The Progressive Co. Forecasted to Earn Q2 2024 Earnings of $2.23 Per Share (NYSE:PGR)

The Progressive Co. (NYSE:PGRFree Report) – Equities research analysts at Zacks Research increased their Q2 2024 earnings per share (EPS) estimates for shares of Progressive in a research note issued on Friday, May 24th. Zacks Research analyst T. De now anticipates that the insurance provider will post earnings per share of $2.23 for the quarter, up from their previous estimate of $2.10. The consensus estimate for Progressive’s current full-year earnings is $11.60 per share. Zacks Research also issued estimates for Progressive’s FY2024 earnings at $10.88 EPS, Q1 2025 earnings at $3.03 EPS, FY2025 earnings at $11.23 EPS, Q1 2026 earnings at $3.20 EPS and FY2026 earnings at $12.05 EPS.

A number of other equities research analysts also recently commented on the stock. BMO Capital Markets raised their price objective on shares of Progressive from $234.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, May 16th. Keefe, Bruyette & Woods lifted 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. Jefferies Financial Group increased their price objective on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Bank of America boosted their target price on shares of Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Finally, Morgan Stanley increased their price target on shares of Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus target price of $215.19.

Check Out Our Latest Stock Analysis on Progressive

Progressive Stock Up 0.4 %

Shares of NYSE:PGR opened at $203.91 on Monday. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $217.77. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The firm’s 50-day simple moving average is $208.92 and its 200-day simple moving average is $185.60. The company has a market cap of $119.43 billion, a price-to-earnings ratio of 20.87, a PEG ratio of 0.78 and a beta of 0.34.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings data 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 firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the firm posted $0.65 EPS.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently bought and sold shares of PGR. Cetera Advisors LLC grew its stake in shares of Progressive by 59.6% during the 1st quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock valued at $3,738,000 after buying an additional 6,752 shares during the period. Cetera Investment Advisers boosted its holdings in Progressive by 259.1% in the first quarter. Cetera Investment Advisers now owns 67,074 shares of the insurance provider’s stock valued at $13,872,000 after acquiring an additional 48,397 shares during the last quarter. Beck Bode LLC purchased a new stake in Progressive during the first quarter valued at about $10,178,000. Orleans Capital Management Corp LA acquired a new stake in Progressive during the first quarter worth about $377,000. Finally, Atria Investments Inc raised its holdings in shares of Progressive by 5.8% in the 1st quarter. Atria Investments Inc now owns 66,168 shares of the insurance provider’s stock worth $13,685,000 after purchasing an additional 3,621 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated 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 owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Karen Bailo sold 8,464 shares of the firm’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 transaction of $1,603,843.36. Following the sale, the insider now 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 can be accessed through this hyperlink. Also, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the completion of the transaction, the insider now owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The disclosure for this sale can be found here. Insiders have sold a total of 16,825 shares of company stock valued at $3,337,741 over the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.20%. Progressive’s dividend payout ratio is currently 4.09%.

Progressive Company Profile

(Get Free Report)

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.

See Also

Earnings History and Estimates for Progressive (NYSE:PGR)

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