B. Riley Weighs in on Progressive Corp’s FY2019 Earnings (PGR)
Progressive Corp (NYSE:PGR) – Analysts at B. Riley lowered their FY2019 earnings estimates for shares of Progressive in a note issued to investors on Tuesday. B. Riley analyst R. Binner now anticipates that the insurance provider will post earnings per share of $3.50 for the year, down from their previous forecast of $3.55. B. Riley currently has a “Hold” rating and a $46.00 target price on the stock.
A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Co set a $57.00 target price on Progressive and gave the stock a “hold” rating in a report on Wednesday. MKM Partners lifted their target price on Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. UBS Group lifted their target price on Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Credit Suisse Group reissued a “hold” rating and set a $48.00 target price on shares of Progressive in a report on Friday, December 15th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $60.00 target price on shares of Progressive in a report on Wednesday, December 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $50.65.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.02. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter last year, the firm posted $0.66 EPS. The company’s quarterly revenue was up 21.6% on a year-over-year basis.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Progressive by 4.7% in the fourth quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock worth $2,183,522,000 after purchasing an additional 1,742,936 shares during the period. Artisan Partners Limited Partnership increased its position in shares of Progressive by 23.8% in the third quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after purchasing an additional 2,762,934 shares during the period. Janus Henderson Group PLC increased its position in shares of Progressive by 40.0% in the third quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after purchasing an additional 2,588,522 shares during the period. Bank of New York Mellon Corp increased its position in shares of Progressive by 55.9% in the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after purchasing an additional 2,687,224 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Progressive by 9.3% in the fourth quarter. Wells Fargo & Company MN now owns 7,413,668 shares of the insurance provider’s stock worth $417,536,000 after purchasing an additional 633,354 shares during the period. Institutional investors own 78.27% of the company’s stock.
In related news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total value of $1,402,500.00. Following the transaction, the insider now owns 137,722 shares in the company, valued at $7,726,204.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is currently owned by company insiders.
The business also recently declared an annual dividend, which was paid on Friday, February 9th. Investors of record on Friday, February 2nd were given a $1.125 dividend. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date of this dividend was Thursday, February 1st. Progressive’s payout ratio is currently 41.18%.
Progressive Company Profile
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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