Progressive FY2024 EPS Forecast Lowered by William Blair

The Progressive Co. (NYSE:PGR) – Stock analysts at William Blair cut their FY2024 EPS estimates for Progressive in a research note issued to investors on Tuesday, October 15th. William Blair analyst A. Klauber now forecasts that the insurance provider will earn $14.17 per share for the year, down from their previous forecast of $14.34. The consensus estimate for Progressive’s current full-year earnings is $13.07 per share.

PGR has been the topic of several other reports. Bank of America upped their price target on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets lowered their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, Evercore ISI upped their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $268.19.

Progressive Trading Down 1.6 %

Shares of NYSE PGR opened at $251.34 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average price is $248.22 and its two-hundred day moving average price is $223.76. Progressive has a 52-week low of $149.14 and a 52-week high of $260.46. The stock has a market capitalization of $147.21 billion, a P/E ratio of 25.73, a PEG ratio of 0.69 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during 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 company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insider Activity

In related news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,383 shares of company stock worth $33,446,453 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Large investors have recently modified their holdings of the stock. Davis Capital Management purchased a new stake in shares of Progressive during the third quarter valued at $25,000. WR Wealth Planners LLC boosted its holdings in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the period. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the period. Indiana Trust & Investment Management CO purchased a new position in shares of Progressive in the first quarter worth approximately $32,000. Finally, Hilltop National Bank raised its holdings in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. 85.34% of the stock is owned by institutional investors.

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.