Roth Capital Weighs in on The Progressive Co.’s FY2024 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Stock analysts at Roth Capital increased their FY2024 earnings per share (EPS) estimates for shares of Progressive in a research note issued to investors on Monday, April 15th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings per share of $10.60 for the year, up from their previous estimate of $9.55. The consensus estimate for Progressive’s current full-year earnings is $10.73 per share.

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

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Wells Fargo & Company lifted their price target on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. BMO Capital Markets boosted their target price on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. The Goldman Sachs Group lifted their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Finally, Roth Mkm boosted their price objective on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $211.88.

Progressive Stock Up 0.4 %

Progressive stock opened at $209.12 on Wednesday. The company has a market capitalization of $122.48 billion, a P/E ratio of 21.40, a P/E/G ratio of 0.86 and a beta of 0.35. The firm’s fifty day simple moving average is $198.74 and its 200-day simple moving average is $174.33. Progressive has a 1-year low of $111.41 and a 1-year high of $212.24. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PGR. Markel Corp boosted its position in shares of Progressive by 4.1% during the first quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after buying an additional 29,750 shares during the period. Roundview Capital LLC lifted its position in Progressive by 0.8% during the first quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock valued at $5,595,000 after acquiring an additional 381 shares during the last quarter. Cibc World Market Inc. boosted its position in shares of Progressive by 3.9% in the 1st quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock worth $763,000 after purchasing an additional 254 shares in the last quarter. Moors & Cabot Inc. grew its position in Progressive by 8.0% during the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock worth $351,000 after purchasing an additional 228 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in shares of Progressive by 103.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after acquiring an additional 3,571 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction that occurred on 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 owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value 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 approximately $6,128,485.58. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were paid a $0.10 dividend. 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 is presently 4.09%.

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.