FY2024 EPS Estimates for Progressive Lifted by Analyst

The Progressive Co. (NYSE:PGR - Free Report) - Equities researchers at Roth Capital boosted their FY2024 EPS estimates for shares of Progressive in a research note issued to investors on Monday, November 18th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings of $12.90 per share for the year, up from their prior forecast of $12.50. The consensus estimate for Progressive's current full-year earnings is $13.09 per share. Roth Capital also issued estimates for Progressive's Q4 2024 earnings at $2.93 EPS.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group upped their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. StockNews.com upgraded Progressive from a "hold" rating to a "buy" rating in a report on Tuesday. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. Bank of America lifted their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a "buy" rating in a report on Monday. Finally, Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the company an "overweight" rating in a research report on Thursday, August 15th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Progressive currently has an average rating of "Moderate Buy" and an average price target of $269.81.

Progressive Stock Up 0.1 %

Shares of PGR traded up $0.27 during trading hours on Wednesday, reaching $254.78. The stock had a trading volume of 327,261 shares, compared to its average volume of 2,447,809. Progressive has a 12 month low of $149.14 and a 12 month high of $263.85. The company has a market capitalization of $149.25 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 0.71 and a beta of 0.36. The firm has a 50-day simple moving average of $252.43 and a 200 day simple moving average of $230.76. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%.

Insider Transactions at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of the company's stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive 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 of the company's stock, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its position in Progressive by 1.3% in the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock worth $6,263,763,000 after buying an additional 315,411 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. FMR LLC grew its holdings in shares of Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock valued at $2,669,204,000 after purchasing an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock worth $1,286,036,000 after purchasing an additional 330,667 shares during the period. Finally, Capital International Investors lifted its stake in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider's stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

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.