- Earnings per Share (EPS) forecast to triple to $1.76.
- Net premiums earned expected at $17.07 billion.
- Net premiums written predicted to hit $17.58 billion.
- Combined ratio estimated at 94%.
- Analysts expect a 50% increase in investment income.
- Piper Sandler emphasizes the importance of policy-in-force growth.
- There’s a need to address price increases to counter rising loss costs in personal auto business.
- Analyst recommendations: 13 buys, 9 holds, and 1 sell.
- Average price target: $231.39, representing a 6.9% upside from the current price.
- Implied 1-day share move following earnings is 5.4%.
- Shares have surged 85.3% over the past year, compared to the S&P 500 Index’s 25.3% increase.
- Quarterly dividend estimated at $0.10 per share, unchanged from the previous year.
- Next dividend declaration date: August 2, 2024.
- Earnings release scheduled for July 16, 2024.
Progressive Corp on Smartkarma
< p>Analysts at Baptista Research are optimistic about Progressive Corporation’s future, as revealed in their recent report, “The Progressive Corporation: Leveraging Technology for Competitive Pricing! – Major Drivers.” The research highlights the company’s strong first-quarter results for 2024, showcasing robust growth and profitability. Progressive’s achievements include an 18% rise in net premiums written and an impressive combined ratio of 86.1%. The analysts commend Progressive’s strategic approach to rate revisions and risk management, attributing their success to the company’s core values and business strategy.< /p>
A look at Progressive Corp Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 2 | |
| Growth | 3 | |
| Resilience | 3 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 2.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on Smartkarma Smart Scores, The Progressive Corporation’s long-term outlook appears promising. The company scored higher in momentum, indicating strong positive price trends. With moderate scores in growth and resilience, Progressive Corp seems to be positioned well for steady expansion and the ability to weather challenging market conditions. However, the lower scores in value and dividend suggest that investors may need to closely monitor these aspects for potential changes. As an insurance holding company offering a range of personal and commercial automobile insurance services in the US, Progressive Corp‘s overall outlook is favorable, supported by its solid performance across various key factors.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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