The Progressive Co. (NYSE:PGR) Expected to Earn Q1 2024 Earnings of $2.96 Per Share

The Progressive Co. (NYSE:PGRFree Report) – Research analysts at Roth Capital raised their Q1 2024 earnings estimates for Progressive in a research note issued to investors on Monday, March 18th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings per share of $2.96 for the quarter, up from their prior forecast of $2.54. The consensus estimate for Progressive’s current full-year earnings is $9.52 per share. Roth Capital also issued estimates for Progressive’s Q2 2024 earnings at $1.92 EPS, FY2024 earnings at $9.55 EPS and Q1 2025 earnings at $2.47 EPS.

Progressive (NYSE:PGRGet Free Report) last issued its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.53. The firm had revenue of $16.89 billion during the quarter, compared to analyst estimates of $16.10 billion. Progressive had a net margin of 6.28% and a return on equity of 21.25%. During the same quarter last year, the business earned $1.52 earnings per share.

Other equities analysts have also issued reports about the stock. BMO Capital Markets raised their price objective on shares of Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Wells Fargo & Company upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $144.00 to $176.00 in a research report on Monday, December 18th. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $185.00 to $190.00 and gave the company a “market perform” rating in a research report on Monday. Piper Sandler raised their price objective on shares of Progressive from $188.00 to $207.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. Finally, Roth Mkm raised their price objective on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $181.39.

Get Our Latest Analysis on PGR

Progressive Price Performance

Shares of NYSE:PGR opened at $205.69 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $120.47 billion, a PE ratio of 31.26, a P/E/G ratio of 0.97 and a beta of 0.34. Progressive has a twelve month low of $111.41 and a twelve month high of $207.87. The company has a 50-day moving average price of $185.07 and a two-hundred day moving average price of $164.53.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Sachetta LLC bought a new stake in Progressive in the fourth quarter valued at $25,000. Northwest Bank & Trust Co bought a new stake in Progressive in the fourth quarter valued at $25,000. Harbour Investments Inc. boosted its holdings in Progressive by 109.1% in the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 108 shares in the last quarter. Valley National Advisers Inc. boosted its holdings in Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in Progressive in the first quarter valued at $31,000. Institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Quigg sold 1,210 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total transaction of $196,334.60. Following the completion of the transaction, the insider now owns 27,247 shares in the company, valued at approximately $4,421,098.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,949 shares of company stock valued at $10,671,740. 0.33% of the stock is currently owned by corporate insiders.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, April 4th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 6.08%.

Progressive Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Progressive (NYSE:PGR)

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