Brokers Issue Forecasts for The Progressive Co.’s Q2 2024 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Equities researchers at Zacks Research upped their Q2 2024 EPS estimates for Progressive in a research note issued to investors on Friday, May 24th. Zacks Research analyst T. De now forecasts that the insurance provider will earn $2.23 per share for the quarter, up from their prior estimate of $2.10. The consensus estimate for Progressive’s current full-year earnings is $11.60 per share. Zacks Research also issued estimates for Progressive’s FY2024 earnings at $10.88 EPS, Q1 2025 earnings at $3.03 EPS, FY2025 earnings at $11.23 EPS, Q1 2026 earnings at $3.20 EPS and FY2026 earnings at $12.05 EPS.

Several other brokerages have also commented on PGR. HSBC increased their price target on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Jefferies Financial Group increased their target price on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. UBS Group boosted their price target on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. The Goldman Sachs Group increased their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. Finally, Piper Sandler restated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $215.19.

Progressive Trading Up 0.4 %

NYSE:PGR opened at $203.91 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The company has a market capitalization of $119.43 billion, a P/E ratio of 20.87, a P/E/G ratio of 0.78 and a beta of 0.34. The stock’s 50 day moving average price is $208.92 and its 200 day moving average price is $185.60. Progressive has a 52 week low of $111.41 and a 52 week high of $217.77.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 EPS.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In related news, insider Steven Broz sold 7,361 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the completion of the sale, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of 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 have sold 16,825 shares of company stock worth $3,337,741 in the last ninety days. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several institutional investors have recently made changes to their positions in the business. Cetera Advisors LLC raised its position in Progressive by 59.6% in the first quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock worth $3,738,000 after purchasing an additional 6,752 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Progressive by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 67,074 shares of the insurance provider’s stock worth $13,872,000 after buying an additional 48,397 shares in the last quarter. Beck Bode LLC acquired a new position in shares of Progressive in the 1st quarter worth approximately $10,178,000. Orleans Capital Management Corp LA bought a new position in shares of Progressive during the 1st quarter worth approximately $377,000. Finally, Atria Investments Inc boosted its stake in Progressive by 5.8% in the 1st quarter. Atria Investments Inc now owns 66,168 shares of the insurance provider’s stock valued at $13,685,000 after buying an additional 3,621 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.