Progressive FY2028 EPS Forecast Lowered by DOWLING & PARTN

The Progressive Corporation (NYSE:PGR) – Research analysts at DOWLING & PARTN reduced their FY2028 earnings per share estimates for shares of Progressive in a report issued on Friday, August 7th. DOWLING & PARTN analyst D. Lukpanov now forecasts that the insurance provider will earn $15.25 per share for the year, down from their prior forecast of $15.88. The consensus estimate for Progressive’s current full-year earnings is $17.57 per share.

PGR has been the subject of a number of other research reports. BMO Capital Markets decreased their price objective on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Bank of America decreased their price target on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. JPMorgan Chase & Co. lowered their price objective on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. UBS Group raised their price objective on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Finally, Keefe, Bruyette & Woods reduced their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $235.00.

Progressive Stock Performance

Shares of NYSE:PGR opened at $212.22 on Wednesday. The firm’s 50 day simple moving average is $213.72 and its 200 day simple moving average is $206.43. Progressive has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The company has a market capitalization of $123.38 billion, a price-to-earnings ratio of 10.64, a P/E/G ratio of 2.88 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Meeder Asset Management Inc. acquired a new position in Progressive during the second quarter worth $26,000. Bard Associates Inc. acquired a new stake in Progressive in the 4th quarter valued at $27,000. IMG Wealth Management Inc. bought a new stake in Progressive during the 2nd quarter worth about $26,000. Bogart Wealth LLC lifted its position in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares in the last quarter. Finally, Kilter Group LLC acquired a new position in shares of Progressive during the 2nd quarter worth about $27,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CIO Jonathan S. Bauer sold 2,242 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the sale, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. This trade represents a 7.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 74,885 shares of company stock valued at $15,880,459. Corporate insiders own 0.32% of the company’s stock.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.