Analysts Set Expectations for The Progressive Co.’s Q4 2024 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Stock analysts at Roth Capital increased their Q4 2024 EPS estimates for Progressive in a research report issued on Monday, September 16th. Roth Capital analyst H. Fong now expects that the insurance provider will earn $3.17 per share for the quarter, up from their previous estimate 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) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year.

A number of other research firms have also recently commented on PGR. Jefferies Financial Group raised their price target on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Citigroup lowered their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Bank of America upped their price target on shares of Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. The Goldman Sachs Group upgraded shares of Progressive from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $230.00 to $262.00 in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. upped their target price on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Six equities research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.12.

Progressive Stock Up 0.3 %

Progressive stock opened at $256.31 on Tuesday. Progressive has a 1-year low of $137.59 and a 1-year high of $260.46. The business has a fifty day moving average price of $230.47 and a 200-day moving average price of $215.53. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $150.12 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 0.82 and a beta of 0.35.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently bought and sold shares of PGR. 1832 Asset Management L.P. boosted its stake in shares of Progressive by 237.8% in the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after acquiring an additional 1,045,883 shares during the last quarter. SG Americas Securities LLC boosted its stake in Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after purchasing an additional 690,060 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after buying an additional 686,433 shares in the last quarter. Capital International Investors raised its position in shares of Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after buying an additional 670,006 shares during the last quarter. Finally, Swedbank AB purchased a new position in shares of Progressive in the first quarter worth about $116,852,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO John P. Sauerland sold 22,708 shares of Progressive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the sale, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 146,704 shares of company stock worth $33,367,408. Company insiders own 0.34% of the company’s stock.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a $0.10 dividend. 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 payout ratio is 4.09%.

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.