Q3 2024 Earnings Estimate for The Progressive Co. Issued By Roth Capital (NYSE:PGR)

The Progressive Co. (NYSE:PGR - Free Report) - Roth Capital increased their Q3 2024 EPS estimates for 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 of $3.69 per share for the quarter, up from their previous forecast of $2.92. The consensus estimate for Progressive's current full-year earnings is $12.29 per share. Roth Capital also issued estimates for Progressive's FY2024 earnings at $13.25 EPS and Q4 2025 earnings at $3.56 EPS.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $17.90 billion during 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 was up 21.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 EPS.

PGR has been the subject of a number of other reports. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $255.00 to $275.00 and gave the company an "outperform" rating in a research note on Tuesday, September 3rd. HSBC upgraded Progressive from a "hold" rating to a "buy" rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. BMO Capital Markets lowered their target price on Progressive from $239.00 to $237.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Citigroup reduced their price target on Progressive from $232.00 to $225.00 and set a "neutral" rating for the company in a research report on Wednesday, July 17th. Finally, Jefferies Financial Group increased their price target on Progressive from $256.00 to $257.00 and gave the stock a "buy" rating in a research note on Wednesday, July 17th. Six 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 MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $257.18.

Progressive Stock Performance

Shares of PGR traded up $0.78 during midday trading on Wednesday, hitting $257.69. 1,710,354 shares of the stock traded hands, compared to its average volume of 2,518,688. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. Progressive has a 1-year low of $137.59 and a 1-year high of $260.46. The business's 50 day moving average price is $231.42 and its two-hundred day moving average price is $216.02. The firm has a market capitalization of $150.93 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35.

Progressive Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction 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 approximately $119,475,967. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred 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 transaction, the insider now directly owns 32,453 shares of the company's stock, valued at $6,808,963.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company's 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 completion of the sale, the chief executive officer now owns 473,735 shares of the company's stock, valued at approximately $119,475,967. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Sachetta LLC acquired a new stake in shares of Progressive in the fourth quarter worth $25,000. Northwest Bank & Trust Co acquired a new stake in Progressive during the 4th quarter worth about $25,000. WR Wealth Planners LLC grew its stake in Progressive by 119.6% during 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 in the last quarter. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive in the 1st quarter valued at about $32,000. Finally, Hilltop National Bank lifted its position in shares of Progressive by 126.0% in the second 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.

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.