Roth Capital Analysts Increase Earnings Estimates for The Progressive Co. (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Stock analysts at Roth Capital increased their Q2 2024 EPS estimates for Progressive in a research report issued to clients and investors on Monday, April 15th. Roth Capital analyst H. Fong now expects that the insurance provider will earn $2.00 per share for the quarter, up from their previous forecast of $1.92. The consensus estimate for Progressive’s current full-year earnings is $10.50 per share. Roth Capital also issued estimates for Progressive’s Q3 2024 earnings at $2.27 EPS, Q4 2024 earnings at $2.60 EPS, Q1 2025 earnings at $2.67 EPS, Q2 2025 earnings at $2.28 EPS, Q3 2025 earnings at $2.87 EPS, Q4 2025 earnings at $3.17 EPS and FY2025 earnings at $11.00 EPS.

Several other analysts have also recently weighed in on PGR. UBS Group lifted their price objective on shares of Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Morgan Stanley lifted their target price on shares of Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. TD Cowen started coverage on shares of Progressive in a research report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price on the stock. Jefferies Financial Group boosted their price target on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research note on Monday. Finally, The Goldman Sachs Group upped their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $208.31.

Progressive Stock Performance

Shares of PGR stock opened at $208.35 on Tuesday. The company has a fifty day moving average price of $198.20 and a two-hundred day moving average price of $174.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The stock has a market cap of $122.03 billion, a P/E ratio of 21.33, a P/E/G ratio of 0.86 and a beta of 0.35. Progressive has a one year low of $111.41 and a one year high of $212.24.

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

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insider Activity at Progressive

In other news, insider Patrick K. Callahan sold 29,675 shares of the business’s 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 completion of the sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Karen Bailo sold 8,464 shares of Progressive 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 of the company’s stock, valued at $6,128,485.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Vanguard Group Inc. raised its holdings in shares of Progressive by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,466,781 shares of the insurance provider’s stock valued at $8,197,629,000 after buying an additional 218,809 shares during the period. Wellington Management Group LLP raised its holdings in shares of Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after buying an additional 2,666,449 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Progressive by 3.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after buying an additional 520,742 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Progressive by 4.3% in the 2nd quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock valued at $1,291,249,000 after buying an additional 403,527 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Progressive by 10.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock worth $963,463,000 after purchasing an additional 655,706 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Company Profile

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.