FY2024 EPS Estimates for Progressive Decreased by Analyst

The Progressive Co. (NYSE:PGR) – Analysts at Roth Capital dropped their FY2024 EPS estimates for shares of Progressive in a report released on Wednesday, October 16th. Roth Capital analyst H. Fong now expects that the insurance provider will post earnings of $12.50 per share for the year, down from their prior estimate of $13.25. The consensus estimate for Progressive’s current full-year earnings is $13.07 per share. Roth Capital also issued estimates for Progressive’s Q1 2025 earnings at $3.15 EPS, Q2 2025 earnings at $3.11 EPS, Q3 2025 earnings at $3.40 EPS, Q4 2025 earnings at $3.59 EPS, Q1 2026 earnings at $3.49 EPS, Q2 2026 earnings at $3.50 EPS, Q3 2026 earnings at $3.68 EPS and FY2026 earnings at $14.35 EPS.

Several other research analysts also recently weighed in on PGR. Morgan Stanley lifted their target price on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Barclays assumed coverage on shares of Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. BMO Capital Markets dropped their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. The Goldman Sachs Group lifted their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research report on Monday, August 12th. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $268.19.

Progressive Stock Down 1.6 %

NYSE PGR opened at $251.34 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The company’s 50 day simple moving average is $248.22 and its 200 day simple moving average is $223.76. Progressive has a 12 month low of $149.14 and a 12 month high of $260.46. The company 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 released its 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. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the previous year, the firm earned $0.57 EPS. The business’s revenue for the quarter was up 21.6% on a year-over-year basis.

Institutional Trading of Progressive

Hedge funds have recently modified their holdings of the company. Aviance Capital Partners LLC acquired a new stake in shares of Progressive in the 1st quarter valued at approximately $3,628,000. Concurrent Investment Advisors LLC lifted its stake in Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after buying an additional 2,719 shares in the last quarter. Diversified Trust Co lifted its stake in Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after buying an additional 11,770 shares in the last quarter. Banque Cantonale Vaudoise lifted its stake in Progressive by 90.4% in the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after buying an additional 10,000 shares in the last quarter. Finally, Councilmark Asset Management LLC bought a new position in Progressive in the first quarter valued at approximately $1,890,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. 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. In other Progressive news, CIO Jonathan S. Bauer sold 2,467 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 transaction of $527,962.67. Following the transaction, the executive now directly owns 24,720 shares in the company, valued at approximately $5,290,327.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,383 shares of company stock valued at $33,446,453. 0.34% of the stock is owned by insiders.

Progressive Announces Dividend

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