Equities Analysts Set Expectations for The Progressive Co.'s Q2 2024 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGR - Free Report) - Stock analysts at Roth Capital lifted their Q2 2024 EPS estimates for shares of Progressive in a research note issued to investors on Monday, April 15th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings of $2.00 per share for the quarter, up from their previous forecast of $1.92. The consensus estimate for Progressive's current full-year earnings is $10.50 per share. Roth Capital also issued estimates for Progressive's Q3 2024 earnings at $2.27 EPS, Q4 2024 earnings at $2.60 EPS, Q1 2025 earnings at $2.67 EPS, Q2 2025 earnings at $2.28 EPS, Q3 2025 earnings at $2.87 EPS, Q4 2025 earnings at $3.17 EPS and FY2025 earnings at $11.00 EPS.

Other research analysts have also issued research reports about the company. TD Cowen started coverage on Progressive in a report on Wednesday, January 10th. They set a "market perform" rating and a $174.00 price target on the stock. The Goldman Sachs Group lifted their price target on Progressive from $161.00 to $216.00 and gave the stock a "neutral" rating in a report on Monday, March 25th. Roth Mkm boosted their price objective on shares of Progressive from $215.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 18th. Citigroup boosted their price objective on shares of Progressive from $202.00 to $225.00 and gave the company a "neutral" rating in a report on Monday. Finally, Wells Fargo & Company boosted their price objective on shares of Progressive from $232.00 to $238.00 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 issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $208.31.

Progressive Trading Up 0.9 %

Shares of NYSE PGR traded up $1.76 during trading on Tuesday, hitting $208.35. 2,916,791 shares of the company were exchanged, compared to its average volume of 2,591,491. Progressive has a 12-month low of $111.41 and a 12-month high of $212.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The company has a fifty day moving average price of $197.64 and a 200-day moving average price of $173.59. The firm has a market capitalization of $122.03 billion, a PE ratio of 21.15, a P/E/G ratio of 0.86 and a beta of 0.35.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion for the quarter, compared to analysts' expectations of $16.88 billion. During the same quarter in the previous year, the company posted $0.65 EPS. The firm's quarterly revenue was up 17.7% on a year-over-year basis.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive's dividend payout ratio is presently 4.09%.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 5,939 shares of the business's stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares of the company's stock, valued at $78,821,329.88. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Susan Patricia Griffith sold 5,939 shares of the business's stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares of the company's stock, valued at $78,821,329.88. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 8,464 shares of the company'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 value of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares of the company's stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,629 shares of company stock valued at $8,348,176. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Balentine LLC lifted its stake in Progressive by 0.3% in the fourth quarter. Balentine LLC now owns 22,162 shares of the insurance provider's stock valued at $3,530,000 after buying an additional 58 shares during the last quarter. Compass Ion Advisors LLC lifted its stake in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider's stock valued at $1,186,000 after buying an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider's stock valued at $93,000 after buying an additional 62 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of Progressive by 30.4% during the fourth quarter. Harbour Investments Inc. now owns 270 shares of the insurance provider's stock worth $43,000 after purchasing an additional 63 shares during the last quarter. Finally, Independent Advisor Alliance raised its stake in shares of Progressive by 1.9% during the fourth quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider's stock worth $548,000 after purchasing an additional 64 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

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.