Research Analysts Set Expectations for The Progressive Co.’s Q1 2023 Earnings (NYSE:PGR)

The Progressive Co. (NYSE:PGRGet Rating) – Equities researchers at William Blair cut their Q1 2023 earnings estimates for Progressive in a research note issued to investors on Thursday, September 15th. William Blair analyst A. Klauber now expects that the insurance provider will post earnings of $1.91 per share for the quarter, down from their prior estimate of $1.92. The consensus estimate for Progressive’s current full-year earnings is $4.84 per share. William Blair also issued estimates for Progressive’s Q2 2023 earnings at $1.47 EPS, Q3 2023 earnings at $1.81 EPS and Q4 2023 earnings at $2.35 EPS.

Other equities analysts also recently issued reports about the stock. Jefferies Financial Group boosted their target price on shares of Progressive from $106.00 to $125.00 and gave the stock a “hold” rating in a report on Tuesday, July 12th. Barclays boosted their target price on shares of Progressive from $90.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, August 18th. Wells Fargo & Company reiterated a “sell” rating and issued a $98.00 price objective on shares of Progressive in a report on Friday, July 15th. Citigroup assumed coverage on shares of Progressive in a report on Monday, May 23rd. They issued a “sell” rating and a $93.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on shares of Progressive from $121.00 to $130.00 and gave the company an “equal weight” rating in a report on Friday, August 19th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $118.08.

Progressive Price Performance

Shares of PGR opened at $127.29 on Monday. The company has a market cap of $74.45 billion, a price-to-earnings ratio of 90.92, a PEG ratio of 1.48 and a beta of 0.42. Progressive has a 1-year low of $89.35 and a 1-year high of $129.76. The company’s fifty day simple moving average is $120.46 and its 200 day simple moving average is $115.69. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.31%. The ex-dividend date is Thursday, October 6th. Progressive’s dividend payout ratio is currently 28.57%.

Insider Activity

In other news, insider Andrew J. Quigg sold 3,180 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the transaction, the insider now owns 24,061 shares of the company’s stock, valued at $3,042,032.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Private Trust Co. NA grew its position in shares of Progressive by 2.3% during the 2nd quarter. Private Trust Co. NA now owns 13,327 shares of the insurance provider’s stock worth $1,550,000 after buying an additional 301 shares during the period. B. Riley Wealth Management Inc. acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $275,000. Royal London Asset Management Ltd. grew its position in shares of Progressive by 17.5% during the 2nd quarter. Royal London Asset Management Ltd. now owns 1,936,291 shares of the insurance provider’s stock worth $225,268,000 after buying an additional 287,702 shares during the period. Intersect Capital LLC grew its position in shares of Progressive by 25.8% during the 2nd quarter. Intersect Capital LLC now owns 3,107 shares of the insurance provider’s stock worth $361,000 after buying an additional 637 shares during the period. Finally, Verition Fund Management LLC lifted its holdings in shares of Progressive by 182.7% in the 2nd quarter. Verition Fund Management LLC now owns 8,019 shares of the insurance provider’s stock worth $932,000 after purchasing an additional 17,719 shares in the last quarter. Institutional investors and hedge funds own 85.05% of the company’s stock.

Progressive Company Profile

(Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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Earnings History and Estimates for Progressive (NYSE:PGR)

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