Equities research analysts expect that Progressive Corp (NYSE:PGR) will report sales of $8.30 billion for the current quarter, Zacks reports. Four analysts have made estimates for Progressive’s earnings. The highest sales estimate is $8.66 billion and the lowest is $7.94 billion. Progressive posted sales of $6.82 billion in the same quarter last year, which suggests a positive year over year growth rate of 21.7%. The firm is expected to report its next earnings report on Tuesday, October 16th.

According to Zacks, analysts expect that Progressive will report full year sales of $32.10 billion for the current fiscal year, with estimates ranging from $31.50 billion to $32.87 billion. For the next fiscal year, analysts forecast that the business will post sales of $36.51 billion per share, with estimates ranging from $34.68 billion to $39.31 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Progressive.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.11. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The firm had revenue of $8.10 billion for the quarter, compared to analyst estimates of $8.01 billion. During the same period in the prior year, the firm earned $0.63 earnings per share. The business’s quarterly revenue was up 20.0% compared to the same quarter last year.

PGR has been the topic of a number of recent research reports. Wells Fargo & Co set a $64.00 target price on shares of Progressive and gave the stock a “hold” rating in a research note on Thursday, May 3rd. Keefe, Bruyette & Woods lowered shares of Progressive from an “outperform” rating to a “market perform” rating and set a $45.00 target price on the stock. in a research note on Thursday, May 17th. Buckingham Research upped their target price on shares of Progressive from $48.00 to $52.00 and gave the stock an “underperform” rating in a research note on Thursday, May 17th. ValuEngine lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Thursday, May 17th. Finally, Deutsche Bank upped their target price on shares of Progressive from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, May 21st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. Progressive presently has an average rating of “Hold” and an average price target of $62.36.

PGR stock opened at $66.28 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43. Progressive has a fifty-two week low of $43.59 and a fifty-two week high of $66.42. The company has a market cap of $36.37 billion, a P/E ratio of 25.20, a PEG ratio of 1.94 and a beta of 0.68.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction that occurred on Thursday, June 14th. The shares were sold at an average price of $62.40, for a total value of $748,800.00. Following the transaction, the chief financial officer now directly owns 364,423 shares in the company, valued at $22,739,995.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 7,503 shares of the stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total transaction of $452,280.84. Following the completion of the transaction, the insider now owns 41,722 shares in the company, valued at $2,515,002.16. The disclosure for this sale can be found here. Insiders sold 31,503 shares of company stock worth $1,913,041 over the last quarter. 0.70% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the business. Andra AP fonden boosted its holdings in shares of Progressive by 1.8% in the second quarter. Andra AP fonden now owns 141,600 shares of the insurance provider’s stock valued at $8,376,000 after acquiring an additional 2,500 shares during the period. Schroder Investment Management Group boosted its holdings in shares of Progressive by 90.1% in the second quarter. Schroder Investment Management Group now owns 326,504 shares of the insurance provider’s stock valued at $19,436,000 after acquiring an additional 154,725 shares during the period. Gifford Fong Associates acquired a new stake in shares of Progressive in the second quarter valued at approximately $296,000. Verition Fund Management LLC boosted its holdings in shares of Progressive by 646.9% in the second quarter. Verition Fund Management LLC now owns 103,549 shares of the insurance provider’s stock valued at $6,125,000 after acquiring an additional 89,685 shares during the period. Finally, NorthCoast Asset Management LLC boosted its holdings in shares of Progressive by 41.4% in the second quarter. NorthCoast Asset Management LLC now owns 523,245 shares of the insurance provider’s stock valued at $30,950,000 after acquiring an additional 153,329 shares during the period. Institutional investors own 79.99% 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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Earnings History and Estimates for Progressive (NYSE:PGR)

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