William Blair Decreases Earnings Estimates for Progressive

The Progressive Co. (NYSE:PGR) – Investment analysts at William Blair decreased their FY2024 earnings per share estimates for shares of Progressive in a research note issued to investors on Tuesday, October 15th. William Blair analyst A. Klauber now expects that the insurance provider will earn $14.17 per share for the year, down from their prior estimate of $14.34. The consensus estimate for Progressive’s current full-year earnings is $12.97 per share.

A number of other brokerages have also commented on PGR. Piper Sandler lifted their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Evercore ISI lifted their target price on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. BMO Capital Markets decreased their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Roth Mkm raised their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Seven 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 stock currently has a consensus rating of “Moderate Buy” and an average price target of $268.81.

Progressive Stock Down 0.1 %

Shares of NYSE PGR opened at $251.08 on Friday. Progressive has a 1 year low of $149.14 and a 1 year high of $260.46. 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 firm has a market cap of $147.05 billion, a PE ratio of 21.50, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The company has a 50 day simple moving average of $248.81 and a 200 day simple moving average of $224.05.

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

Institutional Investors Weigh In On Progressive

A number of institutional investors have recently added to or reduced their stakes in PGR. Vanguard Group Inc. grew its holdings in shares of Progressive by 0.6% in the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after acquiring an additional 285,070 shares in the last quarter. Capital International Investors boosted its position in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the last quarter. Legal & General Group Plc grew its stake in Progressive by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the period. American Century Companies Inc. increased its position in shares of Progressive by 3.0% during the 2nd quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after purchasing an additional 69,709 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in shares of Progressive by 16.8% during the 1st quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock worth $351,289,000 after purchasing an additional 244,541 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other 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 transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Andrew J. Quigg sold 3,975 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 transaction of $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares in the company, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 144,383 shares of company stock worth $33,446,453. 0.34% of the stock is owned by corporate insiders.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given 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 payout ratio is currently 3.42%.

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.