FY2024 EPS Estimates for The Progressive Co. (NYSE:PGR) Lifted by Analyst

The Progressive Co. (NYSE:PGR) – Stock analysts at Roth Capital upped their FY2024 earnings per share (EPS) estimates for Progressive in a research note issued to investors on Monday, April 15th. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings per share of $10.60 for the year, up from their previous estimate of $9.55. The consensus estimate for Progressive’s current full-year earnings is $11.09 per share.

PGR has been the topic of several other research reports. UBS Group raised their price objective on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup raised their price objective on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday. Jefferies Financial Group raised their price objective on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday. TD Cowen assumed coverage on Progressive in a report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price objective on the stock. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $211.88.

Progressive Stock Up 0.3 %

Progressive stock opened at $209.75 on Wednesday. The stock’s fifty day moving average is $199.28 and its two-hundred day moving average is $174.57. The stock has a market cap of $122.85 billion, a PE ratio of 21.47, a P/E/G ratio of 0.84 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 current ratio of 0.36 and a quick ratio of 0.31.

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

Progressive Announces Dividend

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

Insider Activity at Progressive

In related news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Progressive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive during the 1st quarter valued at approximately $32,000. Sachetta LLC acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $25,000. Register Financial Advisors LLC acquired a new stake in shares of Progressive during the 1st quarter valued at approximately $35,000. Finally, Valley National Advisers Inc. lifted its position in shares of Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

About Progressive

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.