company background image
PGR

Progressive NYSE:PGR Stock Report

Last Price

US$118.39

Market Cap

US$69.2b

7D

-3.3%

1Y

31.0%

Updated

29 Sep, 2022

Data

Company Financials +
PGR fundamental analysis
Snowflake Score
Valuation2/6
Future Growth5/6
Past Performance2/6
Financial Health4/6
Dividends2/6

PGR Stock Overview

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States.

Progressive Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Progressive
Historical stock prices
Current Share PriceUS$118.39
52 Week HighUS$129.77
52 Week LowUS$89.35
Beta0.43
1 Month Change-4.71%
3 Month Change-0.076%
1 Year Change30.98%
3 Year Change57.04%
5 Year Change141.37%
Change since IPO10,970.24%

Recent News & Updates

Sep 16
Progressive (NYSE:PGR) Will Pay A Dividend Of $0.10

Progressive (NYSE:PGR) Will Pay A Dividend Of $0.10

The Progressive Corporation's ( NYSE:PGR ) investors are due to receive a payment of $0.10 per share on 14th of...

Shareholder Returns

PGRUS InsuranceUS Market
7D-3.3%-1.6%-3.1%
1Y31.0%-7.5%-21.5%

Return vs Industry: PGR exceeded the US Insurance industry which returned -2.7% over the past year.

Return vs Market: PGR exceeded the US Market which returned -20.3% over the past year.

Price Volatility

Is PGR's price volatile compared to industry and market?
PGR volatility
PGR Average Weekly Movement3.7%
Insurance Industry Average Movement4.4%
Market Average Movement6.9%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.8%

Stable Share Price: PGR is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: PGR's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
193749,077Tricia Griffithhttps://www.progressive.com

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property. The Personal Lines segment writes insurance for personal autos and recreational vehicles (RV).

Progressive Fundamentals Summary

How do Progressive's earnings and revenue compare to its market cap?
PGR fundamental statistics
Market CapUS$69.25b
Earnings (TTM)US$824.90m
Revenue (TTM)US$47.69b

83.9x

P/E Ratio

1.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PGR income statement (TTM)
RevenueUS$47.69b
Cost of RevenueUS$45.87b
Gross ProfitUS$1.82b
Other ExpensesUS$994.50m
EarningsUS$824.90m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 13, 2022

Earnings per share (EPS)1.41
Gross Margin3.82%
Net Profit Margin1.73%
Debt/Equity Ratio40.8%

How did PGR perform over the long term?

See historical performance and comparison

Dividends

1.6%

Current Dividend Yield

135%

Payout Ratio

Does PGR pay a reliable dividends?

See PGR dividend history and benchmarks
When do you need to buy PGR by to receive an upcoming dividend?
Progressive dividend dates
Ex Dividend DateOct 06 2022
Dividend Pay DateOct 14 2022
Days until Ex dividend5 days
Days until Dividend pay date13 days

Does PGR pay a reliable dividends?

See PGR dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is PGR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PGR?

Other financial metrics that can be useful for relative valuation.

PGR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.6x
Enterprise Value/EBITDA40.1x
PEG Ratio1.6x

Price to Earnings Ratio vs Peers

How does PGR's PE Ratio compare to its peers?

PGR PE Ratio vs Peers
The above table shows the PE ratio for PGR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average18.1x
CB Chubb
10.4x4.3%US$74.6b
TRV Travelers Companies
10.4x6.4%US$36.7b
ALL Allstate
38.7x38.2%US$34.1b
WRB W. R. Berkley
13x0.1%US$17.3b
PGR Progressive
83.9x53.2%US$69.2b

Price-To-Earnings vs Peers: PGR is expensive based on its Price-To-Earnings Ratio (83.9x) compared to the peer average (18.1x).


Price to Earnings Ratio vs Industry

How does PGR's PE Ratio compare vs other companies in the US Insurance Industry?

Price-To-Earnings vs Industry: PGR is expensive based on its Price-To-Earnings Ratio (83.9x) compared to the US Insurance industry average (13.3x)


Price to Earnings Ratio vs Fair Ratio

What is PGR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PGR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio83.9x
Fair PE Ratio24.2x

Price-To-Earnings vs Fair Ratio: PGR is expensive based on its Price-To-Earnings Ratio (83.9x) compared to the estimated Fair Price-To-Earnings Ratio (24.2x).


Share Price vs Fair Value

What is the Fair Price of PGR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PGR ($118.39) is trading below our estimate of fair value ($166.37)

Significantly Below Fair Value: PGR is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies

Future Growth

How is Progressive forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


53.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PGR's forecast earnings growth (53.2% per year) is above the savings rate (1.9%).

Earnings vs Market: PGR's earnings (53.2% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: PGR's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: PGR's revenue (9.6% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: PGR's revenue (9.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PGR's Return on Equity is forecast to be high in 3 years time (21.9%)


Discover growth companies

Past Performance

How has Progressive performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


14.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PGR has high quality earnings.

Growing Profit Margin: PGR's current net profit margins (1.7%) are lower than last year (11.9%).


Past Earnings Growth Analysis

Earnings Trend: PGR's earnings have grown by 14.2% per year over the past 5 years.

Accelerating Growth: PGR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PGR had negative earnings growth (-84.9%) over the past year, making it difficult to compare to the Insurance industry average (-22.8%).


Return on Equity

High ROE: PGR's Return on Equity (5.4%) is considered low.


Discover strong past performing companies

Financial Health

How is Progressive's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: PGR's short term assets ($21.1B) do not cover its short term liabilities ($51.0B).

Long Term Liabilities: PGR's short term assets ($21.1B) exceed its long term liabilities ($6.4B).


Debt to Equity History and Analysis

Debt Level: PGR's net debt to equity ratio (9.9%) is considered satisfactory.

Reducing Debt: PGR's debt to equity ratio has increased from 35.6% to 40.8% over the past 5 years.

Debt Coverage: PGR's debt is well covered by operating cash flow (105.1%).

Interest Coverage: PGR's interest payments on its debt are well covered by EBIT (6.9x coverage).


Balance Sheet


Discover healthy companies

Dividend

What is Progressive current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.60%

Current Dividend Yield

Upcoming Dividend Payment

TodaySep 30 2022Ex Dividend DateOct 06 2022Dividend Pay DateOct 14 20228 days from Ex DividendBuy in the next 5 days to receive the upcoming dividend

Dividend Yield vs Market

Progressive Dividend Yield vs Market
How does Progressive dividend yield compare to the market?
SegmentDividend Yield
Company (Progressive)1.6%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Insurance)2.5%
Analyst forecast in 3 Years (Progressive)2.6%

Notable Dividend: PGR's dividend (1.6%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.64%).

High Dividend: PGR's dividend (1.6%) is low compared to the top 25% of dividend payers in the US market (4.61%).


Stability and Growth of Payments

Stable Dividend: PGR's dividend payments have been volatile in the past 10 years.

Growing Dividend: PGR's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (134.6%), PGR's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (17.3%), PGR's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.2yrs

Average management tenure


CEO

Tricia Griffith (58 yo)

6.17yrs

Tenure

US$14,462,961

Compensation

Ms. Susan Patricia Griffith also known as Tricia, has been the Chief Executive Officer and President of Progressive Corp. since July 1, 2016. Ms. Griffith serves as Director at Federal Express Corporation...


CEO Compensation Analysis

Tricia Griffith's Compensation vs Progressive Earnings
How has Tricia Griffith's remuneration changed compared to Progressive's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$825m

Mar 31 2022n/an/a

US$2b

Dec 31 2021US$14mUS$950k

US$3b

Sep 30 2021n/an/a

US$4b

Jun 30 2021n/an/a

US$5b

Mar 31 2021n/an/a

US$6b

Dec 31 2020US$15mUS$981k

US$6b

Sep 30 2020n/an/a

US$5b

Jun 30 2020n/an/a

US$4b

Mar 31 2020n/an/a

US$4b

Dec 31 2019US$14mUS$888k

US$4b

Sep 30 2019n/an/a

US$3b

Jun 30 2019n/an/a

US$3b

Mar 31 2019n/an/a

US$3b

Dec 31 2018US$14mUS$791k

US$3b

Sep 30 2018n/an/a

US$3b

Jun 30 2018n/an/a

US$2b

Mar 31 2018n/an/a

US$2b

Dec 31 2017US$9mUS$721k

US$2b

Sep 30 2017n/an/a

US$1b

Jun 30 2017n/an/a

US$1b

Mar 31 2017n/an/a

US$1b

Dec 31 2016US$7mUS$616k

US$1b

Sep 30 2016n/an/a

US$978m

Jun 30 2016n/an/a

US$1b

Mar 31 2016n/an/a

US$1b

Dec 31 2015US$5mUS$517k

US$1b

Compensation vs Market: Tricia's total compensation ($USD14.46M) is about average for companies of similar size in the US market ($USD13.03M).

Compensation vs Earnings: Tricia's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: PGR's management team is seasoned and experienced (6.2 years average tenure).


Board Members

Experienced Board: PGR's board of directors are considered experienced (7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: PGR insiders have only sold shares in the past 3 months.


Recent Insider Transactions

NYSE:PGR Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
16 Sep 22SellUS$2,398,091Patrick CallahanIndividual19,068US$125.77
16 Dec 21SellUS$1,341,652Michael SiegerIndividual13,038US$102.90
21 Oct 21SellUS$318,237Kahina van DykeIndividual3,400US$93.60

Ownership Breakdown

What is the ownership structure of PGR?
Owner TypeNumber of SharesOwnership Percentage
State or Government287,0930.05%
Individual Insiders2,039,3430.3%
General Public75,000,43112.8%
Institutions507,588,33886.8%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 54.89% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
8.44%
The Vanguard Group, Inc.
49,365,957$5.8b1.88%0.14%
7.17%
BlackRock, Inc.
41,940,418$5.0b-5.65%0.13%
5.34%
Wellington Management Group LLP
31,207,047$3.7b-6.12%0.69%
4.25%
State Street Global Advisors, Inc.
24,847,014$2.9b-7.97%0.17%
3.88%
J.P. Morgan Asset Management, Inc.
22,696,270$2.7b4.46%0.51%
2.71%
Massachusetts Financial Services Company
15,829,747$1.9b-2.33%0.5%
2.57%
Managed Account Advisors LLC
15,036,787$1.8b76.59%0.51%
1.91%
T. Rowe Price Group, Inc.
11,158,996$1.3b530.36%0.16%
1.87%
Geode Capital Management, LLC
10,944,341$1.3b3.73%0.17%
1.67%
Artisan Partners Limited Partnership
9,756,976$1.2b3.97%1.2%
1.57%
Capital Research and Management Company
9,166,758$1.1b-16.73%0.08%
1.43%
FMR LLC
8,381,716$992.3m13.95%0.1%
1.42%
AllianceBernstein L.P.
8,305,276$983.3m9.42%0.41%
1.21%
Principal Global Investors, LLC
7,084,686$838.8m42.56%0.6%
1.11%
Northern Trust Global Investments
6,468,665$765.8m-3.12%0.16%
0.97%
Janus Henderson Group plc
5,660,960$670.2m-6.94%0.39%
0.93%
Norges Bank Investment Management
5,464,322$646.9m0%0.09%
0.93%
Deutsche Asset & Wealth Management
5,454,768$645.8m-6.99%0.28%
0.9%
BNY Mellon Asset Management
5,247,595$621.3m4.43%0.14%
0.83%
Amundi Asset Management
4,843,298$573.4m-12.43%0.18%
0.81%
Legal & General Investment Management Limited
4,724,331$559.3m2.63%0.17%
0.8%
Orbis Investment Management Limited
4,661,685$551.9m-13.1%2.48%
0.75%
Victory Capital Management Inc.
4,398,379$520.7m6.32%0.59%
0.73%
California Public Employees' Retirement System
4,258,216$504.1m-2.12%0.48%
0.71%
1832 Asset Management L.P.
4,150,606$491.4m76.17%0.79%

Company Information

The Progressive Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: The Progressive Corporation
  • Ticker: PGR
  • Exchange: NYSE
  • Founded: 1937
  • Industry: Property and Casualty Insurance
  • Sector: Insurance
  • Implied Market Cap: US$69.248b
  • Shares outstanding: 584.92m
  • Website: https://www.progressive.com

Number of Employees


Location

  • The Progressive Corporation
  • 6300 Wilson Mills Road
  • Mayfield
  • Ohio
  • 44143
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PGRNYSE (New York Stock Exchange)YesCommon SharesUSUSDOct 1972
PGVDB (Deutsche Boerse AG)YesCommon SharesDEEUROct 1972
PGR *BMV (Bolsa Mexicana de Valores)YesCommon SharesMXMXNOct 1972
0KOCLSE (London Stock Exchange)YesCommon SharesGBUSDOct 1972
P1GR34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 SHS UNSPONBRBRLJan 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.