The Progressive Co. (NYSE:PGR) Expected to Post Q3 2024 Earnings of $2.92 Per Share

The Progressive Co. (NYSE:PGR) – Roth Capital boosted their Q3 2024 EPS estimates for shares of Progressive in a report issued on Thursday, August 15th. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings per share of $2.92 for the quarter, up from their previous forecast of $2.50. The consensus estimate for Progressive’s current full-year earnings is $12.03 per share.

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, topping the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the firm earned $0.57 earnings per share. The business’s revenue was up 21.6% on a year-over-year basis.

A number of other research firms also recently commented on PGR. The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $230.00 to $262.00 in a report on Thursday. Keefe, Bruyette & Woods upgraded Progressive from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $210.00 to $245.00 in a report on Wednesday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Morgan Stanley cut their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Finally, Roth Mkm increased their price target on Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.41.

Progressive Stock Performance

Shares of PGR stock opened at $235.88 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $138.15 billion, a price-to-earnings ratio of 24.14, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. Progressive has a one year low of $129.31 and a one year high of $238.45. The company has a 50 day moving average price of $214.15 and a 200 day moving average price of $206.50.

Institutional Trading of Progressive

A number of large investors have recently added to or reduced their stakes in the business. Sachetta LLC acquired a new stake in Progressive during the 4th quarter valued at $25,000. Northwest Bank & Trust Co acquired a new stake in Progressive during the fourth quarter valued at $25,000. WR Wealth Planners LLC grew its stake in 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 purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new position in Progressive in the 1st quarter worth about $32,000. Finally, Hilltop National Bank raised its stake in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the transaction, the insider now owns 45,787 shares in the company, valued at $10,874,412.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares in the company, valued at $10,874,412.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. In the last three months, insiders sold 110,319 shares of company stock valued at $23,671,517. Company insiders own 0.34% of the company’s stock.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s payout ratio is currently 4.09%.

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.