Q3 2024 EPS Estimates for The Progressive Co. Lifted by Analyst (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Research analysts at Roth Capital boosted their Q3 2024 EPS estimates for shares of Progressive in a research report issued on Monday, September 16th. Roth Capital analyst H. Fong now expects that the insurance provider will earn $3.69 per share for the quarter, up from their previous forecast of $2.92. The consensus estimate for Progressive’s current full-year earnings is $12.29 per share. Roth Capital also issued estimates for Progressive’s FY2024 earnings at $13.25 EPS and Q4 2025 earnings at $3.56 EPS.

Other equities research analysts have also recently issued research reports about the stock. Bank of America increased their target price on shares of Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $230.00 to $262.00 in a research report on Thursday, August 15th. Evercore ISI boosted their target price on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Barclays started coverage on Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target for the company. Finally, BMO Capital Markets dropped their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $256.12.

Progressive Stock Up 0.2 %

NYSE:PGR opened at $256.91 on Wednesday. The company’s 50-day simple moving average is $231.42 and its 200-day simple moving average is $216.02. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. Progressive has a fifty-two week low of $137.59 and a fifty-two week high of $260.46. The stock has a market capitalization of $150.47 billion, a P/E ratio of 26.30, a P/E/G ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the business posted $0.57 EPS. The business’s revenue was up 21.6% compared to the same quarter last year.

Institutional Investors Weigh In On Progressive

Several large investors have recently bought and sold shares of PGR. Sanctuary Advisors LLC purchased a new position in shares of Progressive in the second quarter valued at approximately $35,022,000. Sycomore Asset Management raised its stake in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Progressive in the 2nd quarter valued at $728,000. New Wave Wealth Advisors LLC acquired a new stake in Progressive during the 2nd quarter worth $366,000. Finally, New Century Financial Group LLC grew its holdings in shares of Progressive by 53.4% during the second quarter. New Century Financial Group LLC now owns 1,844 shares of the insurance provider’s stock worth $383,000 after buying an additional 642 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the transaction, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 3,050 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Over the last quarter, insiders sold 146,704 shares of company stock valued at $33,367,408. Corporate insiders own 0.34% of the company’s stock.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio is presently 4.09%.

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.