Q2 2024 Earnings Estimate for The Progressive Co. (NYSE:PGR) Issued By Roth Capital

The Progressive Co. (NYSE:PGR) – Equities research analysts at Roth Capital decreased their Q2 2024 EPS estimates for shares of Progressive in a research note issued on Wednesday, June 26th. Roth Capital analyst H. Fong now anticipates that the insurance provider will earn $2.03 per share for the quarter, down from their previous forecast of $2.38. The consensus estimate for Progressive’s current full-year earnings is $11.34 per share. Roth Capital also issued estimates for Progressive’s Q3 2024 earnings at $2.37 EPS, FY2024 earnings at $10.80 EPS, Q2 2025 earnings at $2.35 EPS and Q4 2025 earnings at $3.18 EPS.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period last year, the business posted $0.65 earnings per share. Progressive’s revenue was up 17.7% compared to the same quarter last year.

A number of other research analysts also recently issued reports on the stock. HSBC lifted their price target on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. UBS Group boosted their target price on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Citigroup raised their price target on Progressive from $230.00 to $232.00 and gave the company a “neutral” rating in a research note on Monday, June 17th. Wells Fargo & Company upped their price objective on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Finally, The Goldman Sachs Group increased their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $216.81.

Progressive Stock Performance

Shares of PGR opened at $211.35 on Friday. Progressive has a 1 year low of $111.41 and a 1 year high of $217.77. The stock has a market capitalization of $123.79 billion, a PE ratio of 21.63, a PEG ratio of 0.80 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a 50-day simple moving average of $209.60 and a 200-day simple moving average of $192.97.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Cary Street Partners Investment Advisory LLC raised its stake in shares of Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after buying an additional 62 shares in the last quarter. Trexquant Investment LP acquired a new stake in Progressive in the third quarter valued at $1,468,000. Bamco Inc. NY lifted its holdings in Progressive by 4.0% in the third quarter. Bamco Inc. NY now owns 13,000 shares of the insurance provider’s stock valued at $1,811,000 after acquiring an additional 500 shares during the period. CWA Asset Management Group LLC boosted its position in shares of Progressive by 29.3% during the 3rd quarter. CWA Asset Management Group LLC now owns 2,409 shares of the insurance provider’s stock worth $336,000 after purchasing an additional 546 shares in the last quarter. Finally, Ancora Advisors LLC lifted its stake in shares of Progressive by 1.4% in the third quarter. Ancora Advisors LLC now owns 18,984 shares of the insurance provider’s stock valued at $2,644,000 after purchasing an additional 266 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $828,485.91. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,518 shares of company stock worth $5,055,674. Company insiders own 0.34% of the company’s stock.

Progressive Dividend Announcement

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