Market Analysts see The Progressive Corporation [PGR] gaining to $107. Time to buy?

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The Progressive Corporation [NYSE: PGR] gained 0.32% or 0.37 points to close at $117.42 with a heavy trading volume of 3399467 shares. The company report on June 21, 2022 that Progressive Reports May 2022 Results.


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The Progressive Corporation (NYSE:PGR) today reported the following results for May 2022:.

It opened the trading session at $116.55, the shares rose to $118.94 and dropped to $116.23, the range by which the price of stock traded the whole day. The daily chart for PGR points out that the company has recorded 6.75% gains over the past six months. However, it is still -33.36% lower than its most recent low trading price.

If we look at the average trading volume of 3.07M shares, PGR reached to a volume of 3399467 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $109.75 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 2.90. 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.

Keefe Bruyette have made an estimate for The Progressive Corporation shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on June 24, 2022. While these analysts kept the previous recommendation, Citigroup raised their target price to Sell. The new note on the price target was released on May 24, 2022, representing the official price target for The Progressive Corporation stock. Previously, the target price had yet another raise from $99 to $106, while Jefferies kept a Hold rating on PGR stock. On May 09, 2022, analysts increased their price target for PGR shares from 85 to 115.

The Average True Range (ATR) for The Progressive Corporation is set at 2.89, with the Price to Sales ratio for PGR stock in the period of the last 12 months amounting to 1.43. The Price to Book ratio for the last quarter was 4.14, with the Price to Cash per share for the same quarter was set at 0.47. Price to Free Cash Flow for PGR in the course of the last twelve months was 10.97.

Trading performance analysis for PGR stock

The Progressive Corporation [PGR] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.18. With this latest performance, PGR shares gained by 3.40% in over the last four-week period, additionally plugging by 6.75% over the last 6 months – not to mention a rise of 21.85% 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 52.87, with the RSI for the last a single of trading hit 51.49, and the three-weeks RSI is set at 53.16 for The Progressive Corporation [PGR]. The present Moving Average for the last 50 days of trading for this stock 114.48, while it was recorded at 119.16 for the last single week of trading, and 105.79 for the last 200 days.

The Progressive Corporation [PGR]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and The Progressive Corporation [PGR] shares currently have an operating margin of +9.29. The Progressive Corporation’s Net Margin is presently recorded at +7.03.

Return on Equity for this stock inclined to 19.00, with Return on Assets sitting at 5.25.

The Progressive Corporation [PGR]: An earnings per share (EPS) analysis

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 30.32%.

An analysis of insider ownership at The Progressive Corporation [PGR]

There are presently around $57,630 million, or 86.40% of PGR stock, in the hands of institutional investors. The top three institutional holders of PGR stocks are: VANGUARD GROUP INC with ownership of 48,453,671, which is approximately 2.649% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 44,454,227 shares of the stock with an approximate value of $5.2 billion in PGR stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $3.89 billion in PGR stock with ownership of nearly 17.623% of the company’s market capitalization.

Positions in The Progressive Corporation stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 472 institutional holders increased their position in The Progressive Corporation [NYSE:PGR] by around 29,999,129 shares. Additionally, 522 investors decreased positions by around 29,440,289 shares, while 161 investors held positions by with 432,917,667 shares. The mentioned changes placed institutional holdings at 492,357,085 shares, according to the latest SEC report filing. PGR stock had 100 new institutional investments in for a total of 4,331,794 shares, while 91 institutional investors sold positions of 2,110,879 shares during the same period.

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