Progressive Prepping for Strong Earnings Report

Progressive Insurance (PGR) will be releasing its quarterly earnings report soon, and already the price of its stock is climbing.

Timothy St. John•Monday, July 15, 2024•2 min read

Progressive Insurance (PGR) will be releasing its quarterly earnings report today on Monday the 15th, and the expectation is that the company will have positive results to show.

Progressive is about to release its earnings report.

Ahead of the earnings report, the company’s stock grew slightly on Friday before the market closed. Since Monday morning, though, the stock has grown by 1.44%, up to $216 per share. It looks like investors are hopeful about the company’s report and how it will affect the stock price.

The company is expected to show that its earnings have improved year over year when it reports the earnings for the quarter that closed off at the end of March 2024. The reports will have a significant impact on the company’s stock price.

What Are the Expectations for PGR Stock?

The company could be posting an earnings per share of $2.96, if its earnings are in line with predictions and the current data. That would mean an improvement from last year of about 355%. For annual revenue, the predictions place Progressive’s numbers around $16.5 billion, which would be a healthy increase of 16%.

What is really significant for investors is that the stock price predictions for this quarter have jumped recently. Over the last month, the prediction has gone up by 7.35% than the previous numbers. That explains why the stock price is up now ahead of the earnings report.

We recommend investors consider buying Progressive stock at this time. We expect the price to go up and the stock to improve in value over time. While some business markets are tough to call for stocks, like retail and tech markets, Progressive is doing well in the insurance niche and has shown improvement from quarter to quarter recently.

We see no significant indicators that would hold it back from doing well again this quarter as the numbers roll in and are released to the public. US PPI numbers were higher than expected, which could hold the stock back a bit, but we still expect a strong performance from the PGR stock.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.