DOWLING & PARTN Weighs in on Progressive FY2028 Earnings

Key Points

• DOWLING & PARTN cut its FY2028 EPS estimate for Progressive to $14.96, below the current consensus of $16.82 per share.
• Progressive recently reported better-than-expected quarterly earnings of $4.80 EPS versus the $4.67 estimate, though revenue of $22.19 billion came in below forecasts.
• The stock has mixed Wall Street sentiment, with analysts giving Progressive an overall Hold rating and a consensus price target of $237.58.

The Progressive Corporation (NYSE:PGR - Free Report) - Equities researchers at DOWLING & PARTN issued their FY2028 earnings per share estimates for Progressive in a note issued to investors on Thursday, June 18th. DOWLING & PARTN analyst D. Lukpanov expects that the insurance provider will post earnings per share of $14.96 for the year. The consensus estimate for Progressive's current full-year earnings is $16.82 per share.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business earned $4.37 EPS.

A number of other research analysts have also recently commented on the stock. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 24th. Bank of America lowered their price objective on shares of Progressive from $331.00 to $313.00 and set a "buy" rating for the company in a report on Thursday, June 18th. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $208.00 to $210.00 and gave the company a "market perform" rating in a research note on Thursday, June 18th. Piper Sandler reaffirmed an "overweight" rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Finally, Morgan Stanley decreased their target price on shares of Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a research report on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Progressive has an average rating of "Hold" and a consensus price target of $237.58.

Progressive Stock Performance

NYSE:PGR opened at $207.62 on Tuesday. The business has a 50 day moving average of $200.16 and a 200 day moving average of $206.94. The company has a market capitalization of $121.32 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 6.31 and a beta of 0.28. Progressive has a 1-year low of $189.20 and a 1-year high of $267.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive's dividend payout ratio is 2.03%.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly owned 28,668 shares of the company's stock, valued at $5,733,600. The trade was a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Hedge funds and other institutional investors have recently modified their holdings of the company. Bogart Wealth LLC raised its position in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares during the last quarter. Bard Associates Inc. bought a new position in shares of Progressive during the fourth quarter valued at approximately $27,000. Dagco Inc. purchased a new stake in Progressive in the fourth quarter worth $28,000. HHM Wealth Advisors LLC boosted its holdings in Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 126 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. bought a new stake in Progressive in the fourth quarter valued at $29,000. 85.34% of the stock is owned by institutional investors.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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