Q4 2024 Earnings Estimate for The Progressive Co. (NYSE:PGR) Issued By Roth Capital

The Progressive Co. (NYSE:PGR) – Equities research analysts at Roth Capital lifted their Q4 2024 earnings per share estimates for Progressive in a research note issued on Wednesday, June 26th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings of $2.68 per share for the quarter, up from their prior forecast of $2.62. The consensus estimate for Progressive’s current full-year earnings is $11.34 per share. Roth Capital also issued estimates for Progressive’s Q1 2025 earnings at $2.65 EPS and Q3 2025 earnings at $2.82 EPS.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the previous year, the firm posted $0.65 earnings per share. The company’s revenue was up 17.7% compared to the same quarter last year.

Several other analysts have also recently issued reports on the company. The Goldman Sachs Group upped their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. Jefferies Financial Group upped their price objective on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Bank of America upped their price objective on Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. UBS Group upped their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Finally, HSBC upped their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $216.81.

Progressive Trading Down 0.0 %

NYSE:PGR opened at $208.19 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. Progressive has a one year low of $111.41 and a one year high of $217.77. The business’s 50-day simple moving average is $209.62 and its 200 day simple moving average is $192.86. The stock has a market cap of $121.94 billion, a price-to-earnings ratio of 21.31, a price-to-earnings-growth ratio of 0.80 and a beta of 0.35.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Steven Broz sold 3,050 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the sale, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,518 shares of company stock valued at $5,055,674. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. TCW Group Inc. purchased a new position in Progressive in the fourth quarter valued at about $1,988,000. Brevan Howard Capital Management LP purchased a new position in Progressive in the fourth quarter valued at about $3,090,000. Invesco LLC grew its stake in Progressive by 2.0% in the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after purchasing an additional 70 shares in the last quarter. Strs Ohio grew its stake in Progressive by 3.1% in the fourth quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock valued at $26,788,000 after purchasing an additional 4,983 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Progressive by 2.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 210,460 shares of the insurance provider’s stock valued at $33,522,000 after purchasing an additional 4,443 shares in the last quarter. Hedge funds and other institutional investors own 85.34% 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.