The Progressive Co. (NYSE:PGR) to Post Q2 2024 Earnings of $2.00 Per Share, Roth Capital Forecasts

The Progressive Co. (NYSE:PGR) – Research analysts at Roth Capital raised their Q2 2024 earnings estimates for shares of Progressive in a research note issued on Monday, April 15th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings per share of $2.00 for the quarter, up from their prior forecast 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 issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 EPS.

A number of other equities research analysts have also issued reports on PGR. JPMorgan Chase & Co. raised their price target on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Wells Fargo & Company raised their price target on shares of Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Roth Mkm raised their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Citigroup raised their price target on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday. Finally, TD Cowen initiated coverage on shares of Progressive in a report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $211.88.

Progressive Price Performance

Shares of NYSE:PGR opened at $209.12 on Tuesday. The stock has a market cap of $122.48 billion, a PE ratio of 21.40, a PEG ratio of 0.86 and a beta of 0.35. Progressive has a 52 week low of $111.41 and a 52 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 company’s fifty day moving average is $198.74 and its 200 day moving average is $174.33.

Progressive Announces Dividend

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

Insider Activity at Progressive

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PGR. Strata Wealth Advisors LLC raised its holdings in shares of Progressive by 22.6% during the first quarter. Strata Wealth Advisors LLC now owns 22,040 shares of the insurance provider’s stock valued at $4,558,000 after purchasing an additional 4,062 shares during the last quarter. Sandy Cove Advisors LLC purchased a new position in shares of Progressive during the first quarter valued at approximately $311,000. D.B. Root & Company LLC purchased a new position in shares of Progressive during the first quarter valued at approximately $245,000. New Mexico Educational Retirement Board raised its holdings in shares of Progressive by 11.5% during the first quarter. New Mexico Educational Retirement Board now owns 33,975 shares of the insurance provider’s stock valued at $7,027,000 after purchasing an additional 3,500 shares during the last quarter. Finally, First Bank & Trust raised its holdings in shares of Progressive by 3.6% during the first quarter. First Bank & Trust now owns 12,730 shares of the insurance provider’s stock valued at $2,633,000 after purchasing an additional 438 shares during the last quarter. 85.34% of the stock is 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.