$9.58 Billion in Sales Expected for Progressive Corp (NYSE:PGR) This Quarter

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Equities analysts expect that Progressive Corp (NYSE:PGR) will post sales of $9.58 billion for the current quarter, according to Zacks. Five analysts have issued estimates for Progressive’s earnings. The highest sales estimate is $9.73 billion and the lowest is $9.44 billion. Progressive posted sales of $8.61 billion in the same quarter last year, which would indicate a positive year over year growth rate of 11.3%. The firm is expected to report its next earnings report on Wednesday, January 22nd.

According to Zacks, analysts expect that Progressive will report full year sales of $37.22 billion for the current year, with estimates ranging from $36.71 billion to $37.45 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $40.88 billion, with estimates ranging from $40.11 billion to $42.17 billion. Zacks’ sales averages are an average based on a survey of analysts that cover Progressive.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, November 13th. The insurance provider reported $1.33 EPS for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%.

A number of analysts have recently commented on the company. ValuEngine lowered Progressive from a “hold” rating to a “sell” rating in a research note on Monday, November 25th. Raymond James set a $93.00 price target on Progressive and gave the company a “buy” rating in a research note on Thursday, September 26th. Wells Fargo & Co reissued a “hold” rating and set a $76.00 price target on shares of Progressive in a research note on Thursday, November 7th. Buckingham Research lifted their price target on Progressive from $74.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Finally, Credit Suisse Group cut their price target on Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. Progressive has a consensus rating of “Hold” and an average target price of $82.50.

In related news, insider Steven Broz sold 5,000 shares of Progressive stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $70.84, for a total value of $354,200.00. Following the transaction, the insider now directly owns 25,295 shares of the company’s stock, valued at $1,791,897.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 22,614 shares of Progressive stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $71.99, for a total value of $1,627,981.86. Following the completion of the transaction, the chief executive officer now directly owns 376,308 shares in the company, valued at $27,090,412.92. The disclosure for this sale can be found here. 0.39% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of PGR. Manchester Financial Inc. acquired a new position in Progressive in the second quarter valued at approximately $25,000. First Financial Corp IN acquired a new position in Progressive in the third quarter valued at approximately $25,000. Synovus Financial Corp lifted its stake in Progressive by 752.4% in the second quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock valued at $27,000 after buying an additional 316 shares during the period. Archford Capital Strategies LLC lifted its stake in Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after buying an additional 135 shares during the period. Finally, Mirova acquired a new position in Progressive in the second quarter valued at approximately $43,000. 78.39% of the stock is currently owned by institutional investors.

Shares of PGR stock traded down $0.09 during mid-day trading on Tuesday, reaching $73.05. 1,077,361 shares of the stock traded hands, compared to its average volume of 3,645,833. The stock’s fifty day simple moving average is $71.52 and its two-hundred day simple moving average is $77.10. Progressive has a 1-year low of $56.71 and a 1-year high of $84.96. The company has a market cap of $42.76 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.88 and a beta of 0.65. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.32.

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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