Progressive FY2028 EPS Forecast Lowered by DOWLING & PARTN

The Progressive Corporation (NYSE:PGR) – Analysts at DOWLING & PARTN dropped their FY2028 earnings per share (EPS) estimates for shares of Progressive in a research note issued to investors on Friday, August 7th. DOWLING & PARTN analyst D. Lukpanov now forecasts that the insurance provider will post earnings per share of $15.25 for the year, down from their previous forecast of $15.88. The consensus estimate for Progressive’s current full-year earnings is $17.57 per share.

Several other brokerages also recently issued reports on PGR. HSBC lifted their price objective on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Evercore set a $240.00 target price on Progressive in a report on Friday, July 10th. Bank of America lowered their target price on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. UBS Group lifted their price target on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Finally, BMO Capital Markets reduced their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus target price of $235.00.

Progressive Stock Down 0.8%

PGR opened at $212.22 on Wednesday. The firm has a market cap of $123.38 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 2.88 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The firm’s 50-day simple moving average is $213.72 and its 200-day simple moving average is $206.43. Progressive has a twelve month low of $189.20 and a twelve month high of $254.93.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is 2.01%.

Insider Activity at Progressive

In related news, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at $6,880,743.08. This trade represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. The trade was a 7.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 74,885 shares of company stock valued at $15,880,459 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bogart Wealth LLC boosted its stake in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares during the last quarter. IMG Wealth Management Inc. acquired a new stake in Progressive during the 2nd quarter worth $26,000. Meeder Asset Management Inc. bought a new stake in shares of Progressive during the 2nd quarter valued at $26,000. Bard Associates Inc. bought a new stake in shares of Progressive during the 4th quarter valued at $27,000. Finally, Kilter Group LLC acquired a new position in shares of Progressive in the 2nd quarter valued at $27,000. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.