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.

In other news, insider John A. Barbagallo sold 5,948 shares of Progressive stock in a transaction on Thursday, January 3rd. The stock was sold at an average price of $58.96, for a total value of $350,694.08. Following the completion of the transaction, the insider now directly owns 177,370 shares in the company, valued at $10,457,735.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John A. Barbagallo sold 50,000 shares of Progressive stock in a transaction on Friday, October 26th. The shares were sold at an average price of $68.02, for a total value of $3,401,000.00. Following the completion of the transaction, the insider now owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,548 shares of company stock valued at $4,569,056. 0.70% of the stock is owned by company insiders.

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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Earnings History for Progressive (NYSE:PGR)

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