FY2024 Earnings Estimate for The Progressive Co. (NYSE:PGR) Issued By William Blair

The Progressive Co. (NYSE:PGR - Free Report) - Analysts at William Blair increased their FY2024 earnings per share (EPS) estimates for shares of Progressive in a research note issued to investors on Friday, September 13th. William Blair analyst A. Klauber now expects that the insurance provider will earn $14.34 per share for the year, up from their previous forecast of $13.47. The consensus estimate for Progressive's current full-year earnings is $12.29 per share. William Blair also issued estimates for Progressive's Q4 2024 earnings at $3.93 EPS and FY2025 earnings at $15.10 EPS.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts' consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm's revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 earnings per share.

Several other equities research analysts have also recently weighed in on PGR. Roth Mkm boosted their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday. BMO Capital Markets reduced their target price on shares of Progressive from $239.00 to $237.00 and set an "outperform" rating on the stock in a report on Wednesday, August 7th. Bank of America increased their price target on shares of Progressive from $294.00 to $312.00 and gave the company a "buy" rating in a report on Tuesday, September 3rd. Evercore ISI boosted their price objective on Progressive from $243.00 to $246.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley raised their price objective on Progressive from $260.00 to $300.00 and gave the company an "overweight" rating in a research note on Monday. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $256.12.

Progressive Price Performance

Shares of PGR traded up $1.15 during mid-day trading on Monday, hitting $256.61. 1,874,760 shares of the stock were exchanged, compared to its average volume of 2,522,695. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market cap of $150.29 billion, a PE ratio of 26.51, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. Progressive has a 52-week low of $137.59 and a 52-week high of $260.46. The firm has a 50-day moving average of $229.54 and a two-hundred day moving average of $215.06.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. WR Wealth Planners LLC increased its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the 1st quarter worth $32,000. Sachetta LLC acquired a new stake in shares of Progressive in the 4th quarter worth $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive in the 4th quarter worth $25,000. Finally, Hilltop National Bank boosted its position in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider's stock worth $34,000 after purchasing an additional 92 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 3,050 shares of the firm's stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, June 28th. The stock was sold at an average price of $210.40, for a total value of $2,104,000.00. Following the transaction, the chief financial officer now directly owns 302,958 shares in the company, valued at approximately $63,742,363.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the transaction, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The disclosure for this sale can be found here. Insiders have sold 146,704 shares of company stock worth $33,367,408 in the last ninety days. 0.34% of the stock is owned by company insiders.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive's payout ratio is currently 4.09%.

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.