The Progressive Corporation [NYSE: PGR] slipped around -0.18 points on Thursday, while shares priced at $94.27 at the close of the session, down -0.19%. The company report on November 10, 2020 that Progressive Announces Election of Devin Johnson to Board of Directors.
On November 9, 2020, The Progressive Corporation’s (NYSE: PGR) Board of Directors approved an amendment to Progressive’s Code of Regulations expanding the size of the Board from 12 to 13 members. We are pleased to announce that the Board elected Devin Johnson to fill the new opening created by the expansion. The Board also determined that Mr. Johnson is an independent director under applicable NYSE rules. His term of office will expire at Progressive’s Annual Meeting of Shareholders in 2021.
Mr. Johnson is the Chief Operating Officer of The SpringHill Company, a global consumer and entertainment company created to empower greatness in every individual by creating culturally inspired brands, entertainment and products. He previously served as the President of UNINTERRUPTED, a sports digital media company which remains a major brand within The SpringHill company portfolio. Prior to his work at UNINTERRUPTED, he was the senior vice president of digital media for Tribune Media in Chicago and held several digital executive roles at NBCUniversal.
The Progressive Corporation stock is now 34.22% up from its year-to-date (YTD) trading value. PGR Stock saw the intraday high of $94.89 and lowest of $93.01 per share. The company’s 52-week high price is 102.05, which means current price is +51.61% above from all time high which was touched on 10/13/20.
Compared to the average trading volume of 2.21M shares, PGR reached a trading volume of 2127963 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about The Progressive Corporation [PGR]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PGR shares is $100.73 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PGR stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Barclays have made an estimate for The Progressive Corporation shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on November 17, 2020. The new note on the price target was released on October 15, 2020, representing the official price target for The Progressive Corporation stock. Previously, the target price had yet another raise to $87, while Keefe Bruyette analysts kept a Outperform rating on PGR stock.
The Average True Range (ATR) for The Progressive Corporation is set at 2.50, with the Price to Sales ratio for PGR stock in the period of the last 12 months amounting to 1.30. The Price to Book ratio for the last quarter was 3.14, with the Price to Cash per share for the same quarter was set at 0.16. Price to Free Cash Flow for PGR in the course of the last twelve months was 11.68.
How has PGR stock performed recently?
The Progressive Corporation [PGR] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.43. With this latest performance, PGR shares gained by 0.72% in over the last four-week period, additionally plugging by 26.16% over the last 6 months – not to mention a rise of 37.76% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PGR stock in for the last two-week period is set at 50.50, with the RSI for the last a single of trading hit 48.42, and the three-weeks RSI is set at 49.65 for The Progressive Corporation [PGR]. The present Moving Average for the last 50 days of trading for this stock 95.07, while it was recorded at 95.04 for the last single week of trading, and 84.77 for the last 200 days.
The Progressive Corporation [PGR]: Deeper insight into the fundamentals
Earnings analysis for The Progressive Corporation [PGR]
With the latest financial reports released by the company, The Progressive Corporation posted 1.18/share EPS, while the average EPS was predicted by analysts to be reported at 1.16/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 1.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PGR. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for The Progressive Corporation go to 1.42%.
Insider trade positions for The Progressive Corporation [PGR]
There are presently around $45,639 million, or 84.50% of PGR stock, in the hands of institutional investors. The top three institutional holders of PGR stocks are: VANGUARD GROUP INC with ownership of 48,516,518, which is approximately -0.941% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 44,504,907 shares of the stock with an approximate value of $4.2 billion in PGR stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $3.63 billion in PGR stock with ownership of nearly -4.365% of the company’s market capitalization.
436 institutional holders increased their position in The Progressive Corporation [NYSE:PGR] by around 27,885,764 shares. Additionally, 442 investors decreased positions by around 24,497,651 shares, while 143 investors held positions by with 431,744,588 shares. The mentioned changes placed institutional holdings at 484,128,003 shares, according to the latest SEC report filing. PGR stock had 108 new institutional investments in for a total of 5,865,572 shares, while 64 institutional investors sold positions of 2,176,342 shares during the same period.