Q2 2024 EPS Estimates for The Progressive Co. Reduced by Analyst (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Equities researchers at Roth Capital reduced their Q2 2024 EPS estimates for shares of Progressive in a research note issued on Wednesday, June 26th. Roth Capital analyst H. Fong now forecasts that the insurance provider will earn $2.03 per share for the quarter, down from their prior forecast of $2.38. The consensus estimate for Progressive’s current full-year earnings is $11.34 per share. Roth Capital also issued estimates for Progressive’s Q3 2024 earnings at $2.37 EPS, FY2024 earnings at $10.80 EPS, Q2 2025 earnings at $2.35 EPS and Q4 2025 earnings at $3.18 EPS.

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

Several other analysts have also weighed in on PGR. Piper Sandler restated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. HSBC raised their price objective on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Bank of America boosted their target price on shares of Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. The Goldman Sachs Group raised their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $235.00 price target on shares of Progressive in a report on Monday, June 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $216.81.

Progressive Stock Performance

Shares of NYSE PGR opened at $211.35 on Friday. Progressive has a 1 year low of $111.41 and a 1 year high of $217.77. The firm has a market cap of $123.79 billion, a P/E ratio of 21.63, a PEG ratio of 0.80 and a beta of 0.35. The stock has a fifty day moving average price of $209.60 and a two-hundred day moving average price of $192.97. 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 Dividend Announcement

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

Insiders Place Their Bets

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $828,485.91. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 value of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,518 shares of company stock worth $5,055,674. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progressive

Large investors have recently made changes to their positions in the company. Cary Street Partners Investment Advisory LLC grew its position in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after acquiring an additional 62 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of Progressive in the 3rd quarter valued at $1,468,000. Bamco Inc. NY boosted its holdings in Progressive by 4.0% in the third quarter. Bamco Inc. NY now owns 13,000 shares of the insurance provider’s stock worth $1,811,000 after purchasing an additional 500 shares in the last quarter. CWA Asset Management Group LLC increased its position in Progressive by 29.3% during the third quarter. CWA Asset Management Group LLC now owns 2,409 shares of the insurance provider’s stock worth $336,000 after buying an additional 546 shares during the last quarter. Finally, Ancora Advisors LLC raised its holdings in Progressive by 1.4% during the third quarter. Ancora Advisors LLC now owns 18,984 shares of the insurance provider’s stock valued at $2,644,000 after buying an additional 266 shares in the last quarter. 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.