Q4 2024 EPS Estimates for The Progressive Co. Boosted by Analyst (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Analysts at Roth Capital upped their Q4 2024 earnings per share estimates for shares of Progressive in a note issued to investors on Wednesday, June 26th. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings per share of $2.68 for the quarter, up from their prior estimate of $2.62. The consensus estimate for Progressive’s current full-year earnings is $11.34 per share. Roth Capital also issued estimates for Progressive’s Q1 2025 earnings at $2.65 EPS and Q3 2025 earnings at $2.82 EPS.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. 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 EPS.

PGR has been the topic of a number of other reports. The Goldman Sachs Group raised their target price on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. Bank of America raised their target price on Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Wells Fargo & Company raised their target price on Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. Keefe, Bruyette & Woods raised their target price on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Finally, HSBC raised their target price on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $216.81.

Progressive Price Performance

NYSE:PGR opened at $207.71 on Thursday. Progressive has a 52 week low of $111.41 and a 52 week high of $217.77. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $121.66 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 0.80 and a beta of 0.35. The stock’s 50-day moving average price is $209.49 and its 200-day moving average price is $193.41.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC raised its position in Progressive by 1.2% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock valued at $960,000 after purchasing an additional 56 shares during the period. Balentine LLC raised its position in Progressive by 0.3% in the fourth quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after purchasing an additional 58 shares during the period. Compass Ion Advisors LLC raised its position in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after purchasing an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC raised its position in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 62 shares during the period. Finally, EP Wealth Advisors LLC raised its position in Progressive by 4.1% in the first quarter. EP Wealth Advisors LLC now owns 1,579 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 62 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred 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 sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Insiders have sold 24,518 shares of company stock valued at $5,055,674 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Progressive Company Profile

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.