Equities analysts forecast that Progressive Corporation (The) (NYSE:PGR) will report earnings of $0.64 per share for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Progressive Corporation (The)’s earnings. The highest EPS estimate is $0.70 and the lowest is $0.55. Progressive Corporation (The) reported earnings per share of $0.36 during the same quarter last year, which indicates a positive year over year growth rate of 77.8%. The company is scheduled to announce its next quarterly earnings results on Thursday, October 12th.

According to Zacks, analysts expect that Progressive Corporation (The) will report full year earnings of $2.54 per share for the current year, with EPS estimates ranging from $2.40 to $2.68. For the next fiscal year, analysts forecast that the company will post earnings of $2.77 per share, with EPS estimates ranging from $2.50 to $3.15. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Progressive Corporation (The).

Progressive Corporation (The) (NYSE:PGR) last issued its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by $0.01. The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The company’s revenue was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 earnings per share.

Several analysts recently weighed in on the stock. Citigroup Inc. lifted their target price on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 17th. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a report on Wednesday, August 16th. BidaskClub upgraded shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a report on Friday, August 11th. Barclays PLC lifted their target price on shares of Progressive Corporation (The) from $39.00 to $41.00 and gave the company an “underweight” rating in a report on Friday, August 11th. Finally, Zacks Investment Research upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the company. Progressive Corporation (The) currently has an average rating of “Buy” and a consensus price target of $45.21.

Shares of Progressive Corporation (NYSE:PGR) traded up 0.68% during midday trading on Tuesday, reaching $47.63. The company had a trading volume of 3,208,804 shares. The stock has a 50-day moving average of $47.02 and a 200 day moving average of $42.35. The firm has a market capitalization of $27.68 billion, a price-to-earnings ratio of 20.27 and a beta of 0.86. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $49.01.

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In related news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total value of $2,232,500.00. Following the completion of the sale, the insider now directly owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jeffrey D. Kelly sold 20,000 shares of the business’s stock in a transaction on Monday, June 26th. The shares were sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the sale, the director now directly owns 59,963 shares of the company’s stock, valued at $2,669,552.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,250 shares of company stock valued at $7,319,413. Corporate insiders own 0.56% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Progressive Corporation (The) by 2,817.6% in the first quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock worth $1,406,446,000 after buying an additional 34,666,678 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Progressive Corporation (The) by 8,999.0% in the second quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock worth $285,384,000 after buying an additional 6,401,640 shares during the period. William Blair Investment Management LLC boosted its stake in shares of Progressive Corporation (The) by 24,360.1% in the second quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock worth $211,591,000 after buying an additional 4,779,442 shares during the period. Artisan Partners Limited Partnership boosted its stake in shares of Progressive Corporation (The) by 40.4% in the second quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock worth $510,843,000 after buying an additional 3,332,180 shares during the period. Finally, Voya Investment Management LLC boosted its stake in shares of Progressive Corporation (The) by 515.0% in the second quarter. Voya Investment Management LLC now owns 2,665,312 shares of the insurance provider’s stock worth $117,514,000 after buying an additional 2,231,956 shares during the period. 79.40% of the stock is owned by hedge funds and other institutional investors.

About Progressive Corporation (The)

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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Earnings History and Estimates for Progressive Corporation (The) (NYSE:PGR)

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