Progressive FY2024 EPS Forecast Decreased by William Blair

The Progressive Co. (NYSE:PGR) – Equities researchers at William Blair reduced their FY2024 earnings per share estimates for shares of Progressive in a research note issued on Tuesday, October 15th. William Blair analyst A. Klauber now forecasts that the insurance provider will post earnings of $14.17 per share for the year, down from their previous forecast of $14.34. The consensus estimate for Progressive’s current full-year earnings is $13.07 per share.

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

A number of other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods raised their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday. The Goldman Sachs Group raised their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Bank of America upped their price objective on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Evercore ISI boosted their price target on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Seven 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $268.19.

Progressive Trading Down 1.6 %

NYSE PGR opened at $251.34 on Friday. The company has a market capitalization of $147.21 billion, a PE ratio of 25.73, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. Progressive has a 1-year low of $149.14 and a 1-year high of $260.46. 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 firm’s fifty day simple moving average is $248.22 and its 200-day simple moving average is $223.76.

Institutional Investors Weigh In On Progressive

Large investors have recently made changes to their positions in the company. Davis Capital Management acquired a new position in Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC raised its stake in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in Progressive during the 1st quarter valued at $32,000. Finally, Hilltop National Bank increased its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 3,975 shares of the company’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 $850,689.75. Following the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of Progressive 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 sale, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 144,383 shares of company stock valued at $33,446,453. Company insiders own 0.34% of the company’s stock.

Progressive Dividend Announcement

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 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend 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.