FY2024 EPS Estimates for Progressive Decreased by Analyst

The Progressive Co. (NYSE:PGR) – Research analysts at Roth Capital dropped their FY2024 EPS estimates for Progressive in a research report issued on Wednesday, October 16th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings per share of $12.50 for the year, down from their prior forecast of $13.25. The consensus estimate for Progressive’s current full-year earnings is $13.07 per share. Roth Capital also issued estimates for Progressive’s Q1 2025 earnings at $3.15 EPS, Q2 2025 earnings at $3.11 EPS, Q3 2025 earnings at $3.40 EPS, Q4 2025 earnings at $3.59 EPS, Q1 2026 earnings at $3.49 EPS, Q2 2026 earnings at $3.50 EPS, Q3 2026 earnings at $3.68 EPS and FY2026 earnings at $14.35 EPS.

PGR has been the topic of a number of other reports. The Goldman Sachs Group boosted their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Citigroup lowered their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday. Evercore ISI upped their price objective on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Finally, Piper Sandler upped their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $268.19.

Progressive Price Performance

Shares of PGR opened at $251.34 on Thursday. The company has a market cap of $147.21 billion, a price-to-earnings ratio of 25.73, a PEG ratio of 0.69 and a beta of 0.35. Progressive has a 1-year low of $149.14 and a 1-year high of $260.46. The company’s fifty day simple moving average is $248.22 and its 200 day simple moving average is $223.76. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s revenue was up 21.6% compared to the same quarter last year. During the same period last year, the company earned $0.57 earnings per share.

Hedge Funds Weigh In On Progressive

Several large investors have recently bought and sold shares of the company. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC increased its stake in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the first quarter valued at about $32,000. Hilltop National Bank increased its stake in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the period. Finally, Register Financial Advisors LLC acquired a new stake in shares of Progressive in the first quarter valued at about $35,000. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CIO Jonathan S. Bauer sold 2,467 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $527,962.67. Following the completion of the sale, the executive now directly owns 24,720 shares in the company, valued at $5,290,327.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,383 shares of company stock worth $33,446,453 in the last ninety days. 0.34% of the stock is owned by insiders.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

About Progressive

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.