Q2 2024 EPS Estimates for The Progressive Co. Raised by Roth Capital (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Equities researchers at Roth Capital raised their Q2 2024 earnings per share estimates for Progressive in a report issued on Monday, April 15th. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings of $2.00 per share for the quarter, up from their prior estimate of $1.92. The consensus estimate for Progressive’s current full-year earnings is $10.73 per share. Roth Capital also issued estimates for Progressive’s Q3 2024 earnings at $2.27 EPS, Q4 2024 earnings at $2.60 EPS, Q1 2025 earnings at $2.67 EPS, Q2 2025 earnings at $2.28 EPS, Q3 2025 earnings at $2.87 EPS, Q4 2025 earnings at $3.17 EPS and FY2025 earnings at $11.00 EPS.

Progressive (NYSE:PGR) last posted its quarterly earnings data 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. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the firm posted $0.65 EPS.

A number of other brokerages have also weighed in on PGR. HSBC lifted their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Citigroup lifted their price target on Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research note on Monday. Jefferies Financial Group increased their price objective on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Finally, UBS Group increased their price target on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. 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 0.4 %

Shares of NYSE:PGR opened at $209.12 on Tuesday. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $212.24. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The firm’s 50-day simple moving average is $198.74 and its 200-day simple moving average is $174.33. The company has a market cap of $122.48 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 0.86 and a beta of 0.35.

Progressive Dividend Announcement

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

Insider Activity

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

Institutional Trading of Progressive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Strata Wealth Advisors LLC grew its stake in Progressive by 22.6% in the 1st quarter. Strata Wealth Advisors LLC now owns 22,040 shares of the insurance provider’s stock worth $4,558,000 after acquiring an additional 4,062 shares during the period. Sandy Cove Advisors LLC purchased a new stake in Progressive in the 1st quarter worth approximately $311,000. D.B. Root & Company LLC purchased a new stake in Progressive in the 1st quarter worth approximately $245,000. New Mexico Educational Retirement Board grew its stake in Progressive by 11.5% in the 1st quarter. New Mexico Educational Retirement Board now owns 33,975 shares of the insurance provider’s stock worth $7,027,000 after acquiring an additional 3,500 shares during the period. Finally, First Bank & Trust grew its stake in Progressive by 3.6% in the 1st quarter. First Bank & Trust now owns 12,730 shares of the insurance provider’s stock worth $2,633,000 after acquiring an additional 438 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

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.