The Progressive Co. Expected to Post Q3 2024 Earnings of $3.69 Per Share (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Roth Capital lifted their Q3 2024 earnings estimates for Progressive in a report issued on Monday, September 16th. Roth Capital analyst H. Fong now forecasts that the insurance provider will earn $3.69 per share for the quarter, up from their previous estimate of $2.92. The consensus estimate for Progressive’s current full-year earnings is $12.29 per share. Roth Capital also issued estimates for Progressive’s FY2024 earnings at $13.25 EPS and Q4 2025 earnings at $3.56 EPS.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the company earned $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% on a year-over-year basis.

A number of other analysts have also recently issued reports on PGR. Citigroup decreased their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Jefferies Financial Group boosted their price target on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. upped their price objective on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Finally, BMO Capital Markets cut their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus price target of $257.18.

Progressive Trading Up 0.3 %

Progressive stock opened at $257.69 on Wednesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock has a market cap of $150.93 billion, a PE ratio of 26.38, a P/E/G ratio of 0.82 and a beta of 0.35. The stock has a 50-day moving average price of $232.38 and a 200 day moving average price of $216.31. Progressive has a 52 week low of $137.59 and a 52 week high of $260.46.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Sachetta LLC acquired a new stake in Progressive during the fourth quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new position in Progressive during the 4th quarter valued at about $25,000. WR Wealth Planners LLC boosted its stake in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new position in shares of Progressive in the 1st quarter worth approximately $32,000. Finally, Hilltop National Bank boosted its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In related news, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the sale, the director now owns 974 shares of the company’s stock, valued at approximately $213,383.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now owns 974 shares in the company, valued at $213,383.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 2,467 shares of the business’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 $527,962.67. Following the sale, the executive now owns 24,720 shares of the company’s stock, valued at approximately $5,290,327.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,704 shares of company stock valued at $33,367,408. 0.34% of the stock is owned by corporate insiders.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is presently 4.09%.

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.