Roth Capital Has Pessimistic View of Progressive Q4 Earnings

The Progressive Co. (NYSE:PGR) – Research analysts at Roth Capital cut their Q4 2024 earnings per share (EPS) estimates for Progressive in a research note issued on Wednesday, October 16th. Roth Capital analyst H. Fong now expects that the insurance provider will post earnings of $2.53 per share for the quarter, down from their previous forecast of $3.17. The consensus estimate for Progressive’s current full-year earnings is $12.97 per share. Roth Capital also issued estimates for Progressive’s FY2025 earnings at $13.25 EPS.

A number of other research firms have also issued reports on PGR. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Citigroup lowered their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley upped their price target on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday. Bank of America lifted their price objective on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Jefferies Financial Group upped their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Seven research 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $268.81.

Progressive Trading Down 0.1 %

Shares of Progressive stock opened at $251.08 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $147.05 billion, a P/E ratio of 21.50, a PEG ratio of 0.70 and a beta of 0.35. Progressive has a 1 year low of $149.14 and a 1 year high of $260.46. The company’s fifty day moving average is $248.81 and its two-hundred day moving average is $224.05.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is 3.42%.

Insider Activity

In related news, insider Andrew J. Quigg sold 3,975 shares of the business’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 sale, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the sale, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the sale, the insider now 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 disclosure for this sale can be found here. Insiders sold a total of 144,383 shares of company stock worth $33,446,453 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Hedge funds and other institutional investors have recently modified their holdings of the company. Aviance Capital Partners LLC acquired a new stake in Progressive during the first quarter worth approximately $3,628,000. Concurrent Investment Advisors LLC grew its position in shares of 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 purchasing an additional 2,719 shares during the period. Diversified Trust Co increased 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 purchasing an additional 11,770 shares during the last quarter. Councilmark Asset Management LLC purchased a new position in Progressive during the first quarter worth about $1,890,000. Finally, Sycomore Asset Management boosted its stake in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after buying an additional 2,450 shares during the last quarter. 85.34% of the stock is currently 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.