24,867 shares in the company, valued at approximately $2,016,962.37. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,500 shares of company stock worth $3,624,855. Corporate insiders own 0.39% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.57%. Progressive’s dividend payout ratio (DPR) is presently 9.05%.
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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