Progressive (PGR) Releases Earnings Results, Misses Expectations By $0.57 EPS
Progressive (NYSE:PGR) issued its quarterly earnings results on Wednesday. The insurance provider reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.57), Briefing.com reports. The business had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.86 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The business’s revenue was up 17.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.98 earnings per share.
Shares of NYSE PGR traded up $1.70 during mid-day trading on Wednesday, hitting $64.99. The company had a trading volume of 4,606,949 shares, compared to its average volume of 3,202,281. The stock has a market cap of $37.53 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 1.79 and a beta of 0.76. Progressive has a 1 year low of $50.79 and a 1 year high of $73.69. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.42 and a current ratio of 0.42.
A number of analysts have issued reports on the company. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. Credit Suisse Group set a $79.00 target price on Progressive and gave the stock a “buy” rating in a research report on Monday, October 15th. MKM Partners raised their target price on Progressive to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, September 26th. B. Riley raised Progressive from a “neutral” rating to a “buy” rating and raised their target price for the stock from $71.00 to $81.00 in a research report on Tuesday, December 11th. Finally, Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research report on Wednesday, January 2nd. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $71.64.
Several hedge funds and other institutional investors have recently made changes to their positions in PGR. Rehmann Capital Advisory Group boosted its stake in Progressive by 88.5% during the third quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock valued at $51,000 after buying an additional 339 shares during the period. Legacy Financial Advisors Inc. boosted its stake in Progressive by 19.5% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,541 shares of the insurance provider’s stock valued at $93,000 after buying an additional 251 shares during the period. Capital Advisors Ltd. LLC boosted its stake in Progressive by 409.1% during the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock valued at $105,000 after buying an additional 1,125 shares during the period. ELM Advisors LLC bought a new stake in Progressive during the third quarter valued at $107,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in Progressive during the third quarter valued at $112,000. Institutional investors own 80.18% of the company’s stock.
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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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