FY2024 EPS Estimates for The Progressive Co. Boosted by Analyst (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Analysts at William Blair increased their FY2024 earnings estimates for shares of Progressive in a research note issued to investors on Friday, September 13th. William Blair analyst A. Klauber now forecasts that the insurance provider will post earnings of $14.34 per share for the year, up from their prior estimate of $13.47. The consensus estimate for Progressive’s current full-year earnings is $12.29 per share. William Blair also issued estimates for Progressive’s Q4 2024 earnings at $3.93 EPS and FY2025 earnings at $15.10 EPS.

Several other research firms also recently commented on PGR. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Evercore ISI raised their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Morgan Stanley lifted their price target on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday. Barclays initiated coverage on Progressive in a report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective on the stock. Finally, Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Six research 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 stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $256.12.

Progressive Stock Performance

PGR stock opened at $256.91 on Monday. Progressive has a twelve month low of $137.59 and a twelve month high of $260.46. The firm has a market cap of $150.47 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 0.82 and a beta of 0.35. The business’s fifty day simple moving average is $231.42 and its two-hundred day simple moving average is $216.02. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its 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 return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the prior year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 21.6% on a year-over-year basis.

Institutional Investors Weigh In On Progressive

Several hedge funds have recently added to or reduced their stakes in PGR. Aviance Capital Partners LLC acquired a new stake in Progressive during the first quarter worth about $3,628,000. TCW Group Inc. purchased a new position in shares of Progressive during the 4th quarter valued at approximately $1,988,000. Brevan Howard Capital Management LP purchased a new position in shares of Progressive during the 4th quarter valued at approximately $3,090,000. Concurrent Investment Advisors LLC lifted its stake in shares of Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after purchasing an additional 2,719 shares during the period. Finally, Banque Cantonale Vaudoise boosted its holdings in Progressive by 90.4% during the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after buying an additional 10,000 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $210.40, for a total value of $2,104,000.00. Following the sale, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at approximately $63,742,363.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,704 shares of company stock valued at $33,367,408. Insiders own 0.34% of the company’s stock.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 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.