FY2024 EPS Estimates for Progressive Boosted by Roth Capital

The Progressive Co. (NYSE:PGR) – Equities researchers at Roth Capital upped their FY2024 earnings per share (EPS) estimates for shares of Progressive in a research report issued to clients and investors on Monday, November 18th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings of $12.90 per share for the year, up from their previous forecast of $12.50. The consensus estimate for Progressive’s current full-year earnings is $13.09 per share. Roth Capital also issued estimates for Progressive’s Q4 2024 earnings at $2.93 EPS.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%.

A number of other brokerages have also weighed in on PGR. TD Cowen boosted their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday. Keefe, Bruyette & Woods boosted their price target on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. BMO Capital Markets cut their price objective 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. Finally, Bank of America lifted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Trading Up 1.0 %

Shares of Progressive stock opened at $256.99 on Wednesday. The firm’s 50 day moving average is $252.58 and its 200 day moving average is $230.94. The firm has a market capitalization of $150.54 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. Progressive has a 1 year low of $149.14 and a 1 year high of $263.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Institutional Investors Weigh In On Progressive

Several hedge funds have recently added to or reduced their stakes in PGR. Davis Capital Management purchased a new position in shares of Progressive in the third quarter worth about $25,000. WR Wealth Planners LLC grew its holdings in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. Hilltop National Bank raised its holdings in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. lifted its position in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the period. Finally, LRI Investments LLC bought a new stake in shares of Progressive in the 1st quarter worth approximately $36,000. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In other news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 in the last 90 days. Insiders own 0.34% of the company’s stock.

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.