Roth Capital Comments on The Progressive Co.'s FY2024 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGR - Free Report) - Stock analysts at Roth Capital upped their FY2024 earnings estimates for shares of Progressive in a research report issued on Monday, April 15th. Roth Capital analyst H. Fong now anticipates that the insurance provider will earn $10.60 per share for the year, up from their previous forecast of $9.55. The consensus estimate for Progressive's current full-year earnings is $10.73 per share.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley increased their target price on shares of Progressive from $228.00 to $247.00 and gave the stock an "overweight" rating in a report on Thursday, April 11th. UBS Group increased their target price on shares of Progressive from $216.00 to $218.00 and gave the stock a "neutral" rating in a report on Wednesday. BMO Capital Markets increased their target price on shares of Progressive from $185.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, January 25th. Roth Mkm increased their target price on shares of Progressive from $215.00 to $235.00 and gave the stock a "buy" rating in a report on Monday, March 18th. Finally, HSBC increased their target price on shares of Progressive from $174.00 to $200.00 and gave the stock a "hold" rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $211.88.

Progressive Stock Performance

Shares of NYSE PGR traded up $0.77 during midday trading on Wednesday, hitting $209.12. 3,554,558 shares of the company's stock traded hands, compared to its average volume of 2,604,509. The firm has a fifty day moving average of $198.74 and a 200 day moving average of $174.33. The stock has a market capitalization of $122.48 billion, a price-to-earnings ratio of 21.40, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35. Progressive has a 1 year low of $111.41 and a 1 year 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.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating 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 firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the prior year, the firm earned $0.65 EPS. The business's revenue for the quarter was up 17.7% compared to the same quarter last year.

Institutional Trading of Progressive

Several hedge funds and other institutional investors have recently bought and sold shares of PGR. Sachetta LLC purchased a new stake in Progressive in the fourth quarter worth $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive in the fourth quarter worth $25,000. Harbour Investments Inc. increased its stake in Progressive by 109.1% in the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider's stock worth $29,000 after purchasing an additional 108 shares during the period. Valley National Advisers Inc. increased its stake in Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider's stock worth $30,000 after purchasing an additional 112 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in Progressive in the first quarter worth $31,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity

In related news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karen Bailo sold 8,464 shares of the stock in a transaction 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 sale, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

Progressive Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive's dividend 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.