Progressive (NYSE:PGR) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Progressive (NYSE:PGR) posted its quarterly earnings results on Thursday. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.03, Fidelity Earnings reports. Progressive had a net margin of 8.69% and a return on equity of 25.83%.

Shares of PGR traded up $1.11 during mid-day trading on Friday, hitting $73.67. 5,164,042 shares of the company traded hands, compared to its average volume of 3,089,688. Progressive has a one year low of $56.71 and a one year high of $84.96. The company has a current ratio of 0.42, a quick ratio of 0.36 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average of $73.13 and a 200 day moving average of $77.38. The stock has a market capitalization of $40.28 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 1.75 and a beta of 0.65.

Several research analysts recently issued reports on PGR shares. Wells Fargo & Co reissued a “hold” rating and issued a $76.00 price target on shares of Progressive in a research report on Thursday. Credit Suisse Group decreased their price objective on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Raymond James set a $93.00 price objective on shares of Progressive and gave the stock a “buy” rating in a research note on Thursday, September 26th. Buckingham Research upped their price objective on shares of Progressive from $74.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Finally, UBS Group upped their price objective on shares of Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $82.64.

In other news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $77.58, for a total transaction of $930,960.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 22,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the sale, the chief executive officer now directly owns 352,795 shares in the company, valued at $26,978,233.65. The disclosure for this sale can be found here. Insiders have sold 39,500 shares of company stock worth $3,005,735 over the last three months. 0.39% of the stock is owned by insiders.

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 for Progressive (NYSE:PGR)

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