FY2024 Earnings Forecast for The Progressive Co. Issued By William Blair (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Stock analysts at William Blair lifted their FY2024 EPS estimates for Progressive in a note issued to investors on Friday, September 13th. William Blair analyst A. Klauber now forecasts that the insurance provider will earn $14.34 per share for the year, up from their prior estimate of $13.47. The consensus estimate for Progressive’s current full-year earnings is $12.29 per share. William Blair also issued estimates for Progressive’s Q4 2024 earnings at $3.93 EPS and FY2025 earnings at $15.10 EPS.

Other research analysts also recently issued research reports about the stock. Morgan Stanley upped their target price on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research note on Monday, August 12th. Bank of America upped their target price on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. The Goldman Sachs Group upgraded shares of Progressive from a “neutral” rating to a “buy” rating and increased their price objective for the company from $230.00 to $262.00 in a research report on Thursday, August 15th. Finally, Barclays assumed coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective on the stock. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.12.

Progressive Trading Up 0.3 %

Shares of NYSE PGR opened at $256.31 on Monday. The firm’s 50 day moving average price is $230.47 and its 200-day moving average price is $215.53. The company has a market cap of $150.12 billion, a PE ratio of 26.23, a P/E/G ratio of 0.82 and a beta of 0.35. Progressive has a 52-week low of $137.59 and a 52-week high of $260.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

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

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction that occurred on 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 owns 45,787 shares in the company, valued at approximately $10,874,412.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,704 shares of company stock worth $33,367,408. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of institutional investors have recently added to or reduced their stakes in PGR. Sachetta LLC purchased a new stake in Progressive during the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive during the 4th quarter valued at approximately $25,000. WR Wealth Planners LLC grew its holdings in Progressive by 119.6% during the 2nd 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 in the last quarter. Indiana Trust & Investment Management CO purchased a new stake in Progressive during the 1st quarter valued at approximately $32,000. Finally, Hilltop National Bank grew its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

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.