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

The Progressive Co. (NYSE:PGR) – Investment analysts at Roth Capital lowered their FY2024 earnings per share estimates for shares of Progressive in a research report issued on Wednesday, October 16th. Roth Capital analyst H. Fong now expects that the insurance provider will earn $12.50 per share for the year, down from their previous estimate of $13.25. The consensus estimate for Progressive’s current full-year earnings is $13.07 per share. Roth Capital also issued estimates for Progressive’s Q1 2025 earnings at $3.15 EPS, Q2 2025 earnings at $3.11 EPS, Q3 2025 earnings at $3.40 EPS, Q4 2025 earnings at $3.59 EPS, Q1 2026 earnings at $3.49 EPS, Q2 2026 earnings at $3.50 EPS, Q3 2026 earnings at $3.68 EPS and FY2026 earnings at $14.35 EPS.

Several other equities research analysts also recently weighed in on PGR. The Goldman Sachs Group upped their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Wells Fargo & Company boosted their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Citigroup decreased their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $268.19.

Progressive Stock Up 1.5 %

Shares of NYSE PGR opened at $255.37 on Thursday. The stock has a market cap of $149.57 billion, a P/E ratio of 26.14, a PEG ratio of 0.69 and a beta of 0.35. The business’s fifty day simple moving average is $247.56 and its 200-day simple moving average is $223.57. Progressive has a 12-month low of $149.14 and a 12-month 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.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping 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 the consensus estimate of $17.54 billion. During the same period in the prior year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,371 shares of the business’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 value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive 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 sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction dated 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 of the company’s stock, valued at $7,015,247.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 144,383 shares of company stock valued at $33,446,453. 0.34% of the stock is owned by company insiders.

Institutional Trading of Progressive

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC boosted its position in shares of Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after purchasing an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after buying an additional 686,433 shares in the last quarter. Capital International Investors increased 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 valued at $1,018,592,000 after buying an additional 670,006 shares in the last quarter. Swedbank AB acquired a new stake in shares of Progressive during the 1st quarter valued at approximately $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in shares of Progressive by 457.2% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after acquiring an additional 534,754 shares during the period. 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.