Zacks Research Weighs in on The Progressive Co.’s Q2 2024 Earnings (NYSE:PGR)

14 Apr 2024, 06:06 by Mitch Edgeman · The Markets Daily

The Progressive Co. (NYSE:PGR – Free Report) – Research analysts at Zacks Research increased their Q2 2024 earnings estimates for Progressive in a research report issued to clients and investors on Wednesday, April 10th. Zacks Research analyst T. De now anticipates that the insurance provider will post earnings of $1.75 per share for the quarter, up from their prior 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 several other research reports. Citigroup upped their price objective on shares of Progressive from $192.00 to $202.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. Wells Fargo & Company raised their target price on shares of Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research note on Thursday. Bank of America lowered their price target 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. Roth Mkm raised their price target on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. Finally, The Goldman Sachs Group lifted their price target on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. One investment 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $196.56.

View Our Latest Research Report on Progressive

Progressive Trading Up 0.8 %

Shares of PGR opened at $203.90 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35. The firm’s 50-day moving average is $197.15 and its two-hundred day moving average is $172.90. Progressive has a twelve month low of $111.41 and a twelve month high of $212.24. The firm has a market capitalization of $119.42 billion, a P/E ratio of 30.99, a PEG ratio of 0.87 and a beta of 0.35.

Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.53. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 6.28% and a return on equity of 21.25%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 earnings per share.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.20%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 6.08%.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 551 shares of Progressive 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 sale, the insider now owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $93,251.24. Following the completion of the transaction, the insider now owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 5,939 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at $78,821,329.88. The disclosure for this sale can be found here. Insiders sold 44,629 shares of company stock worth $8,348,176 in the last quarter. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Progressive by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,466,781 shares of the insurance provider’s stock valued at $8,197,629,000 after acquiring an additional 218,809 shares during the period. Wellington Management Group LLP boosted its position in shares of Progressive by 14.1% during the 3rd 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 boosted its position in shares of Progressive by 3.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock worth $2,378,951,000 after acquiring an additional 520,742 shares in 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 worth $1,291,249,000 after acquiring an additional 403,527 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Progressive by 10.5% during 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 acquiring an additional 655,706 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Company Profile

(Get Free Report)