William Blair Comments on Progressive Corp’s Q1 2019 Earnings (NYSE:PGR)

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Progressive Corp (NYSE:PGR) – Investment analysts at William Blair dropped their Q1 2019 earnings per share estimates for shares of Progressive in a research note issued to investors on Wednesday, January 23rd, according to Zacks Investment Research. William Blair analyst A. Klauber now forecasts that the insurance provider will post earnings of $1.44 per share for the quarter, down from their previous forecast of $1.58.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.57). Progressive had a return on equity of 24.54% and a net margin of 8.16%. The firm had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the business earned $0.98 earnings per share. The firm’s revenue for the quarter was up 17.6% on a year-over-year basis.

PGR has been the topic of a number of other research reports. Morgan Stanley raised Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price objective on the stock in a report on Wednesday, November 7th. Barclays increased their price objective on Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a report on Monday, November 12th. Credit Suisse Group set a $79.00 price objective on Progressive and gave the company a “buy” rating in a report on Wednesday, November 14th. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 18th. Finally, Wells Fargo & Co set a $69.00 price objective on Progressive and gave the company a “hold” rating in a report on Thursday, November 1st. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Progressive currently has an average rating of “Buy” and an average price target of $71.64.

Shares of PGR traded up $0.64 during midday trading on Friday, reaching $68.36. 2,564,102 shares of the stock were exchanged, compared to its average volume of 3,224,458. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.32 and a quick ratio of 0.42. The company has a market capitalization of $39.82 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 1.86 and a beta of 0.75. Progressive has a 12-month low of $51.22 and a 12-month high of $73.69.

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Progressive by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 42,481,196 shares of the insurance provider’s stock worth $3,017,865,000 after acquiring an additional 582,761 shares during the period. Vanguard Group Inc lifted its position in shares of Progressive by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock worth $3,017,865,000 after buying an additional 582,761 shares during the period. BlackRock Inc. lifted its position in shares of Progressive by 5.2% during the 3rd quarter. BlackRock Inc. now owns 41,533,608 shares of the insurance provider’s stock worth $2,950,547,000 after buying an additional 2,048,705 shares during the period. Janus Henderson Group PLC lifted its position in shares of Progressive by 3.0% during the 3rd quarter. Janus Henderson Group PLC now owns 12,457,383 shares of the insurance provider’s stock worth $884,970,000 after buying an additional 361,810 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Progressive by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock worth $779,788,000 after buying an additional 476,696 shares during the period. Institutional investors own 80.51% of the company’s stock.

In other Progressive news, insider M Jeffrey Charney sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $66.58, for a total value of $1,198,440.00. Following the sale, the insider now owns 145,304 shares of the company’s stock, valued at approximately $9,674,340.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John A. Barbagallo sold 45,000 shares of the firm’s stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $65.44, for a total value of $2,944,800.00. Following the completion of the sale, the insider now owns 132,370 shares of the company’s stock, valued at approximately $8,662,292.80. The disclosure for this sale can be found here. Insiders sold a total of 93,548 shares of company stock worth $6,094,536 in the last ninety days. Insiders own 0.70% of the company’s stock.

The firm also recently announced an annual dividend, which will be paid on Monday, February 11th. Shareholders of record on Monday, February 4th will be issued a $2.514 dividend. The ex-dividend date of this dividend is Friday, February 1st. This represents a yield of 3.85%. This is a positive change from Progressive’s previous annual dividend of $1.12. Progressive’s dividend payout ratio (DPR) is 56.79%.

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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