FY2024 EPS Estimates for Progressive Raised by Roth Capital

The Progressive Co. (NYSE:PGR) – Roth Capital raised their FY2024 earnings estimates for shares of Progressive in a report issued on Monday, November 18th. Roth Capital analyst H. Fong now forecasts that the insurance provider will earn $12.90 per share for the year, up from their prior estimate of $12.50. The consensus estimate for Progressive’s current full-year earnings is $13.09 per share. Roth Capital also issued estimates for Progressive’s Q4 2024 earnings at $2.93 EPS.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Piper Sandler raised their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. upped their price objective on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Wells Fargo & Company raised their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Evercore ISI lifted their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Five investment 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 stock presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Price Performance

PGR stock opened at $254.51 on Wednesday. The company has a market cap of $149.09 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. Progressive has a 12-month low of $149.14 and a 12-month high of $263.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a 50-day moving average price of $252.43 and a two-hundred day moving average price of $230.76.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%.

Insider Buying and Selling

In other news, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. The trade was a 33.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently bought and sold shares of PGR. Geode Capital Management LLC lifted its stake in shares of Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after buying an additional 1,682,213 shares in the last quarter. Jennison Associates LLC grew its position in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after acquiring an additional 686,433 shares during the last quarter. Capital International Investors lifted its stake in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Progressive by 75.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after buying an additional 641,943 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.