Progressive (NYSE:PGR) Posts Quarterly Earnings Results, Beats Expectations By $0.61 EPS

Progressive (NYSE:PGR) posted its quarterly earnings data on Tuesday. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61, Yahoo Finance reports. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same period in the previous year, the company posted $0.57 earnings per share. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis.

Progressive Price Performance

Shares of Progressive stock traded up $2.61 during midday trading on Thursday, hitting $223.96. 2,410,740 shares of the company were exchanged, compared to its average volume of 2,586,431. The firm has a 50 day simple moving average of $209.60 and a 200-day simple moving average of $198.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.33 and a quick ratio of 0.32. The firm has a market cap of $131.17 billion, a P/E ratio of 22.99, a PEG ratio of 0.81 and a beta of 0.35. Progressive has a 52 week low of $117.64 and a 52 week high of $229.00.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd were issued a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.18%. Progressive’s payout ratio is presently 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Progressive news, insider Steven Broz sold 7,361 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares in the company, valued at approximately $7,357,996.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the sale, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold 33,518 shares of company stock worth $6,951,344 over the last three months. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price target on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Keefe, Bruyette & Woods upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and upped their target price for the company from $210.00 to $245.00 in a research note on Wednesday. UBS Group raised their price target on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Finally, BMO Capital Markets boosted their price objective on shares of Progressive from $235.00 to $239.00 and gave the stock an “outperform” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $222.94.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.