The Progressive Co. Expected to Post Q3 2024 Earnings of $3.69 Per Share (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Research analysts at Roth Capital lifted their Q3 2024 EPS estimates for Progressive in a research note issued on Monday, September 16th. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings of $3.69 per share for the quarter, up from their previous forecast of $2.92. The consensus estimate for Progressive’s current full-year earnings is $12.29 per share. Roth Capital also issued estimates for Progressive’s FY2024 earnings at $13.25 EPS and Q4 2025 earnings at $3.56 EPS.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis.

Several other research firms have also issued reports on PGR. Barclays started coverage on shares of Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. Evercore ISI upped their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Morgan Stanley upped their price objective on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Stock Performance

Shares of Progressive stock opened at $257.69 on Wednesday. The stock has a market cap of $150.93 billion, a price-to-earnings ratio of 26.38, a P/E/G ratio of 0.82 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. Progressive has a twelve month low of $137.59 and a twelve month high of $260.46. The company’s fifty day moving average is $232.38 and its 200 day moving average is $216.31.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,704 shares of company stock valued at $33,367,408. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PGR. Aviance Capital Partners LLC bought a new position in Progressive during the first quarter valued at approximately $3,628,000. TCW Group Inc. purchased a new position in Progressive during the 4th quarter valued at about $1,988,000. Brevan Howard Capital Management LP purchased a new position in Progressive during the 4th quarter valued at about $3,090,000. Concurrent Investment Advisors LLC grew its position in shares of Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after buying an additional 2,719 shares during the last quarter. Finally, Banque Cantonale Vaudoise grew its position in shares of Progressive by 90.4% in the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after buying an additional 10,000 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

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.