Roth Capital Has Bearish Outlook for Progressive Q4 Earnings

The Progressive Co. (NYSE:PGR) – Equities researchers at Roth Capital reduced their Q4 2024 earnings per share (EPS) estimates for Progressive in a note issued to investors on Wednesday, October 16th. Roth Capital analyst H. Fong now forecasts that the insurance provider will post earnings of $2.53 per share for the quarter, down from their previous estimate of $3.17. The consensus estimate for Progressive’s current full-year earnings is $13.07 per share. Roth Capital also issued estimates for Progressive’s FY2025 earnings at $13.25 EPS.

A number of other research analysts have also recently commented on PGR. Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Citigroup dropped their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $268.19.

Progressive Trading Down 1.6 %

Shares of PGR stock opened at $251.34 on Friday. The stock’s 50-day moving average price is $248.22 and its 200-day moving average price is $223.76. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. Progressive has a 12-month low of $149.14 and a 12-month high of $260.46. The stock has a market capitalization of $147.21 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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 return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The business’s revenue was up 21.6% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Capital Investment Advisors LLC raised its stake in Progressive by 34.8% in the third quarter. Capital Investment Advisors LLC now owns 1,434 shares of the insurance provider’s stock valued at $364,000 after buying an additional 370 shares during the period. Blue Trust Inc. increased its position in Progressive by 92.3% in the 3rd quarter. Blue Trust Inc. now owns 5,722 shares of the insurance provider’s stock valued at $1,452,000 after buying an additional 2,747 shares in the last quarter. Riverview Trust Co boosted its stake in Progressive by 20.1% during the 3rd quarter. Riverview Trust Co now owns 705 shares of the insurance provider’s stock valued at $179,000 after purchasing an additional 118 shares during the last quarter. Moss Adams Wealth Advisors LLC grew its holdings in shares of Progressive by 8.9% in the third quarter. Moss Adams Wealth Advisors LLC now owns 1,499 shares of the insurance provider’s stock valued at $380,000 after acquiring an additional 123 shares in the last quarter. Finally, Accurate Wealth Management LLC bought a new position in Progressive during the third quarter valued at $2,896,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at $64,836,041.58. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Progressive news, CFO John P. Sauerland sold 22,708 shares of Progressive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $4,859,739.08. Following the completion of the transaction, the chief financial officer now owns 302,958 shares in the company, valued at approximately $64,836,041.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the sale, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 144,383 shares of company stock worth $33,446,453 in the last 90 days. 0.34% of the stock is owned by insiders.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were given a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is 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.