Q2 2024 Earnings Forecast for The Progressive Co. (NYSE:PGR) Issued By William Blair

The Progressive Co. (NYSE:PGR) – Equities researchers at William Blair lifted their Q2 2024 earnings per share (EPS) estimates for shares of Progressive in a research report issued to clients and investors on Tuesday, July 16th. William Blair analyst A. Klauber now expects that the insurance provider will earn $2.65 per share for the quarter, up from their prior forecast of $1.96. The consensus estimate for Progressive’s current full-year earnings is $11.25 per share. William Blair also issued estimates for Progressive’s Q4 2024 earnings at $3.58 EPS, FY2024 earnings at $12.19 EPS, Q1 2025 earnings at $3.35 EPS, Q3 2025 earnings at $2.88 EPS and Q4 2025 earnings at $4.26 EPS.

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

Several other analysts also recently commented on PGR. Bank of America increased their target price on Progressive from $276.00 to $293.00 and gave the company a “buy” rating in a research note on Wednesday. Roth Mkm reiterated a “buy” rating and set a $235.00 target price on shares of Progressive in a research note on Wednesday. HSBC increased their target price on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Morgan Stanley dropped their price target on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Finally, Jefferies Financial Group raised their price target on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $222.69.

Progressive Stock Performance

Progressive stock opened at $221.39 on Thursday. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $129.67 billion, a P/E ratio of 22.66, a PEG ratio of 0.81 and a beta of 0.35. The stock’s 50 day moving average is $209.60 and its 200 day moving average is $198.59. Progressive has a twelve month low of $117.64 and a twelve month high of $223.84.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PGR. Gateway Investment Advisers LLC boosted its position in shares of Progressive by 23.8% during the fourth quarter. Gateway Investment Advisers LLC now owns 2,658 shares of the insurance provider’s stock valued at $423,000 after buying an additional 511 shares during the period. BKM Wealth Management LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $54,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $218,000. Raymond James Trust N.A. raised its stake in shares of Progressive by 7.3% during the fourth quarter. Raymond James Trust N.A. now owns 27,915 shares of the insurance provider’s stock valued at $4,446,000 after acquiring an additional 1,899 shares in the last quarter. Finally, Rockland Trust Co. bought a new stake in shares of Progressive during the fourth quarter valued at approximately $217,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $210.40, for a total value of $2,104,000.00. Following the completion of the transaction, the chief financial officer now owns 302,958 shares in the company, valued at $63,742,363.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the completion of the transaction, the insider now owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The disclosure for this sale can be found here. Insiders have sold a total of 33,518 shares of company stock valued at $6,951,344 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.18%. 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.