Thu Sep 19 05:45:50 UTC 2024: ## Progressive (PGR) Raises Q4 2024 Earnings Estimates, Stock Price Up

**New York, NY – September 19, 2024** – Roth Capital has increased its earnings estimates for The Progressive Corporation (NYSE: PGR) for the fourth quarter of 2024. Analyst H. Fong now predicts the insurance provider will post earnings of $3.17 per share, a significant increase from their previous forecast of $2.95.

This news comes on the heels of Progressive exceeding analyst expectations for the second quarter of 2024, reporting $2.65 EPS compared to the anticipated $2.04. The company also saw strong revenue growth, reaching $17.90 billion, exceeding the expected $17.54 billion.

Roth Capital has also provided optimistic earnings estimates for 2025, with predicted EPS of $3.16 for Q1, $3.12 for Q2, $3.31 for Q3, and $13.15 for the entire year.

“Progressive has demonstrated strong performance in recent quarters, and we believe this trend will continue,” said Fong in a research note. “The company’s focus on innovation and customer service, coupled with its strong financial position, makes it well-positioned for continued growth.”

**Market Reaction:**

Shares of Progressive opened at $257.69 on Tuesday, following the news of increased earnings estimates. The stock has seen a significant upward trend in recent months, with a 52-week low of $137.59 and a high of $260.46.

**Investor Activity:**

Multiple hedge funds and institutional investors have recently adjusted their holdings of Progressive stock, demonstrating continued confidence in the company. Notable changes include increased positions by Vanguard Group Inc., Capital International Investors, Legal & General Group Plc, FIL Ltd, and Baird Financial Group Inc.

**Insider Trading:**

While some insider selling has occurred, the overall trend suggests continued belief in the company’s future. CEO Susan Patricia Griffith recently sold 43,371 shares, while Steven Broz has made multiple sales throughout the year.

**Dividend Announcement:**

Progressive has declared a quarterly dividend of $0.10 per share, payable on October 11th to shareholders of record on October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%.

**Overall, the news of increased earnings estimates and positive investor activity points to a continued upward trend for Progressive. The company’s strong performance and focus on innovation suggest a bright future in the insurance industry.**

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