The Progressive Corporation [PGR] stock Upgrade by Jefferies analyst, price target now $142

The Progressive Corporation [NYSE: PGR] traded at a high on 11/16/22, posting a 2.32 gain after which it closed the day’ session at $125.91. The company report on November 16, 2022 that UPDATE — Progressive Reports October 2022 Results.


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

The results of the trading session contributed to over 4282354 shares changing hands. Over the past one week, the price volatility of The Progressive Corporation stands at 3.46% while the volatility over the past one month is 2.56%.

The market cap for PGR stock reached $75.72 billion, with 584.50 million shares outstanding and 582.96 million shares in the current float. Compared to the average trading volume of 2.52M shares, PGR reached a trading volume of 4282354 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 $123.81 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.

Jefferies have made an estimate for The Progressive Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 07, 2022. While these analysts kept the previous recommendation, Keefe Bruyette dropped their target price from $96 to $107. The new note on the price target was released on June 24, 2022, representing the official price target for The Progressive Corporation stock. Previously, the target price had yet another raise to $93, while Citigroup analysts kept a Sell rating on PGR stock. On May 10, 2022, analysts increased their price target for PGR shares from 99 to 106.

The Average True Range (ATR) for The Progressive Corporation is set at 3.80, with the Price to Sales ratio for PGR stock in the period of the last 12 months amounting to 1.56. The Price to Book ratio for the last quarter was 5.15, with the Price to Cash per share for the same quarter was set at 0.58. Price to Free Cash Flow for PGR in the course of the last twelve months was 15.26.

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 -1.40. With this latest performance, PGR shares gained by 4.70% in over the last four-week period, additionally plugging by 12.52% over the last 6 months – not to mention a rise of 36.10% 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 51.82, with the RSI for the last a single of trading hit 50.90, and the three-weeks RSI is set at 52.18 for The Progressive Corporation [PGR]. The present Moving Average for the last 50 days of trading for this stock 123.93, while it was recorded at 125.58 for the last single week of trading, and 116.37 for the last 200 days.

The Progressive Corporation [PGR]: Deeper insight into the fundamentals

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.

Earnings analysis for The Progressive Corporation [PGR]

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 29.47%.

Insider trade positions for The Progressive Corporation [PGR]

There are presently around $62,597 million, or 87.90% of PGR stock, in the hands of institutional investors. The top three institutional holders of PGR stocks are: VANGUARD GROUP INC with ownership of 49,886,303, which is approximately 1.054% of the company’s market cap and around 0.30% of the total institutional ownership; BLACKROCK INC., holding 41,703,235 shares of the stock with an approximate value of $5.25 billion in PGR stocks shares; and JPMORGAN CHASE & CO, currently with $3.45 billion in PGR stock with ownership of nearly 2.054% of the company’s market capitalization.

Positions in The Progressive Corporation stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 498 institutional holders increased their position in The Progressive Corporation [NYSE:PGR] by around 28,270,944 shares. Additionally, 511 investors decreased positions by around 33,527,374 shares, while 172 investors held positions by with 435,357,735 shares. The mentioned changes placed institutional holdings at 497,156,053 shares, according to the latest SEC report filing. PGR stock had 108 new institutional investments in for a total of 7,090,671 shares, while 66 institutional investors sold positions of 2,256,938 shares during the same period.

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