Q4 Earnings Forecast for Progressive Issued By Roth Capital

The Progressive Co. (NYSE:PGR) – Analysts at Roth Capital reduced their Q4 2024 EPS estimates for Progressive in a research note issued to investors on Wednesday, October 16th. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings of $2.53 per share for the quarter, down from their prior forecast of $3.17. The consensus estimate for Progressive’s current full-year earnings is $12.97 per share. Roth Capital also issued estimates for Progressive’s FY2025 earnings at $13.25 EPS.

Several other equities research analysts have also recently issued reports on the stock. Piper Sandler lifted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday. Bank of America raised their target price on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday. Roth Mkm upped their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $268.81.

Progressive Price Performance

NYSE:PGR opened at $251.12 on Friday. The stock has a 50 day moving average of $248.81 and a two-hundred day moving average of $224.14. Progressive has a 12 month low of $149.14 and a 12 month high of $260.46. The firm has a market cap of $147.07 billion, a P/E ratio of 21.50, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is 3.42%.

Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, CFO John P. Sauerland sold 22,708 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the completion of the transaction, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 144,383 shares of company stock worth $33,446,453. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Hedge funds have recently added to or reduced their stakes in the stock. Davis Capital Management purchased a new position in shares of Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC grew 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 worth $26,000 after buying an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new position in Progressive during the first quarter worth approximately $32,000. Hilltop National Bank lifted its stake in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC acquired a new stake in shares of Progressive in the first quarter valued at approximately $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

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.