Q2 2024 EPS Estimates for The Progressive Co. (NYSE:PGR) Cut by Analyst

The Progressive Co. (NYSE:PGR) – Research analysts at Roth Capital dropped their Q2 2024 earnings estimates for Progressive in a report issued on Wednesday, June 26th. Roth Capital analyst H. Fong now expects that the insurance provider will post earnings per share of $2.03 for the quarter, down from their prior forecast of $2.38. The consensus estimate for Progressive’s current full-year earnings is $11.32 per share. Roth Capital also issued estimates for Progressive’s Q3 2024 earnings at $2.37 EPS, FY2024 earnings at $10.80 EPS, Q2 2025 earnings at $2.35 EPS and Q4 2025 earnings at $3.18 EPS.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the business posted $0.65 earnings per share.

Several other research firms have also weighed in on PGR. The Goldman Sachs Group raised their price objective on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. UBS Group raised their price target on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. BMO Capital Markets reissued an “outperform” rating and issued a $235.00 price target on shares of Progressive in a report on Monday, June 17th. Finally, Roth Mkm reissued a “buy” rating and issued a $235.00 price target on shares of Progressive in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $216.81.

Progressive Stock Performance

NYSE PGR opened at $207.71 on Friday. The firm has a market cap of $121.66 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 0.82 and a beta of 0.35. The company has a 50 day moving average of $209.49 and a 200-day moving average of $193.60. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. Progressive has a 1-year low of $111.41 and a 1-year high of $217.77.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio is 4.09%.

Insider Transactions at Progressive

In other news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the transaction, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold a total of 24,518 shares of company stock valued at $5,055,674 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Institutional investors have recently added to or reduced their stakes in the stock. Sachetta LLC bought a new stake in Progressive in the 4th quarter valued at $25,000. Northwest Bank & Trust Co bought a new stake in Progressive in the 4th quarter valued at $25,000. Valley National Advisers Inc. lifted its position in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares in the last quarter. Indiana Trust & Investment Management CO bought a new stake in Progressive in the 1st quarter valued at $32,000. Finally, Register Financial Advisors LLC bought a new stake in Progressive in the 1st quarter valued at $35,000. 85.34% of the stock is owned by institutional investors.

About Progressive

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