Q4 2024 EPS Estimates for The Progressive Co. Boosted by Roth Capital (NYSE:PGR)

The Progressive Co. (NYSE:PGR - Free Report) - Analysts at Roth Capital boosted their Q4 2024 earnings per share (EPS) estimates for shares of Progressive in a research note issued to investors on Monday, September 16th. Roth Capital analyst H. Fong now expects that the insurance provider will post earnings per share of $3.17 for the quarter, up from their prior forecast of $2.95. The consensus estimate for Progressive's current full-year earnings is $12.29 per share. Roth Capital also issued estimates for Progressive's Q1 2025 earnings at $3.16 EPS, Q2 2025 earnings at $3.12 EPS, Q3 2025 earnings at $3.31 EPS and FY2025 earnings at $13.15 EPS.

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

A number of other research firms have also issued reports on PGR. Citigroup reduced their price target on Progressive from $232.00 to $225.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 17th. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the company an "overweight" rating in a research report on Thursday, August 15th. Hsbc Global Res raised Progressive from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 12th. Jefferies Financial Group raised their target price on Progressive from $256.00 to $257.00 and gave the stock a "buy" rating in a research report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. raised their target price on Progressive from $210.00 to $239.00 and gave the stock an "overweight" rating in a research report on Thursday, July 11th. 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 presently has an average rating of "Moderate Buy" and an average price target of $256.12.

Progressive Stock Up 0.2 %

PGR stock traded up $0.60 during mid-day trading on Tuesday, reaching $256.91. The company had a trading volume of 1,736,071 shares, compared to its average volume of 2,523,204. 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 capitalization of $150.47 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The firm has a fifty day simple moving average of $231.42 and a 200 day simple moving average of $216.02. Progressive has a fifty-two week low of $137.59 and a fifty-two week high of $260.46.

Progressive Announces Dividend

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

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. 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 quarter. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Progressive by 0.6% in the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider's stock valued at $10,703,318,000 after buying an additional 285,070 shares in the last quarter. Capital International Investors raised its holdings in Progressive by 15.7% during 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. Legal & General Group Plc raised its holdings in Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider's stock worth $1,022,507,000 after purchasing an additional 92,212 shares during the last quarter. FIL Ltd raised its holdings in Progressive by 0.4% during the fourth quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider's stock worth $778,199,000 after purchasing an additional 19,724 shares during the last quarter. Finally, Baird Financial Group Inc. raised its holdings in Progressive by 2.5% during the fourth quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider's stock worth $569,861,000 after purchasing an additional 86,686 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

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.