Roth Capital Comments on The Progressive Co.’s Q4 2024 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Roth Capital lifted their Q4 2024 earnings estimates for shares of Progressive in a research note issued on Monday, September 16th. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings of $3.17 per share for the quarter, up from their prior forecast of $2.95. The consensus estimate for Progressive’s current full-year earnings is $12.29 per share. Roth Capital also issued estimates for Progressive’s Q1 2025 earnings at $3.16 EPS, Q2 2025 earnings at $3.12 EPS, Q3 2025 earnings at $3.31 EPS and FY2025 earnings at $13.15 EPS.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same period in the previous year, the business earned $0.57 EPS. The business’s revenue for the quarter was up 21.6% on a year-over-year basis.

A number of other analysts also recently issued reports on PGR. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Piper Sandler lifted their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Bank of America lifted their price objective on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Finally, Barclays assumed coverage on shares of Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target for the company. Six research 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Stock Performance

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

Hedge Funds Weigh In On Progressive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Progressive by 0.6% during the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after buying an additional 285,070 shares during the period. Capital International Investors grew its holdings in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the period. Legal & General Group Plc grew its holdings in Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after purchasing an additional 92,212 shares during the period. FIL Ltd grew its holdings in Progressive by 0.4% in the fourth quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock worth $778,199,000 after purchasing an additional 19,724 shares during the period. Finally, Baird Financial Group Inc. grew its holdings in Progressive by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider’s stock worth $569,861,000 after purchasing an additional 86,686 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is currently owned by company insiders.

Progressive Dividend Announcement

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

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.