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

The Progressive Co. (NYSE:PGR) – Equities researchers at Roth Capital upped their FY2024 earnings estimates for shares of Progressive in a research note issued to investors on Monday, April 15th. Roth Capital analyst H. Fong now anticipates 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 $10.73 per share.

A number of other equities analysts have also recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Roth Mkm lifted their target price on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. BMO Capital Markets boosted 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. Bank of America dropped their target price on Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group increased their price objective on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday. One equities 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $211.88.

Progressive Price Performance

PGR stock opened at $209.12 on Wednesday. The stock has a 50-day moving average price of $198.74 and a two-hundred day moving average price of $174.33. The company has a market cap of $122.48 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35. Progressive has a 12-month low of $111.41 and a 12-month high of $212.24. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.

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

Progressive Announces Dividend

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

Insider Transactions at Progressive

In related news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction 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 completion of 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 document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Karen Bailo sold 8,464 shares of the company’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 completion of the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

A number of institutional investors have recently bought and sold shares of PGR. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive during the 1st quarter valued at $32,000. Sachetta LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $25,000. Northwest Bank & Trust Co bought a new position in Progressive in the 4th quarter valued at $25,000. Register Financial Advisors LLC bought a new stake in Progressive during the first quarter valued at $35,000. Finally, Valley National Advisers Inc. increased its holdings in shares of Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares during the last quarter. Institutional investors 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.