Progressive Corporation (The) (NYSE:PGR) Expected to Announce Quarterly Sales of $6.72 Billion

Wall Street brokerages predict that Progressive Corporation (The) (NYSE:PGR) will report $6.72 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Progressive Corporation (The)’s earnings. The highest sales estimate is $6.86 billion and the lowest is $6.51 billion. Progressive Corporation (The) posted sales of $5.96 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 12.8%. The firm is scheduled to issue its next earnings report on Thursday, October 12th.

According to Zacks, analysts expect that Progressive Corporation (The) will report full-year sales of $6.72 billion for the current year, with estimates ranging from $25.95 billion to $26.71 billion. For the next year, analysts expect that the company will post sales of $29.03 billion per share, with estimates ranging from $28.49 billion to $30.49 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Progressive Corporation (The).

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by $0.01. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. During the same period in the previous year, the firm posted $0.33 EPS. The firm’s quarterly revenue was up 13.7% on a year-over-year basis.

A number of equities analysts have commented on the stock. Wells Fargo & Company restated a “hold” rating on shares of Progressive Corporation (The) in a research report on Thursday, August 3rd. BidaskClub upgraded shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Friday. Zacks Investment Research upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research report on Wednesday, August 2nd. Citigroup Inc. upped their price objective on shares of Progressive Corporation (The) from $45.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 13th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $48.00 price objective on shares of Progressive Corporation (The) in a research report on Tuesday, July 25th. 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 issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $44.93.

In other news, insider Steven Broz sold 1,100 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $41.55, for a total value of $45,705.00. Following the completion of the transaction, the insider now owns 8,955 shares in the company, valued at approximately $372,080.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William M. Cody sold 50,000 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the completion of the transaction, the insider now owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The disclosure for this sale can be found here. Insiders sold a total of 71,100 shares of company stock valued at $3,168,605 in the last quarter. Insiders own 0.56% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Creative Planning increased its position in Progressive Corporation (The) by 109.0% in the first quarter. Creative Planning now owns 5,700 shares of the insurance provider’s stock valued at $223,000 after buying an additional 2,973 shares during the period. Blair William & Co. IL increased its position in Progressive Corporation (The) by 327.8% in the first quarter. Blair William & Co. IL now owns 709,836 shares of the insurance provider’s stock valued at $27,811,000 after buying an additional 543,916 shares during the period. Vanguard Group Inc. increased its position in Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after buying an additional 1,357,926 shares during the period. Wetherby Asset Management Inc. increased its position in Progressive Corporation (The) by 2.3% in the first quarter. Wetherby Asset Management Inc. now owns 16,188 shares of the insurance provider’s stock valued at $634,000 after buying an additional 368 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Progressive Corporation (The) by 158.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 370,987 shares of the insurance provider’s stock valued at $14,535,000 after buying an additional 227,438 shares during the period. Institutional investors and hedge funds own 79.54% of the company’s stock.

Progressive Corporation (NYSE:PGR) opened at 47.23 on Friday. The stock has a market cap of $27.44 billion, a PE ratio of 20.10 and a beta of 0.86. The firm has a 50-day moving average of $45.95 and a 200-day moving average of $41.56. Progressive Corporation has a 12-month low of $30.54 and a 12-month high of $48.04.

TRADEMARK VIOLATION WARNING: This report was reported by Transcript Daily and is the property of of Transcript Daily. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be viewed at https://transcriptdaily.com/2017/08/13/progressive-corporation-the-nysepgr-expected-to-announce-quarterly-sales-of-6-72-billion.html.

Progressive Corporation (The) Company Profile

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.

Get a free copy of the Zacks research report on Progressive Corporation (The) (PGR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Progressive Corporation (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply