The Progressive Co. (NYSE:PGR) to Post Q3 2024 Earnings of $2.50 Per Share, Roth Capital Forecasts

The Progressive Co. (NYSE:PGR) – Roth Capital lifted their Q3 2024 earnings per share (EPS) estimates for shares of Progressive in a report issued on Wednesday, July 17th. Roth Capital analyst H. Fong now expects that the insurance provider will post earnings per share of $2.50 for the quarter, up from their previous estimate of $2.37. The consensus estimate for Progressive’s current full-year earnings is $11.25 per share. Roth Capital also issued estimates for Progressive’s Q4 2024 earnings at $2.86 EPS.

Several other equities analysts have also recently weighed in on the company. Morgan Stanley lowered their price target on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Jefferies Financial Group increased their target price on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. upped their price target on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Bank of America raised their price objective on shares of Progressive from $276.00 to $293.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, UBS Group upped their target price on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. One investment 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.69.

Progressive Trading Up 5.4 %

Shares of PGR stock opened at $221.39 on Thursday. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.30. Progressive has a 12-month low of $117.64 and a 12-month high of $223.84. The stock has a market capitalization of $129.67 billion, a P/E ratio of 22.66, a P/E/G ratio of 0.81 and a beta of 0.35. The firm’s 50 day moving average is $209.60 and its 200 day moving average is $198.59.

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 net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter last year, the firm posted $0.57 EPS. The business’s quarterly revenue was up 21.6% compared to the same quarter last year.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in Progressive during the 4th quarter worth approximately $1,078,831,000. 1832 Asset Management L.P. lifted its holdings in shares of Progressive by 237.8% during the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after purchasing an additional 1,045,883 shares during the period. Confluence Investment Management LLC purchased a new stake in Progressive in the first quarter valued at approximately $188,642,000. SG Americas Securities LLC increased its holdings in Progressive by 4,545.0% in the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after buying an additional 690,060 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after buying an additional 686,433 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the sale, the chief financial officer now owns 312,958 shares in the company, valued at $63,978,003.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the transaction, the insider now directly 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. In the last three months, insiders sold 33,518 shares of company stock valued at $6,951,344. Insiders own 0.34% of the company’s stock.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date was Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is currently 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.