Q4 2023 Earnings Estimate for The Progressive Co. Issued By William Blair (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Analysts at William Blair cut their Q4 2023 earnings per share estimates for shares of Progressive in a research note issued on Friday, November 17th. William Blair analyst A. Klauber now anticipates that the insurance provider will post earnings of $2.48 per share for the quarter, down from their prior estimate of $2.59. The consensus estimate for Progressive’s current full-year earnings is $5.33 per share. William Blair also issued estimates for Progressive’s Q1 2024 earnings at $2.27 EPS, Q3 2024 earnings at $2.08 EPS, Q4 2024 earnings at $2.63 EPS and FY2024 earnings at $8.86 EPS.

Progressive (NYSE:PGR) last issued its earnings results on Friday, October 13th. The insurance provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.38. Progressive had a return on equity of 17.36% and a net margin of 4.67%. The business had revenue of $15.71 billion during the quarter, compared to analysts’ expectations of $15.66 billion.

A number of other equities research analysts have also commented on PGR. Citigroup upgraded Progressive from a “sell” rating to a “neutral” rating and upped their price target for the company from $120.00 to $158.00 in a research report on Tuesday, October 17th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Monday, October 16th. Keefe, Bruyette & Woods upped their target price on Progressive from $135.00 to $145.00 and gave the company a “market perform” rating in a research report on Tuesday, October 17th. Wells Fargo & Company upped their target price on Progressive from $128.00 to $144.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 17th. Finally, The Goldman Sachs Group upped their target price on Progressive from $140.00 to $160.00 and gave the company a “neutral” rating in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $161.47.

Progressive Trading Up 1.1 %

NYSE PGR opened at $159.35 on Monday. The business’s 50-day moving average price is $150.11 and its two-hundred day moving average price is $137.14. Progressive has a 12 month low of $111.41 and a 12 month high of $161.98. The firm has a market capitalization of $93.23 billion, a PE ratio of 34.57, a price-to-earnings-growth ratio of 1.16 and a beta of 0.43. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.41.

Hedge Funds Weigh In On Progressive

A number of large investors have recently made changes to their positions in the stock. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after acquiring an additional 62 shares during the period. IFP Advisors Inc boosted its holdings in shares of Progressive by 1.2% in the third quarter. IFP Advisors Inc now owns 5,860 shares of the insurance provider’s stock worth $816,000 after acquiring an additional 71 shares during the period. Aaron Wealth Advisors LLC boosted its holdings in shares of Progressive by 1.3% in the third quarter. Aaron Wealth Advisors LLC now owns 5,430 shares of the insurance provider’s stock worth $756,000 after acquiring an additional 71 shares during the period. Steward Financial Group LLC boosted its holdings in shares of Progressive by 20.3% in the third quarter. Steward Financial Group LLC now owns 421 shares of the insurance provider’s stock worth $58,000 after acquiring an additional 71 shares during the period. Finally, Chesley Taft & Associates LLC boosted its holdings in shares of Progressive by 0.4% in the third quarter. Chesley Taft & Associates LLC now owns 18,960 shares of the insurance provider’s stock worth $2,641,000 after acquiring an additional 75 shares during the period. 83.66% of the stock is owned by institutional investors.

Insider Activity at Progressive

In related news, Director Barbara R. Snyder sold 21,731 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $133.09, for a total transaction of $2,892,178.79. Following the completion of the sale, the director now directly owns 6,610 shares of the company’s stock, valued at $879,724.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, Director Barbara R. Snyder sold 21,731 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $133.09, for a total value of $2,892,178.79. Following the completion of the sale, the director now directly owns 6,610 shares of the company’s stock, valued at $879,724.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stuart B. Burgdoerfer sold 6,720 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $155.30, for a total value of $1,043,616.00. Following the completion of the sale, the director now directly owns 14,039 shares of the company’s stock, valued at $2,180,256.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 69,021 shares of company stock valued at $9,594,007. 0.34% of the stock is owned by insiders.

About Progressive

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.