Roth Capital Equities Analysts Decrease Earnings Estimates for The Progressive Co. (NYSE:PGR)

The Progressive Co. (NYSE:PGR) – Equities research analysts at Roth Capital decreased their FY2024 earnings estimates for shares of Progressive in a research note issued on Wednesday, October 16th. Roth Capital analyst H. Fong now expects that the insurance provider will earn $12.50 per share for the year, down from their prior estimate of $13.25. The consensus estimate for Progressive’s current full-year earnings is $13.07 per share. Roth Capital also issued estimates for Progressive’s Q1 2025 earnings at $3.15 EPS, Q2 2025 earnings at $3.11 EPS, Q3 2025 earnings at $3.40 EPS, Q4 2025 earnings at $3.59 EPS, Q1 2026 earnings at $3.49 EPS, Q2 2026 earnings at $3.50 EPS, Q3 2026 earnings at $3.68 EPS and FY2026 earnings at $14.35 EPS.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $17.54 billion. During the same period in the prior year, the business earned $0.57 earnings per share. The company’s quarterly revenue was up 21.6% on a year-over-year basis.

Other analysts also recently issued reports about the company. StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday. Wells Fargo & Company upped their target price on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday. Evercore ISI raised their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, Barclays began coverage on shares of Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price for the company. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $268.19.

Progressive Price Performance

PGR stock opened at $255.37 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The stock’s 50 day moving average price is $247.56 and its 200 day moving average price is $223.57. The firm has a market cap of $149.57 billion, a P/E ratio of 26.14, a PEG ratio of 0.69 and a beta of 0.35. Progressive has a 1 year low of $149.14 and a 1 year high of $260.46.

Institutional Trading of Progressive

A number of hedge funds have recently made changes to their positions in PGR. Fisher Asset Management LLC increased its position in shares of Progressive by 12.1% in the 4th quarter. Fisher Asset Management LLC now owns 9,920 shares of the insurance provider’s stock worth $1,580,000 after purchasing an additional 1,067 shares during the last quarter. Moody National Bank Trust Division bought a new position in Progressive during the first quarter worth $345,000. Massmutual Trust Co. FSB ADV boosted its holdings in Progressive by 4.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,765 shares of the insurance provider’s stock worth $365,000 after purchasing an additional 73 shares during the period. Signal Advisors Wealth LLC bought a new stake in Progressive during the first quarter valued at $528,000. Finally, Fulton Bank N.A. raised its holdings in shares of Progressive by 5.3% during the first quarter. Fulton Bank N.A. now owns 5,518 shares of the insurance provider’s stock worth $1,141,000 after purchasing an additional 279 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,383 shares of company stock worth $33,446,453. 0.34% of the stock is currently owned by corporate insiders.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio is currently 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.