Progressive (NYSE:PGR) Sets New 12-Month High on Strong Earnings

Shares of The Progressive Co. (NYSE:PGRGet Free Report) reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $182.35 and last traded at $179.17, with a volume of 453180 shares trading hands. The stock had previously closed at $170.32.

The insurance provider reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. Progressive had a net margin of 6.28% and a return on equity of 22.31%. The company had revenue of $16.89 billion for the quarter, compared to the consensus estimate of $16.10 billion. During the same period last year, the company posted $1.52 EPS.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 19th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 18th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.22%. Progressive’s dividend payout ratio (DPR) is currently 12.92%.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent research reports. Barclays boosted their price target on shares of Progressive from $111.00 to $112.00 and gave the company an “underweight” rating in a research note on Monday, November 20th. Wells Fargo & Company raised shares of Progressive from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $144.00 to $176.00 in a report on Monday, December 18th. Piper Sandler upped their price objective on shares of Progressive from $188.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday. Bank of America dropped their price objective on shares of Progressive from $203.00 to $199.00 in a report on Tuesday, October 3rd. Finally, UBS Group increased their price target on shares of Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $169.22.

Get Our Latest Research Report on Progressive

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the completion of the transaction, the insider now directly owns 27,921 shares in the company, valued at approximately $4,725,350.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the sale, the insider now directly owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 90,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $162.89, for a total value of $14,660,100.00. Following the sale, the chief executive officer now directly owns 465,735 shares in the company, valued at $75,863,574.15. The disclosure for this sale can be found here. Insiders sold 114,862 shares of company stock worth $18,747,693 in the last three months. 0.34% of the stock is owned by company insiders.

Institutional Trading of Progressive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Compass Ion Advisors LLC increased its stake in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC grew its position in shares of Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after buying an additional 62 shares in the last quarter. Quent Capital LLC grew its position in shares of Progressive by 19.3% during the 4th quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after buying an additional 69 shares in the last quarter. BSW Wealth Partners grew its position in shares of Progressive by 4.2% during the 4th quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after buying an additional 69 shares in the last quarter. Finally, IFP Advisors Inc grew its position in shares of Progressive by 1.2% during the 3rd quarter. IFP Advisors Inc now owns 5,860 shares of the insurance provider’s stock worth $816,000 after buying an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Progressive Stock Up 0.8 %

The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.41. The business has a 50-day moving average price of $163.10 and a 200-day moving average price of $147.69. The firm has a market cap of $104.97 billion, a P/E ratio of 27.36, a P/E/G ratio of 0.97 and a beta of 0.37.

About Progressive

(Get Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

Recommended Stories

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