The Progressive Co. Forecasted to Post Q4 2024 Earnings of $3.17 Per Share (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Research analysts at Roth Capital lifted their Q4 2024 EPS estimates for shares of Progressive in a research note issued on Monday, September 16th. Roth Capital analyst H. Fong now expects that the insurance provider will post earnings of $3.17 per share for the quarter, up from their prior estimate 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.

A number of other brokerages have also weighed in on PGR. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. Jefferies Financial Group lifted their price objective on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and increased their target price for the company from $230.00 to $262.00 in a research report on Thursday, August 15th. Citigroup reduced their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Finally, Roth Mkm increased their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday. Six 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $256.12.

Progressive Stock Performance

Shares of NYSE PGR opened at $256.31 on Tuesday. The company has a market cap of $150.12 billion, a P/E ratio of 26.23, a P/E/G ratio of 0.82 and a beta of 0.35. 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 firm’s fifty day moving average is $230.47 and its two-hundred day moving average is $215.53.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year.

Progressive Dividend Announcement

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

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 3,975 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 value of $850,689.75. Following the transaction, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive 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 value of $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The disclosure for this sale can be found here. In the last three months, insiders sold 146,704 shares of company stock valued at $33,367,408. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PGR. Sachetta LLC bought a new position in shares of Progressive during the 4th quarter worth $25,000. Northwest Bank & Trust Co bought a new position in Progressive during the 4th quarter worth about $25,000. WR Wealth Planners LLC increased its position 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 period. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive in the 1st quarter valued at about $32,000. Finally, Hilltop National Bank lifted its position 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 purchasing an additional 92 shares during the period. 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.