The Progressive Co. to Post Q2 2024 Earnings of $1.75 Per Share, Zacks Research Forecasts (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Stock analysts at Zacks Research boosted their Q2 2024 earnings per share estimates for Progressive in a note issued to investors on Wednesday, April 10th. Zacks Research analyst T. De now expects that the insurance provider will earn $1.75 per share for the quarter, up from their previous estimate of $1.74. The consensus estimate for Progressive’s current full-year earnings is $10.30 per share. Zacks Research also issued estimates for Progressive’s Q3 2024 earnings at $1.73 EPS, Q4 2024 earnings at $2.39 EPS, Q2 2025 earnings at $3.47 EPS, Q3 2025 earnings at $1.35 EPS, Q4 2025 earnings at $2.57 EPS, FY2025 earnings at $9.66 EPS, Q1 2026 earnings at $2.26 EPS and FY2026 earnings at $11.98 EPS.

PGR has been the topic of a number of other reports. Morgan Stanley raised their price target on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research note on Thursday. Bank of America lowered their target price on shares of Progressive from $265.00 to $264.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. The Goldman Sachs Group increased their price target on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $196.56.

Progressive Stock Performance

NYSE:PGR opened at $203.88 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market cap of $119.41 billion, a PE ratio of 30.98, a P/E/G ratio of 0.89 and a beta of 0.35. The firm has a 50 day simple moving average of $197.15 and a 200-day simple moving average of $172.68. Progressive has a 1-year low of $111.41 and a 1-year high of $212.24.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $2.96 by $0.98. The company had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Vanguard Group Inc. raised its stake in shares of Progressive by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,466,781 shares of the insurance provider’s stock worth $8,197,629,000 after buying an additional 218,809 shares in the last quarter. Wellington Management Group LLP raised its position in Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after acquiring an additional 2,666,449 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Progressive by 3.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after acquiring an additional 520,742 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Progressive by 4.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock valued at $1,291,249,000 after purchasing an additional 403,527 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Progressive by 10.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock worth $963,463,000 after purchasing an additional 655,706 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 551 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Andrew J. Quigg sold 551 shares of Progressive stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the sale, the insider now owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 8,464 shares of the business’s 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. In the last 90 days, insiders have sold 44,629 shares of company stock valued at $8,348,176. Insiders own 0.34% of the company’s stock.

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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date was Wednesday, April 3rd. Progressive’s payout ratio is 6.08%.

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.