FY2024 Earnings Forecast for The Progressive Co. (NYSE:PGR) Issued By William Blair

The Progressive Co. (NYSE:PGR) – William Blair raised their FY2024 earnings per share estimates for Progressive in a report released on Friday, September 13th. William Blair analyst A. Klauber now expects that the insurance provider will post earnings of $14.34 per share for the year, up from their prior estimate of $13.47. The consensus estimate for Progressive’s current full-year earnings is $12.29 per share. William Blair also issued estimates for Progressive’s Q4 2024 earnings at $3.93 EPS and FY2025 earnings at $15.10 EPS.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share 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 business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same period last year, the business earned $0.57 EPS. Progressive’s revenue was up 21.6% compared to the same quarter last year.

Several other research analysts have also recently weighed in on PGR. JPMorgan Chase & Co. boosted their price target on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Bank of America boosted their target price on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Morgan Stanley raised their price target on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Barclays assumed coverage on shares of Progressive in a report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective for the company. Finally, BMO Capital Markets dropped their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.12.

Progressive Price Performance

Shares of NYSE PGR opened at $256.91 on Monday. The firm has a market cap of $150.47 billion, a P/E ratio of 26.30, a PEG ratio of 0.82 and a beta of 0.35. Progressive has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average of $231.42 and a 200 day moving average of $216.02.

Institutional Trading of Progressive

Several hedge funds have recently modified their holdings of the company. Gilbert & Cook Inc. lifted its position in Progressive by 8.6% during the fourth quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after purchasing an additional 233 shares during the last quarter. 9258 Wealth Management LLC lifted its holdings in shares of Progressive by 18.8% in the 4th quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 401 shares during the last quarter. Gryphon Financial Partners LLC purchased a new position in Progressive in the fourth quarter worth about $307,000. Fiera Capital Corp bought a new stake in Progressive during the fourth quarter worth approximately $709,000. Finally, Panagora Asset Management Inc. raised its position in Progressive by 1.8% during the fourth quarter. Panagora Asset Management Inc. now owns 17,789 shares of the insurance provider’s stock valued at $2,833,000 after purchasing an additional 323 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now 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. Insiders sold a total of 146,704 shares of company stock valued at $33,367,408 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend 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.