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

The Progressive Co. (NYSE:PGR) – Roth Capital raised their FY2024 earnings per share estimates for Progressive in a research report issued on Monday, April 15th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings of $10.60 per share for the year, up from their previous estimate of $9.55. The consensus estimate for Progressive’s current full-year earnings is $11.09 per share.

Other equities analysts have also issued research reports about the company. Citigroup upped their price objective on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research note on Monday. Roth Mkm upped their price objective on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Jefferies Financial Group increased their price target on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research note on Monday. Keefe, Bruyette & Woods increased their price target on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Finally, HSBC increased their price target on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $211.88.

Progressive Stock Performance

NYSE PGR opened at $209.75 on Wednesday. The firm has a market cap of $122.85 billion, a price-to-earnings ratio of 21.47, a price-to-earnings-growth ratio of 0.84 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $199.28 and a 200-day moving average price of $174.57. Progressive has a twelve month low of $111.41 and a twelve month high of $212.24.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.65 earnings per share.

Institutional Investors Weigh In On Progressive

Hedge funds and other institutional investors have recently modified their holdings of the business. Balentine LLC increased its holdings in Progressive by 0.3% during the 4th quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock worth $3,530,000 after purchasing an additional 58 shares during the period. Compass Ion Advisors LLC increased its holdings in Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC increased its holdings in Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after purchasing an additional 62 shares during the period. Harbour Investments Inc. increased its holdings in Progressive by 30.4% during the 4th quarter. Harbour Investments Inc. now owns 270 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 63 shares during the period. Finally, Independent Advisor Alliance increased its holdings in Progressive by 1.9% during the 4th quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock worth $548,000 after purchasing an additional 64 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other news, insider Karen Bailo sold 8,464 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Karen Bailo sold 8,464 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. 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.