Todays Report: The Progressive Corp. (PGR) Posts Earnings Results, Misses Expectations By $0.02 EPS

The Progressive Corp. (PGR) Posts  Earnings Results, Misses Expectations By $0.02 EPS

Progressive Corp. (NYSE:PGR) issued its earnings results on Thursday. The company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.02. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The company earned $6.05 billion during the quarter, compared to analyst estimates of $6.04 billion.

Progressive Corp. (NYSE:PGR) opened at 31.67 on Thursday. Progressive Corp. has a 52-week low of $29.32 and a 52-week high of $35.54. The firm’s 50-day moving average is $31.59 and its 200 day moving average is $32.79. The stock has a market capitalization of $18.43 billion, a PE ratio of 17.59 and a beta of 0.73.

In other Progressive Corp. news, insider Steven Broz sold 2,500 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $33.17, for a total transaction of $82,925.00. Following the sale, the insider now directly owns 9,420 shares of the company’s stock, valued at $312,461.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael D. Sieger sold 3,200 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $32.93, for a total transaction of $105,376.00. Following the sale, the insider now directly owns 49,755 shares in the company, valued at $1,638,432.15. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

A number of hedge funds have recently modified their holdings of PGR. Advisor Partners LLC boosted its stake in Progressive Corp. by 3.0% in the second quarter. Advisor Partners LLC now owns 8,209 shares of the company’s stock valued at $275,000 after buying an additional 241 shares during the period. Commonwealth Bank of Australia boosted its stake in Progressive Corp. by 5.2% in the second quarter. Commonwealth Bank of Australia now owns 66,390 shares of the company’s stock valued at $2,224,000 after buying an additional 3,273 shares during the period. Tredje AP fonden boosted its stake in Progressive Corp. by 28.3% in the second quarter. Tredje AP fonden now owns 72,433 shares of the company’s stock valued at $2,427,000 after buying an additional 15,984 shares during the period. Reliance Trust Co. of Delaware boosted its stake in Progressive Corp. by 16.1% in the second quarter. Reliance Trust Co. of Delaware now owns 20,465 shares of the company’s stock valued at $685,000 after buying an additional 2,845 shares during the period. Finally, Advantus Capital Management Inc boosted its stake in Progressive Corp. by 0.5% in the second quarter. Advantus Capital Management Inc now owns 56,949 shares of the company’s stock valued at $1,908,000 after buying an additional 258 shares during the period. 76.53% of the stock is currently owned by hedge funds and other institutional investors.

PGR has been the subject of a number of research reports. Zacks Investment Research downgraded Progressive Corp. from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. Credit Suisse Group AG set a $28.00 price objective on Progressive Corp. and gave the stock a “sell” rating in a research report on Tuesday, August 23rd. Deutsche Bank AG reduced their price objective on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating for the company in a research report on Monday, September 19th. William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Finally, Keefe, Bruyette & Woods upgraded Progressive Corp. from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $29.00 to $31.00 in a research report on Thursday, September 15th. Five analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.16.

About Progressive Corp.

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