Brokers Issue Forecasts for Progressive FY2028 Earnings

The Progressive Corporation (NYSE:PGR) – DOWLING & PARTN issued their FY2028 earnings per share estimates for shares of Progressive in a research note issued to investors on Friday, July 17th. DOWLING & PARTN analyst D. Lukpanov expects that the insurance provider will earn $15.88 per share for the year. The consensus estimate for Progressive’s current full-year earnings is $17.55 per share.

A number of other analysts have also recently commented on PGR. Keefe, Bruyette & Woods cut their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. Evercore set a $240.00 price objective on shares of Progressive in a research report on Friday, July 10th. Finally, UBS Group increased their price objective on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $235.05.

Progressive Stock Performance

Shares of PGR stock opened at $207.06 on Wednesday. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. Progressive has a 12-month low of $189.20 and a 12-month high of $254.93. The business’s 50 day moving average is $209.60 and its two-hundred day moving average is $205.86. The company has a market capitalization of $120.99 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.75 and a beta of 0.26.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Insider Buying and Selling

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider directly owned 27,511 shares in the company, valued at approximately $5,633,152.36. This trade represents a 4.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Hedge funds and other institutional investors have recently modified their holdings of the business. Bogart Wealth LLC raised its holdings in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares during the last quarter. Bard Associates Inc. acquired a new position in shares of Progressive during the 4th quarter worth approximately $27,000. HHM Wealth Advisors LLC boosted its holdings in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $29,000. Finally, Axiom Investment Management LLC purchased a new stake in shares of Progressive in the first quarter valued at approximately $31,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.