Progressive FY2024 EPS Forecast Increased by Roth Capital

The Progressive Co. (NYSE:PGR) – Research analysts at Roth Capital boosted their FY2024 EPS estimates for Progressive in a research note issued to investors on Monday, November 18th. Roth Capital analyst H. Fong now expects that the insurance provider will post earnings of $12.90 per share for the year, up from their prior estimate 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 posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion.

A number of other equities research analysts also recently weighed in on the stock. Jefferies Financial Group lifted their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. BMO Capital Markets dropped their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley boosted their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Finally, StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $269.81.

Progressive Trading Up 2.3 %

Shares of PGR opened at $262.90 on Wednesday. The firm has a market capitalization of $154.01 billion, a price-to-earnings ratio of 19.11, a P/E/G ratio of 0.71 and a beta of 0.36. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. Progressive has a 12-month low of $149.14 and a 12-month high of $263.85. The stock’s 50-day moving average price is $252.85 and its 200 day moving average price is $231.17.

Hedge Funds Weigh In On Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Geode Capital Management LLC increased its stake in Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. Jennison Associates LLC increased its position in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after acquiring an additional 686,433 shares during the period. Capital International Investors lifted its position in Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after purchasing an additional 641,943 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This represents a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,209 shares of company stock worth $14,975,979. Company 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.