Zacks Research Comments on The Progressive Co.’s Q3 2023 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGR – Get Rating) – Equities research analysts at Zacks Research upped their Q3 2023 EPS estimates for shares of Progressive in a research report issued on Tuesday, May 23rd. Zacks Research analyst T. De now anticipates that the insurance provider will post earnings of $1.44 per share for the quarter, up from their prior estimate of $1.36. The consensus estimate for Progressive’s current full-year earnings is $5.35 per share. Zacks Research also issued estimates for Progressive’s Q4 2023 earnings at $1.81 EPS, FY2023 earnings at $5.00 EPS, Q3 2024 earnings at $1.42 EPS and FY2024 earnings at $6.76 EPS.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Progressive from $130.00 to $132.00 and gave the company a “neutral” rating in a report on Friday, March 31st. Raymond James upped their target price on shares of Progressive from $145.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, January 26th. StockNews.com started coverage on Progressive in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods decreased their price objective on Progressive from $140.00 to $133.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 18th. Finally, Barclays lifted their target price on Progressive from $118.00 to $123.00 in a report on Thursday, May 18th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus price target of $148.13.

Progressive Price Performance

NYSE:PGR opened at $128.93 on Friday. The company has a market capitalization of $75.47 billion, a P/E ratio of 91.44, a P/E/G ratio of 0.96 and a beta of 0.50. The business’s 50-day moving average is $137.56 and its 200 day moving average is $135.06. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.39. Progressive has a 12 month low of $108.64 and a 12 month high of $149.87.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, July 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 6th. This represents a $0.40 annualized dividend and a yield of 0.31%. Progressive’s payout ratio is currently 28.37%.

Insider Buying and Selling at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 472 shares of the company’s stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $138.67, for a total value of $65,452.24. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $552,045.27. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mariann Wojtkun Marshall sold 472 shares of Progressive stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $138.67, for a total transaction of $65,452.24. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $552,045.27. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Daniel P. Mascaro sold 2,806 shares of the stock in a transaction on Friday, March 24th. The shares were sold at an average price of $136.96, for a total value of $384,309.76. Following the sale, the insider now directly owns 33,276 shares in the company, valued at approximately $4,557,480.96. The disclosure for this sale can be found here. Insiders sold a total of 6,708 shares of company stock valued at $927,717 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently bought and sold shares of the company. Venture Visionary Partners LLC boosted its position in shares of Progressive by 0.8% in the 1st quarter. Venture Visionary Partners LLC now owns 9,426 shares of the insurance provider’s stock worth $1,348,000 after purchasing an additional 76 shares in the last quarter. Quent Capital LLC grew its stake in shares of Progressive by 29.4% during the third quarter. Quent Capital LLC now owns 348 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 79 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in Progressive by 3.2% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,536 shares of the insurance provider’s stock worth $329,000 after purchasing an additional 79 shares in the last quarter. Wedmont Private Capital grew its position in Progressive by 2.1% during the 4th quarter. Wedmont Private Capital now owns 4,078 shares of the insurance provider’s stock worth $549,000 after purchasing an additional 82 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its holdings in shares of Progressive by 3.6% in the fourth quarter. Belpointe Asset Management LLC now owns 2,381 shares of the insurance provider’s stock worth $309,000 after buying an additional 82 shares during the last quarter. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Progressive Company Profile

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.