Wall Street analysts expect Progressive Corp (NYSE:PGR) to announce sales of $8.23 billion for the current quarter, according to Zacks. Four analysts have provided estimates for Progressive’s earnings, with the highest sales estimate coming in at $8.32 billion and the lowest estimate coming in at $8.12 billion. Progressive posted sales of $6.82 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 20.7%. The company is expected to issue its next earnings report before the market opens on Tuesday, October 16th.

According to Zacks, analysts expect that Progressive will report full-year sales of $32.01 billion for the current financial year, with estimates ranging from $31.56 billion to $32.40 billion. For the next financial year, analysts forecast that the company will post sales of $36.57 billion, with estimates ranging from $35.32 billion to $38.05 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Progressive.

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

Several brokerages have recently issued reports on PGR. B. Riley lifted their target price on Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. Argus raised Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a report on Friday, July 27th. UBS Group lifted their target price on Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, September 19th. Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Finally, Credit Suisse Group began coverage on Progressive in a report on Tuesday, August 7th. They issued an “outperform” rating and a $73.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $64.07.

Shares of PGR stock traded up $0.64 during trading hours on Friday, hitting $71.01. The stock had a trading volume of 121,409 shares, compared to its average volume of 2,331,597. Progressive has a one year low of $47.57 and a one year high of $71.23. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $41.20 billion, a price-to-earnings ratio of 26.80, a price-to-earnings-growth ratio of 2.13 and a beta of 0.69.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $59.33, for a total transaction of $711,960.00. Following the completion of the transaction, the chief financial officer now owns 455,377 shares in the company, valued at $27,017,517.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $66.90, for a total value of $3,345,000.00. Following the transaction, the insider now owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 94,103 shares of company stock valued at $6,088,405. 0.70% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in PGR. Summit Trail Advisors LLC boosted its position in shares of Progressive by 4,577.8% during the first quarter. Summit Trail Advisors LLC now owns 2,306,527 shares of the insurance provider’s stock valued at $2,307,000 after buying an additional 2,257,219 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Progressive by 16.2% in the first quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock valued at $711,444,000 after purchasing an additional 1,630,692 shares during the period. Millennium Management LLC boosted its holdings in shares of Progressive by 174.1% in the second quarter. Millennium Management LLC now owns 2,518,308 shares of the insurance provider’s stock valued at $148,958,000 after purchasing an additional 1,599,598 shares during the period. Tremblant Capital Group purchased a new stake in shares of Progressive in the first quarter valued at approximately $77,534,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Progressive by 19.6% in the second quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock valued at $419,663,000 after purchasing an additional 1,163,500 shares during the period. Institutional investors and hedge funds own 80.22% 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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