William Blair Weighs in on The Progressive Co.’s Q1 2023 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGRGet Rating) – Investment analysts at William Blair lowered their Q1 2023 earnings estimates for Progressive in a research note issued on Thursday, September 15th. William Blair analyst A. Klauber now anticipates that the insurance provider will post earnings per share of $1.91 for the quarter, down from their prior estimate of $1.92. The consensus estimate for Progressive’s current full-year earnings is $4.84 per share. William Blair also issued estimates for Progressive’s Q2 2023 earnings at $1.47 EPS, Q3 2023 earnings at $1.81 EPS and Q4 2023 earnings at $2.35 EPS.

A number of other analysts have also recently commented on the stock. Barclays increased their price target on shares of Progressive from $90.00 to $106.00 and gave the company an “underweight” rating in a research note on Thursday, August 18th. Credit Suisse Group increased their price target on shares of Progressive from $124.00 to $127.00 and gave the company a “neutral” rating in a research note on Thursday, August 18th. Wells Fargo & Company reiterated a “sell” rating and issued a $98.00 price target on shares of Progressive in a research note on Friday, July 15th. TheStreet cut shares of Progressive from a “b” rating to a “c+” rating in a research note on Friday, July 15th. Finally, Raymond James increased their price target on shares of Progressive from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Monday, August 29th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $118.08.

Progressive Stock Performance

Shares of PGR stock opened at $124.89 on Monday. The stock has a market cap of $73.05 billion, a P/E ratio of 89.21, a P/E/G ratio of 1.48 and a beta of 0.42. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40. The company has a fifty day moving average price of $120.46 and a two-hundred day moving average price of $115.61. Progressive has a one year low of $89.35 and a one year high of $129.76.

Institutional Trading of Progressive

Institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in Progressive by 14.4% during the first quarter. EverSource Wealth Advisors LLC now owns 697 shares of the insurance provider’s stock valued at $79,000 after buying an additional 88 shares during the period. Parkside Financial Bank & Trust grew its position in Progressive by 2.0% during the first quarter. Parkside Financial Bank & Trust now owns 4,753 shares of the insurance provider’s stock valued at $542,000 after buying an additional 95 shares during the period. Trail Ridge Investment Advisors LLC grew its position in Progressive by 2.7% during the second quarter. Trail Ridge Investment Advisors LLC now owns 3,787 shares of the insurance provider’s stock valued at $440,000 after buying an additional 98 shares during the period. Trust Co. of Vermont grew its position in Progressive by 4.7% during the second quarter. Trust Co. of Vermont now owns 2,247 shares of the insurance provider’s stock valued at $261,000 after buying an additional 100 shares during the period. Finally, Thoroughbred Financial Services LLC grew its position in Progressive by 4.6% during the first quarter. Thoroughbred Financial Services LLC now owns 2,406 shares of the insurance provider’s stock valued at $274,000 after buying an additional 106 shares during the period. Institutional investors own 85.05% of the company’s stock.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 3,180 shares of the company’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the sale, the insider now owns 24,061 shares in the company, valued at approximately $3,042,032.23. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.37% of the company’s stock.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.32%. Progressive’s payout ratio is 28.57%.

About Progressive

(Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

See Also

Earnings History and Estimates for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.