オプションチェーンは、Progressiveの株式オプションの主要データを様々な行使価格と満期日で表示します。トレーダーはこの情報を使用して、潜在的な取引を分析し、Progressiveの市場センチメントを評価します。.

Progressive (NYSE:PGR) 株価情報, オプションチェーン

Progressive

Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

Progressive Corporation (The) Common Stock

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In the latest quarter, 21 analysts provided ratings for Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), showcasing a mix of bullish and bearish perspectives.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">10</td>
<td style="text-align: right;">9</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $284.57, with a high estimate of $331.00 and a low estimate of $251.00. Observing a 5.07% increase, the current average has risen from the previous average price target of $270.84. 
<img src="https://www.benzinga.com/files/images/story/2024/1730919653_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
The analysis of recent analyst actions sheds light on the perception of Progressive by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>David Motemaden</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>Outperform</td>
<td>$285.00</td>
<td>$277.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$277.00</td>
<td>$267.00</td>
</tr>
<tr>
<td>Bob Huang</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$310.00</td>
<td>$300.00</td>
</tr>
<tr>
<td>Meyer Shields</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Outperform</td>
<td>$290.00</td>
<td>$280.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$331.00</td>
<td>$319.00</td>
</tr>
<tr>
<td>Jimmy Bhullar</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$251.00</td>
<td>$242.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$319.00</td>
<td>$309.00</td>
</tr>
<tr>
<td>Yaron Kinar</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$295.00</td>
<td>$257.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$280.00</td>
<td>$262.00</td>
</tr>
<tr>
<td>Harry Fong</td>
<td>Roth MKM</td>
<td>Raises</td>
<td>Buy</td>
<td>$290.00</td>
<td>$270.00</td>
</tr>
<tr>
<td>Bob Huang</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$300.00</td>
<td>$260.00</td>
</tr>
<tr>
<td>Elyse Greenspan</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$282.00</td>
<td>$281.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Barclays</td>
<td>Announces</td>
<td>Equal-Weight</td>
<td>$267.00</td>
<td>-</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$312.00</td>
<td>$294.00</td>
</tr>
<tr>
<td>Meyer Shields</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Outperform</td>
<td>$275.00</td>
<td>$255.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$294.00</td>
<td>$296.00</td>
</tr>
<tr>
<td>Harry Fong</td>
<td>Roth MKM</td>
<td>Raises</td>
<td>Buy</td>
<td>$270.00</td>
<td>$235.00</td>
</tr>
<tr>
<td>Paul Newsome</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$252.00</td>
<td>$250.00</td>
</tr>
<tr>
<td>Elyse Greenspan</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$281.00</td>
<td>$262.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$262.00</td>
<td>$230.00</td>
</tr>
<tr>
<td>Vikram Gandhi</td>
<td>HSBC</td>
<td>Announces</td>
<td>Buy</td>
<td>$253.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Progressive. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Progressive compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for Progressive's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Progressive's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/PGR/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Progressive analyst ratings.</a>
<h2>Delving into Progressive's Background</h2>
Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.
<h3>Progressive's Financial Performance</h3>
Market Capitalization Analysis: With an elevated market capitalization, the company stands out above industry averages, showcasing substantial size and market acknowledgment.
Revenue Growth: Progressive's revenue growth over a period of 3 months has been noteworthy. As of 30 September, 2024, the company achieved a revenue growth rate of approximately 26.74%. This indicates a substantial increase in the company's top-line earnings. When compared to others in the Financials sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: Progressive's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 11.84%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Progressive's ROE stands out, surpassing industry averages. With an impressive ROE of 9.24%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Progressive's ROA stands out, surpassing industry averages. With an impressive ROA of 2.3%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Progressive's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.25.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
Breaking: Wall Street's Next Big Mover
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Progressive Stock: A Deep Dive Into Analyst Perspectives (21 Ratings)

Goldman Sachs analyst Robert Cox reiterated the Buy rating on Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/PGR/analyst-ratings" rel="noreferrer noopener">price objective of $294.</a>
The analyst increased the company&#8217;s 2025/2026 EPS estimate by 4%, mainly driven by a more favorable outlook for the personal lines loss ratio.
Cox suggests that their view of a modest improvement in the expense ratio (excluding advertising) over the next two years remains largely unchanged, projecting a 35bps increase.
However, the analyst raised estimate for the consolidated expense ratio by 20-30bps in 2025/2026 due to expectations of higher advertising spending.
Additionally, Cox revised the net interest income (NII) estimates upwards, reflecting the updated forward curve for fixed income yields.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/11/41782529/deutsche-bank-upgrades-celanese-stock-analyst-highlights-strong-leverage-long-term-growth" rel="noreferrer noopener">Deutsche Bank Upgrades Celanese Stock: Analyst Highlights Strong Leverage, Long-Term Growth</a>
As a result, the analyst&#8217;s 2025/2026 EPS estimates increase by 5%/4%, remaining approximately 7% above consensus estimates.
The analyst notes that, in their updated loss trend analysis, he is maintaining a severity trend of approximately 4% for 2025. This forecast takes into account a 6% increase in bodily injury severity and a 2% rise in physical damage severity, driven by a shift from depreciation to moderate inflation in used car prices, along with more normalized inflation in repair costs.
The analyst states that he is raising their estimates for personal auto policy-in-force (PIF) growth by 100bps in 2025 and 20bps in 2026. Additionally, Cox increased the estimate for the consolidated expense ratio by 20-30bps.
This adjustment reflects the continued expectation that advertising efficiency in 2025/2026 will remain, on average, more than 30% below the pre-pandemic (2017-2019) levels.
Price Action: PGR shares are trading higher by 2.76% to $254.93 at last check Wednesday.
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Progressive To Gain From Improved Loss Ratio And Stronger Outlook: Analyst Boosts Estimates

Evercore ISI Group analyst David Motemaden maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Outperform and raises the price target from $277 to $285.

Evercore ISI Group Maintains Outperform on Progressive, Raises Price Target to $285

Progressive's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) short percent of float has risen 13.58% since its last report. The company recently reported that it has 5.35 million shares sold short, which is 0.92% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.53 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Progressive Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730731612_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Progressive has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Progressive's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Progressive's peer group average for short interest as a percentage of float is 1.81%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(PGR) - Analyzing Progressive's Short Interest

Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) has outperformed the market over the past 5 years by 14.56% on an annualized basis producing an average annual return of 28.4%. Currently, Progressive has a market capitalization of $142.69 billion. 
Buying $1000 In PGR: If an investor had bought $1000 of PGR stock 5 years ago, it would be worth $3,539.38 today based on a price of $243.58 for PGR at the time of writing.
<h3>Progressive's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729882829_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 5 Years Ago Would Be Worth $3,500 Today

Barclays analyst Alex Scott maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Equal-Weight and raises the price target from $267 to $277.

Barclays Maintains Equal-Weight on Progressive, Raises Price Target to $277

Most investors dismiss insurance stocks as the boring niche in the finance sector without realizing that this industry could significantly outperform all others during an economy ridden by threats of prolonged higher inflation. Today&#39;s environment is ripe for insurance businesses to rally further into the year, if not continue their bullish momentum into 2025.
Markets don&#39;t need to understand the insurance ins and outs to know that when the price of the assets being insured increases, so do the insurance premiums being charged to protect that item. Not only that, insurance companies will increase prices by a set premium to avoid any further inflation shocks that may come their way, making them the perfect business to keep in mind during interest rate cut cycles such as today.
The prime target, who holds significant market share and is a household name, has become the Progressive Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pgr#NYSE">PGR</a>), especially after the company reported its latest set of quarterly earnings to show investors just how much growth awaits them by choosing to invest in insurance companies this cycle. Wall Street analysts agree, and markets love it just as much.
<h2>Progressive Stock Earnings Signal Strong Growth</h2>
With inflation up roughly 3% to 3.5% over the past 12 months, Progressive&#39;s new signed-up policies had a compound effect on the company&#39;s revenues. According to the latest quarterly earnings press release, Progressive reported up to 25% jumps in net premiums written.
The addition of new premiums through policies ended up raising Progressive&#39;s premiums by 23%, laying the foundation for further double-digit growth in the rest of the business. The bottom line, exciting to investors, saw enough growth to get Wall Street&#39;s attention this quarter.
A 108% expansion in net income should be enough to send any stock into a new rally. Progressive stock&#39;s price action shows the company now trading at 96% of its 52-week high as a sign of bullish interest surrounding the stock today. But it doesn&#39;t stop there.
Earnings per share (EPS) forecasts from Wall Street analysts today are set for a flattish pattern in the next 12 months, which is considerably below the recent track record Progressive has shown markets. Over the past 12 months, Progressive reported EPS growth of up to 110% to reach $3.97.
All of this growth might not be priced in, despite the stock trading near a 52-week high price, and that is something a few Wall Street analysts &ndash; alongside broader markets &ndash; have started to notice in the way they&#39;ve expressed their views and action toward Progressive stock lately.
<h2>Wall Street Weighs In on Progressive Stock&#39;s Future: Key Insights for Investors</h2>
Now, for another gauge, investors can consider moving forward in their hunt for upside in the insurance industry; here is what Wall Street has to say about Progressive stock. This is a particularly important view now that the company has reported such a strong quarterly trend.
The consensus price target for Progressive stock is $268.2 a share today, which calls for up to 5% upside from where it trades today. While this benchmark is good enough to beat inflation this year, that&#39;s not why investors want to stick around for this insurance play.
After the company released its latest quarter, filled with double&mdash;and even triple-digit growth, analysts at Bank of America reiterated their Buy target for Progressive, this time coupling their view with a much higher price target. These analysts see the stock trading as high as $331 a share, daring it to rally by as much as 30% from where it trades today, not to mention a new all-time high for the company.
Broader markets are also willing to express their bullish view for Progressive stock today, a trend investors can see in the premiums paid for the stock compared to peers in the industry. Progressive&#39;s price-to-book (P/B) ratio of 7.5x today commands a significant premium over the insurance industry&#39;s average 2.2x valuation.
More than that, on a price-to-earnings (P/E) basis, Progressive stock again commands a premium as it trades at 21.7x compared to the industry&#39;s 15.6x multiple. Markets will typically overpay for stocks they believe will grow at above-average rates, so this time, the premium is more than justified in Progressive&#39;s triple-digit EPS growth during the year.
Lastly, there are even signs of bearish capitulation, judging by the 8% decline in short interest for Progressive over the past month, an accelerating trend as overall short interest has declined during the third quarter of 2024.
The article &quot;<a href="https://www.marketbeat.com/originals/progressive-leads-the-way-as-analysts-bet-big-on-insurance-stocks/">Progressive Leads the Way as Analysts Bet Big on Insurance Stocks</a>&quot; first appeared on MarketBeat.

Earnings

Large Cap

Insurance

Progressive Leads the Way as Analysts Bet Big on Insurance Stocks

Morgan Stanley analyst Bob Huang maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Overweight and raises the price target from $300 to $310.

Morgan Stanley Maintains Overweight on Progressive, Raises Price Target to $310

Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) reported $630 million in catastrophe losses related to Hurricane Helene alone. The company reported total estimated catastrophe losses of $889 million for September, more than twice the amount reported <a href="https://www.benzinga.com/pressreleases/24/10/b41378242/allstate-announces-september-and-third-quarter-2024-catastrophe-losses-run-off-reserve-review-and-">for the same month last year.&nbsp;</a>
What Happened: The impact of Hurricane Helene has led to a substantial increase in Allstate&#8217;s losses for the third quarter of 2024 which the company reported as $1.7 billion, up from $1.18 billion in the same quarter in 2023. 
Other insurance companies affected by the recent hurricanes include Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), which <a href="https://www.benzinga.com/pressreleases/24/10/g41329804/progressive-reports-september-2024-results">recorded</a> $563 million in catastrophe in September as a result of Hurricane Helene. Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) reported catastrophe losses of $939 million for the third quarter of 2024 due to Hurricane Helene, an increase of $89 million compared to the same period last year.
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Moody's Risk Management Solutions, or RMS, said<a href="https://www.benzinga.com/news/24/10/41321615/hurricanes-helene-milton-insurance-losses-spike-to-55b-moodys"> it expects</a> combined total insured losses from Hurricane Helene and Hurricane Milton to range between $35 billion and $55 billion.
According to <a href="https://www.insurtechinsights.com/hurricanes-helene-and-milton-floridas-insurance-market-on-the-brink/">a report</a> from Insurtech Insights, Hurricanes Helene and Milton contributed to total losses for Florida insurers of more than $100 billion for the fifth consecutive year, comparable to the losses from Hurricane Katrina in 2005.&nbsp;
Why It Matters: Citizens, Florida's state-backed insurer of last resort, has seen a surge in policyholders in recent years, especially after recent destructive hurricanes. 
The rapid influx raises serious concerns about its financial stability as it has experienced massive underwriting losses, amounting to hundreds of millions of dollars. Citizens estimates it is currently at a 38% rate inadequate, meaning it needs a 38% rate increase to be solvent. However, Florida law caps its annual rate increases at 10%
Citizens is transferring more than 648,000 policies to private insurers, per<a href="https://www.clickorlando.com/news/local/2024/10/04/what-citizens-insurance-depopulation-means-for-florida-homeowners/"> Click Orlando</a>. These companies are also experiencing <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">financial strain</a> due to increased claims, likely leading to higher premiums and reduced coverage availability.
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Photo: wurliburli from Pixabay

Allstate Records $630M In Losses From Hurricane Helene, Other Insurers Report Significant Losses As Damage Mounts

Keefe, Bruyette &amp; Woods analyst Meyer Shields maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Outperform and raises the price target from $280 to $290.

Keefe, Bruyette & Woods Maintains Outperform on Progressive, Raises Price Target to $290

B of A Securities analyst Joshua Shanker maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Buy and raises the price target from $319 to $331.

B of A Securities Maintains Buy on Progressive, Raises Price Target to $331

Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) reported quarterly earnings of $3.58 per share which missed the analyst consensus estimate of $3.66 by 2.19 percent. The company reported quarterly sales of $18.297 billion which missed the analyst consensus estimate of $19.052 billion by 3.96 percent. This is a 22.85 percent increase over sales of $14.894 billion the same period last year.

UPDATE: Progressive Q3 2024 Adj. EPS $3.58 Misses $3.66 Estimate, Sales $18.297B Miss $19.052B Estimate

The Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) today reported the following results for the month ended September&nbsp;30, 2024 and the third quarter of 2024: &nbsp;
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="2">September</td>
<td colspan="8">Quarter</td>
</tr>
<tr>
<td>(millions, except per share amounts and ratios; unaudited)</td>
<td colspan="2">&nbsp;2024</td>
<td colspan="2">&nbsp;2024</td>
<td colspan="3">&nbsp;2023&nbsp;</td>
<td>Change</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net premiums written</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 6,570.0</td>
<td>$</td>
<td>19,455.6</td>
<td>$</td>
<td>15,593.8</td>
<td>25&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net premiums earned</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 6,262.7</td>
<td>$</td>
<td>18,296.7</td>
<td>$</td>
<td>14,894.3</td>
<td>23&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net income</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584.6</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 2,333.4</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 1,121.3</td>
<td>108&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>&nbsp; Per share available to common shareholders</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89</td>
<td>110&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Total pretax net realized gains (losses) on securities</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121.2</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287.4</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp; (149.0</td>
<td>)</td>
<td>(293)%</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Combined ratio</td>
<td>93.4</td>
<td>89.0</td>
<td>92.4</td>
<td>(3.4)pts.</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Combined ratio – prior year month</td>
<td>89.7</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Average diluted equivalent common shares</td>
<td>587.7</td>
<td>587.6</td>
<td>587.5</td>
<td>0&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</tbody>
</table>
</figure>

Progressive Reports September 2024 EPS $0.99; Net Premiums Written $6.57B

The Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) today reported the following results for the month ended September&nbsp;30, 2024 and the third quarter of 2024:
&nbsp;
<table>
<tbody>
<tr>
<td colspan="2">September</td>
<td colspan="8">Quarter</td>
</tr>
<tr>
<td>(millions, except per share amounts and ratios; unaudited)</td>
<td colspan="2">&nbsp;2024</td>
<td colspan="2">&nbsp;2024</td>
<td colspan="3">&nbsp;2023&nbsp;</td>
<td>Change</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net premiums written</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 6,570.0</td>
<td>$</td>
<td>19,455.6</td>
<td>$</td>
<td>15,593.8</td>
<td>25&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net premiums earned</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 6,262.7</td>
<td>$</td>
<td>18,296.7</td>
<td>$</td>
<td>14,894.3</td>
<td>23&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net income</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584.6</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 2,333.4</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 1,121.3</td>
<td>108&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>&nbsp; Per share available to common shareholders</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89</td>
<td>110&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Total pretax net realized gains (losses) on securities</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121.2</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287.4</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp; (149.0</td>
<td>)</td>
<td>(293)%</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Combined ratio</td>
<td>93.4</td>
<td>89.0</td>
<td>92.4</td>
<td>(3.4)pts.</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Combined ratio &ndash; prior year month</td>
<td>89.7</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Average diluted equivalent common shares</td>
<td>587.7</td>
<td>587.6</td>
<td>587.5</td>
<td>0&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</tbody>
</table>

Progressive Reports Q3 2024 EPS $3.97 Up From $1.89 YoY; Net Premiums Written $19.455B Vs $15.593B YoY

Insured losses are way higher than originally anticipated due to the havoc from <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">back-to-back hurricanes</a>.
What Happened: Moody&#8217;s Risk Management Solutions, or RMS, <a href="https://www.rms.com/newsroom/announcement/2024-10-14/moodys-rms-event-response-us-private-market-insured-loss-estimate-for-hurricanes-helene-and-milton">crunched</a> the data to determine the financial impact of Hurricanes Milton and Helene. 
The firm expects total insured losses to range between $35 billion and $55 billion. 
That&#8217;s nearly quadruple what Moody's originally estimated, with losses falling between $8 billion and $14 billion. 
Hurricane Milton, the 13th named storm of the season, closely followed Hurricane Helene, which made landfall just two weeks earlier in Florida&#8217;s Big Bend region along the Gulf of Mexico.
Both storms hit many of the same areas, bringing widespread wind damage, storm surges, and inland flooding.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41317881/hurricane-milton-to-deliver-2-5b-blow-to-floridas-homebuilding-sector-goldman-sachs">Hurricane Milton To Deliver $2.5B Blow To Florida&#8217;s Homebuilding Sector, Goldman Sachs Says</a>
Why It Matters: Moody&#8217;s estimates help insurance companies, policymakers and other stakeholders assess the financial risks and prepare for the economic consequences of such events in the future.
And that&#8217;s important considering hurricane season typically runs until Nov. 30. 
But here&#8217;s the thing: Floridians already pay exorbitant homeowners&#8217; insurance premiums, <a href="https://www.orlandoweekly.com/news/experts-worry-floridas-2024-hurricane-season-could-wipeout-recent-homeowners-insurance-fixes-38005875">per</a> Orlando Weekly. With the immense damage caused by these storms, they&#8217;re going to be paying even more.
According to Moody&#8217;s Chief Risk Modeling Officer Mohsen Rahnama, several factors add uncertainty to the final loss estimates. These include the complexity of hazard patterns, such as the damaging tornadoes spawned by Milton's rainbands in southern Florida, and the storm's interaction with a mid-latitude jet, which created two swaths of the strongest winds. 
In some cases, structures already damaged by Helene may have sustained further damage from Milton. This complicates efforts to determine the primary cause of loss and leads to potential coverage issues.
It&#8217;s not just Helene and Milton. Overlapping insurance claims and Florida's annual deductibles may increase losses for properties previously damaged by past hurricanes, such as Ian in 2022.
Altogether, the Moody&#8217;s ground teams conducted &#8220;field reconnaissance&#8221; for more than 2,000 miles of damage.
&#8220;Our teams are still in Florida surveying the impacted areas,&#8221; Rahnama said.
Florida&#8217;s Insurance Problem: Several major insurance companies had already retreated from Florida due to the high risks associated with the state&#8217;s frequent hurricanes and rising litigation costs. The ones that remained include:
<ul>
<li>Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) </li>
<li>Travelers Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) </li>
<li>Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) </li>
<li>State Farm</li>
</ul>
Florida-only carriers will take the hardest hit, per a Moody&#8217;s report from Oct. 10. These insurance companies have at least 75% of their homeowners and commercial property premiums written in the state, the firm noted. 
&#8220;The top 10 Florida-only insurers write about 50% of the state&#8217;s homeowners business and are more vulnerable than others given their geographic concentration,&#8221; the company <a href="https://floridaphoenix.com/wp-content/uploads/2024/10/Moodys-Ratings_Hurricane-Milton_Reinsurers-10Oct2024-PBC_1425591-1.pdf">stated</a>. They include:
<ul>
<li>Citizens Property Insurance Corp.</li>
<li>Universal P&amp;C</li>
<li>Tower Hill</li>
<li>First Protective</li>
<li>Slide Insurance</li>
<li>Edison Insurance</li>
<li>Amer Integrity</li>
<li>Florida Peninsula</li>
<li>Homeowners Choice P&amp;C</li>
<li>Security First </li>
</ul>
ETFs To Watch: Three exchange-traded funds tracking public companies in the insurance space were all in the green at last check Monday:
<ul>
<li>SPDR S&amp;P Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIE#NYSE">KIE</a>), up 0.78%</li>
<li>iShares U.S. Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>), up 0.37%</li>
<li>Invesco KBW Property &amp; Casualty Insurance ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWP#NASDAQ">KBWP</a>), up 0.58%</li>
</ul>
What&#8217;s Next: Moody's will provide a final industry loss estimate for Milton by the end of this week.
The National Hurricane Center is tracking a tropical depression in the Atlantic Ocean. 
Though it can bring heavy rain and cause flooding, a tropical depression is generally weak; if wind speeds increase beyond 39 miles per hour, it can develop into a tropical storm or hurricane if conditions allow.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Mon 10/14 8am EDT: <a href="https://twitter.com/hashtag/AL94?src=hash&amp;ref_src=twsrc%5Etfw">#AL94</a> has a chance of developing into a tropical depression as it approaches, or moves near the northern <a href="https://twitter.com/hashtag/LeewardIslands?src=hash&amp;ref_src=twsrc%5Etfw">#LeewardIslands</a> late this week. <a href="https://t.co/1aFZ3ykENk">pic.twitter.com/1aFZ3ykENk</a>
&mdash; National Hurricane Center (@NHC_Atlantic) <a href="https://twitter.com/NHC_Atlantic/status/1845796399990129124?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Now Read:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41319060/s-p-500-extends-record-highs-dow-breaks-43-000-ahead-of-pivotal-earnings-week-bitco">S&amp;P 500 Extends Record Highs, Dow Breaks 43K, Bitcoin Rallies: What&#8217;s Driving Markets Monday?</a></li>
</ul>
Photo: Shutterstock

ETFs

iShares Dow Jones US Insurance Index Fund

KBWP

Hurricanes Helene, Milton Insurance Losses Spike To $55B: Moody's

JP Morgan analyst Jimmy Bhullar maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Overweight and raises the price target from $242 to $251.

JP Morgan Maintains Overweight on Progressive, Raises Price Target to $251

It might be surprising for some to hear that 2024 has been a great year for stocks in the insurance industry. In fact, every single large-cap insurance stock in the United States and Canada trading region has a positive return this year. Additionally, the iShares U.S. Insurance ETF (ARCA: IAK) has provided a total return of nearly 29%.&nbsp; Some stocks, like Progressive (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pgr#NYSE">PGR</a>), are up more than 50%.
SelectQuote (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/slqt#NYSE">SLQT</a>) is no exception to the success of this industry. Shares are up 54% this year. However, one metric that does make it stand out is the average Wall Street price target placed on the company. It sits at $4.50. This means the stock could rise 113% from the $2.11 level as of the Oct. 8 close. This average price target matches up with the figure set by analysts at Craig-Hallum, who initiated coverage of the stock on Sept. 30.
<h2>SelectQuote&#39;s Business Model Has Advantages Over Traditional Insurance Companies</h2>
SelectQuote is a direct-to-consumer platform for shopping for insurance. It covers life, home, auto, and senior health insurance. It is not an insurance provider but simply finds insurance products for consumers. SelectQuote then gets a commission from the insurance provider when the consumer buys a policy.
The company claims that its competitive advantages are its technology and skilled agents. Its technology takes in customer data and analyzes it to connect a consumer to an agent that is best for them. Combined with the company&#39;s transparent pricing terms, a better customer experience is offered. This improves customer retention and leads to the company collecting more commissions over the life of an insurance policy.
The model of SelectQuote has some advantages over a traditional insurance company. First, because the company&#39;s salespeople do not work for a particular insurance company, they should be able to actually offer customers a better price. They can compare prices across the industry, and are not beholden to one company, making selling insurance much easier.
Additionally, the ability of agents to compare policies reduces the feeling from a customer that they are being &quot;sold to&quot; and pressured to buy a particular product. It&#39;s easy to see how this would lead to a better and longer lasting customer relationship. Lastly, the company can make money off these policies without taking on any of the insurance risks themselves.
<h2>SelectQuote&#39;s Healthcare Services Are Driving Growth</h2>
Another important part of the company&#39;s business is its healthcare services platform, which includes SelectRx. SelectRx is a pharmacy that ships prescriptions directly to patients. It also helps patients manage their prescriptions and ensure they take them on time. Additionally, its SelectPatient management platform helps patients manage their chronic conditions.
Since 2022, the company has shown an incredible ability to grow this part of the business, particularly through the pharmacy. Pharmacy revenue has grown by 680% in just two years, compared to growth of 22% in insurance commissions. This is likely due to the company&#39;s large base of senior health insurance customers. It makes cross-selling pharmacy products highly effective.
The company has been getting closer to profitability since starting the healthcare services part of the business in 2021. This part of the business has added significant revenue to the company, but has also come with significant costs. Still, gross margins in the segment are growing. This has helped the company reduce its loss per share in fiscal 2024 to $0.20 from a loss of $1.81 in 2022.
<h2>Valuation and Final Thoughts</h2>
Despite its large rise this year, the company does not seem overvalued compared to other insurance companies. Its 11.5x last 12-month enterprise value to EBITDA ratio sits slightly below the 12.6x average of all U.S. insurance companies with market capitalizations of at least $300 million.
The company expects revenue growth to slow significantly from the plus 30% range over the past years to around 10% next year. However, it does see loss per share improving by 30%. A big concern is that the company sees adjusted EBITDA falling by 10%.
It says this is due to a change in its commissions structure from one of the largest insurance companies it works with. This created a capital constraint, not the firm to hire as many agents for next year. However, it believes this is temporary. For me, SelectQuote looks like a nice business model that is going closer to profitability and has a reasonable valuation.
The article &quot;<a href="https://www.marketbeat.com/originals/is-selectquote-a-double-bagger-stock-analysts-predict-huge-gains/">Is SelectQuote a Double-Bagger Stock? Analysts Predict Huge Gains</a>&quot; first appeared on MarketBeat.

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Initiation

Small Cap

SLQT

Is SelectQuote a Double-Bagger Stock? Analysts Predict Huge Gains

B of A Securities analyst Joshua Shanker maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Buy and raises the price target from $309 to $319.

B of A Securities Maintains Buy on Progressive, Raises Price Target to $319

Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) has outperformed the market over the past 20 years by 4.33% on an annualized basis producing an average annual return of 12.88%. Currently, Progressive has a market capitalization of $146.89 billion. 
Buying $1000 In PGR: If an investor had bought $1000 of PGR stock 20 years ago, it would be worth $11,603.89 today based on a price of $250.76 for PGR at the time of writing.
<h3>Progressive's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728509411_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning Progressive Stock In The Last 20 Years

23 analysts have expressed a variety of opinions on Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) over the past quarter, offering a diverse set of opinions from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">12</td>
<td style="text-align: right;">9</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $273.3, along with a high estimate of $367.00 and a low estimate of $225.00. This current average reflects an increase of 6.86% from the previous average price target of $255.76. 
<img src="https://www.benzinga.com/files/images/story/2024/1728500454_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The standing of Progressive among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Yaron Kinar</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$295.00</td>
<td>$257.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$280.00</td>
<td>$262.00</td>
</tr>
<tr>
<td>Harry Fong</td>
<td>Roth MKM</td>
<td>Raises</td>
<td>Buy</td>
<td>$290.00</td>
<td>$270.00</td>
</tr>
<tr>
<td>Bob Huang</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$300.00</td>
<td>$260.00</td>
</tr>
<tr>
<td>Elyse Greenspan</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$282.00</td>
<td>$281.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Barclays</td>
<td>Announces</td>
<td>Equal-Weight</td>
<td>$367.00</td>
<td>-</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$312.00</td>
<td>$294.00</td>
</tr>
<tr>
<td>Meyer Shields</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Outperform</td>
<td>$275.00</td>
<td>$255.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$294.00</td>
<td>$296.00</td>
</tr>
<tr>
<td>Harry Fong</td>
<td>Roth MKM</td>
<td>Raises</td>
<td>Buy</td>
<td>$270.00</td>
<td>$235.00</td>
</tr>
<tr>
<td>Paul Newsome</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$252.00</td>
<td>$250.00</td>
</tr>
<tr>
<td>Elyse Greenspan</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$281.00</td>
<td>$262.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$262.00</td>
<td>$230.00</td>
</tr>
<tr>
<td>Vikram Gandhi</td>
<td>HSBC</td>
<td>Announces</td>
<td>Buy</td>
<td>$253.00</td>
<td>-</td>
</tr>
<tr>
<td>Michael Zaremski</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$237.00</td>
<td>$239.00</td>
</tr>
<tr>
<td>David Motemaden</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>Outperform</td>
<td>$246.00</td>
<td>$243.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$296.00</td>
<td>$293.00</td>
</tr>
<tr>
<td>Michael Zaremski</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$239.00</td>
<td>$235.00</td>
</tr>
<tr>
<td>Michael Ward</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$225.00</td>
<td>$232.00</td>
</tr>
<tr>
<td>Yaron Kinar</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$257.00</td>
<td>$256.00</td>
</tr>
<tr>
<td>Harry Fong</td>
<td>Roth MKM</td>
<td>Maintains</td>
<td>Buy</td>
<td>$235.00</td>
<td>$235.00</td>
</tr>
<tr>
<td>Meyer Shields</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Outperform</td>
<td>$245.00</td>
<td>$210.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$293.00</td>
<td>$276.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Progressive. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Progressive compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Progressive's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Progressive's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PGR/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Progressive analyst ratings.</a>
<h2>About Progressive</h2>
Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.
<h3>Progressive: Financial Performance Dissected</h3>
Market Capitalization Highlights: Above the industry average, the company's market capitalization signifies a significant scale, indicating strong confidence and market prominence.
Positive Revenue Trend: Examining Progressive's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 18.11% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Financials sector.
Net Margin: Progressive's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 8.05%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Progressive's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 6.46% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Progressive's ROA excels beyond industry benchmarks, reaching 1.52%. This signifies efficient management of assets and strong financial health.
Debt Management: With a below-average debt-to-equity ratio of 0.3, Progressive adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Rising healthcare costs, cutting-edge technology, and escalating geopolitical tensions are supercharging growth in the insurance industry. This landscape presents prime opportunities for The Progressive Corporation (PGR), Primerica (PRI), and The Hanover Insurance Group (THG) to thrive and deliver substantial value for investors, even with their premium valuations. Read on… Rising healthcare expenses, technological advancements, and increasing geopolitical threats are driving significant growth in the insurance industry. As these dynamics evolve, the sector presents promising opportunities for expansion.
With that in mind, investors could consider investing in shares of fundamentally sound insurance stocks, The Progressive Corporation (<a href="https://stocknews.com/stock/PGR/">PGR</a>), Primerica, Inc. (<a href="https://stocknews.com/stock/PRI/">PRI</a>), and The Hanover Insurance Group, Inc. (<a href="https://stocknews.com/stock/THG/">THG</a>), that stand out as potentially rewarding investments despite their premium valuations.
The rise in healthcare expenses is fueling demand in the health insurance sector. In fact, a report by Mordor Intelligence projects that the U.S. health and medical insurance market could reach $2.01 trillion by 2029, growing at <a href="https://www.mordorintelligence.com/industry-reports/united-states-health-and-medical-insurance-market/market-size">a CAGR exceeding 6%</a>. This indicates a steady, expanding market.
Moreover, advancements in artificial intelligence (AI) continue to transform risk assessment and claims management for insurers. By enabling enhanced data analysis and faster decision-making, AI can improve both customer service and operational efficiency, making it a critical tool for the industry's growth and adaptation to challenges.
Global geopolitical tensions are another factor boosting the insurance industry. As risks rise, insurers are capitalizing on this environment, seeing substantial opportunities for expansion. Polaris Market Research forecasts the property and casualty insurance market to reach $3.79 trillion by 2032, with <a href="https://www.polarismarketresearch.com/industry-analysis/property-and-casualty-insurance-market">a projected CAGR of 8.3%</a>.
Furthermore, Deloitte's 2025 global insurance outlook estimates that insurance premiums will <a href="https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html">grow by 3.3% in 2024</a>, with advanced markets expected to account for 75% of this increase. This growth reflects strong demand and underscores the value of the insurance sector as an attractive option for investors.
Against this backdrop, investors could consider buying insurance stocks with high <a href="https://www.investopedia.com/terms/p/price-earningsratio.asp">P/E ratios</a>. Even though they come at a premium cost, these stocks offer excellent growth opportunities. Now, let us discuss the fundamentals of three high P/E insurance stocks, starting with #3.
Stock #3: The Progressive Corporation (<a href="https://stocknews.com/stock/PGR/">PGR</a>)
PGR works as an insurance holding company, providing personal and commercial auto, business related general liability, personal residential and commercial property, and other insurance products and services. Its three operational segments are: Personal Lines; Commercial Lines; and Property.
PGR's forward non-GAAP P/E of 18.61x is 53.6% higher than the industry average of 12.12x. Its forward EV/EBIT multiple of 14.21 is 16.3% higher than the sector average of 12.22x. Likewise, the stock's forward Price/Book of 5.11x is 324.2% higher than the industry average of 1.20x.
Despite its premium valuation, PGR demonstrates strong profitability, backed by impressive financial metrics. PGR's trailing-12-month levered FCF margin of 19.09% is 4.7% higher than the industry average of 18.24%. Its trailing-12-month asset turnover ratio of 0.75x is 247.6% higher than the sector average of 0.22x.
Likewise, the stock's ROTC of 22.56% is 230.3% higher than the industry average of 6.83%.
For the fiscal 2024 second quarter that ended on June 30, PGR's total revenues increased 18.1% year-over-year to $18.13 billion. Its <a href="https://www.investopedia.com/terms/n/netincome.asp">net income</a> and EPS grew 322.3% and 335.1% from the prior year's quarter, respectively, to $1.46 billion and $2.48. As of June 30, 2024, PGR's total assets amounted to $97.89 billion, compared to $88.69 billion on December 31, 2023.
Analysts expect PGR's revenue for the fiscal fourth quarter (ending December 2024) to increase 22.8% year-over-year to $18.57 billion. Its EPS is expected to grow 2.6% from the prior year's period to $3.05. Moreover, the company surpassed the consensus revenue and EPS estimates in three of the four trailing quarters.
Shares of PGR have surged 35.8% over the past nine months and 52.1% over the past year to close the last trading session at $242.72.
PGR's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect its positive fundamentals. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
PGR has an A grade for Momentum. It is ranked #25 out of 55 stocks in the A-rated <a href="https://stocknews.com/category/property-casualty-insurance/">Insurance - Property &amp; Casualty</a> industry.
To check the stock's ratings for Growth, Value, Sentiment, Quality, and Stability <a href="https://stocknews.com/stock/PGR/">click here</a>.
Stock #2: Primerica, Inc. (<a href="https://stocknews.com/stock/PRI/">PRI</a>)
PRI engages in providing financial products and services to middle-income households in the United States and Canada. The company's operational segments include Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.
PRI's forward non-GAAP P/E of 15.09x is 24.5% higher than the industry average of 12.12x. The stock's forward EV/Sales of 3.60x is 11.2% higher than the sector average of 3.24x. Additionally, its forward Price/Book multiple of 4.17 is 246.3% higher than the 1.20x industry average.
Even with a higher valuation, PGR stands out for its profitability, boasting solid performance across core financial metrics. PRI's trailing-12-month gross profit margin of 66.52% is 9.8% higher than the industry average of 60.60%. The stock's trailing-12-month levered FCF margin of 32.83% is 80% higher than the sector average of 18.24%.
Furthermore, its trailing-12-month EBITDA margin of 31.35% is 44.7% higher than the 21.66% industry average.
For the fiscal 2024 second quarter that ended June 30, PRI's total revenues increased 16.7% year-over-year to $803.38 million. Its adjusted net operating income and adjusted operating EPS grew 11.9% and 18% from the prior year's quarter to $162.75 million and $4.71, respectively.
As of June 30, 2024, PRI's cash and cash equivalents amounted to $627.29 million, compared to $613.15 million on December 31, 2023.
Street expects PRI's revenue and EPS for the fiscal third quarter (ended September 2024) to grow 4.9% and 12.3% year-over-year to $745.70 million and $4.81, respectively. Moreover, the company topped the consensus revenue estimates in all four trailing quarters, which is impressive.
PRI's shares have surged 27.3% over the past six months and 41.2% over the past year to close the last trading session at $274.44.
PRI's solid prospects are projected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
PRI has an A grade for Momentum and a B for Stability and Sentiment. It is ranked #8 out of 26 stocks in the B-rated <a href="https://stocknews.com/category/life-insurance/">Insurance – Life industry</a>.
<a href="https://stocknews.com/stock/PRI/">Click here</a> to see PRI's ratings for Quality, Value, and Growth.
Stock #1: The Hanover Insurance Group, Inc. (<a href="https://stocknews.com/stock/THG/">THG</a>)
THG provides property and casualty insurance solutions. It operates through four segments: Core Commercial; Specialty; Personal Lines; and Other. The company markets its products and services through independent agents and brokers, offering customized coverage options to meet diverse client needs.
THG's forward non-GAAP P/E of 13.15x is 8.5% higher than the industry average of 12.12x. Its forward Price/Book of 1.79x is 48.8% higher than the sector average of 1.20x. Furthermore, the stock's Price/Cash flow of 10.34x is 8.9% higher than the 9.49x industry average.
THG's elevated valuation doesn't diminish its profitability, as it continues to excel in essential financial indicators. THG's trailing-12-month asset turnover ratio of 0.42x is 92% higher than the industry average of 0.22x. Its trailing-12-month ROTC of 9.73% is 42.5% higher than the sector average of 6.83%.
Furthermore, the stock's trailing-12-month ROCE of 14.63% is 42.5% higher than the 10.34% industry average.
For the fiscal 2024 third quarter that ended September 30, THG's total revenues increased 3.2% year-over-year to $1.57 billion. Its net income grew significantly from the prior year's quarter to $102.10 million, while its EPS rose significantly from its year-ago value to $2.80.
As of September 30, 2024, THG's cash and cash equivalents amounted to $427.10 million, compared to $316.10 on December 31, 2023.
The consensus revenue estimate of $1.40 billion for the fiscal fourth quarter (ending December 2024) reflects a year-over-year rise of 4.2%. Its EPS for the same period is expected to increase 3.3% from the prior year's period to $3.23. The company also surpassed the consensus EPS estimates in all four trailing quarters.
THG's stock has surged 12.8% over the past six months and 23.7% over the past year to close the last trading session at $147.90.
THG's POWR Ratings reflect its robust outlook. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
THG has an A grade for Momentum and a B for Growth, Sentiment, and Stability. It is ranked #6 out of 55 stocks in the Insurance – Property &amp; Casualty industry.
<a href="https://stocknews.com/stock/THG/">Click here</a> to check out additional THG ratings for Value and Quality.
What To Do Next?
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<hr />
PGR shares were unchanged in premarket trading Monday. Year-to-date, PGR has gained 53.36%, versus a 21.27% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Aanchal Sugandh</h2> <img src='https:/wp-content/uploads/2022/12/Aanchal-Sugandh_Headshot.jpg' style="float:left; padding:5px;width:125px;">Aanchal's passion for financial markets drives her work as an investment analyst and journalist. She earned her bachelor's degree in finance and is pursuing the CFA program.

She is proficient at assessing the long-term prospects of stocks with her fundamental analysis skills. Her goal is to help investors build portfolios with sustainable returns.<a href="https://stocknews.com/authors/?author=aanchal-sugandh">More...</a>The post <a href=https://stocknews.com/news/pgr-pri-thg-3-high-pe-insurance-stocks-worth-the-premium/>3 High-PE Insurance Stocks Worth the Premium</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 High-PE Insurance Stocks Worth the Premium

Here are the major earnings after the close today

Wells Fargo analyst Elyse Greenspan maintained a Buy rating on Progressive (PGR – Research Report) yesterday and set a price target of $297.00. Ely...

Progressive's Strategic Ad Spend and Stable Rates Drive Buy Recommendation

KBW analyst Meyer Shields maintained a Buy rating on Progressive (PGR – Research Report) today and set a price target of $290.00. The company's sha...

Progressive (PGR) Receives a Rating Update from a Top Analyst

Wells Fargo raised the firm's price target on Allstate (ALL) to $186 from $175 and keeps an Equal Weight rating on the shares. The firm notes the s...

Allstate price target raised to $186 from $175 at Wells Fargo

The Progressive Corporation (PGR) Q3 2024 Earnings Call Transcript

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Press Releases

Progressive Announces Investor Relations Event

Dividends

Progressive Announces Quarterly Common Share Dividend

Progressive Reports July 2024 Results

Progressive Insurance® Introduces Purpose-Driven Strategy and Initiatives to Help People Move Forward and Live Fully

Progressive Insurance®, Hello Alice Award $1 Million to Small Business Owners

Progressive Reports August 2024 Results

U.S. Marine Corp Veteran to Receive 2022 Freightliner Cascadia truck from Progressive Insurance®

Progressive Reports September 2024 Results

Progressive Insurance® Allocates Over $3 Million to Support Disaster Relief Efforts

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