why The Progressive Corporation [PGR] is a Good Choice for Investors After New Price Target of $145.87

The Progressive Corporation [NYSE: PGR] loss -1.18% or -1.7 points to close at $142.06 with a heavy trading volume of 2671428 shares. The company report on March 6, 2023 that Progressive Announces Quarterly Common Share Dividend and Appointment of Calculation Agent for Preferred Shares.

In addition, on March 3, 2023, The Progressive Corporation appointed itself as calculation agent for its Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares. The floating rate period for the Series B shares begins on March 15, 2023.

It opened the trading session at $144.19, the shares rose to $144.77 and dropped to $141.12, the range by which the price of stock traded the whole day. The daily chart for PGR points out that the company has recorded 11.68% gains over the past six months. However, it is still -38.88% lower than its most recent low trading price.

If we look at the average trading volume of 2.24M shares, PGR reached to a volume of 2671428 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 $145.87 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 2.70. 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.

Piper Sandler have made an estimate for The Progressive Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on February 13, 2023. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price to Outperform. The new note on the price target was released on January 20, 2023, representing the official price target for The Progressive Corporation stock. Previously, the target price had yet another raise from $123 to $142, while Jefferies kept a Buy rating on PGR stock. On June 24, 2022, analysts increased their price target for PGR shares from 96 to 107.

The Average True Range (ATR) for The Progressive Corporation is set at 2.47, with the Price to Sales ratio for PGR stock in the period of the last 12 months amounting to 1.64. The Price to Book ratio for the last quarter was 5.39, with the Price to Cash per share for the same quarter was set at 0.36. Price to Free Cash Flow for PGR in the course of the last twelve months was 12.85.

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 -0.13. With this latest performance, PGR shares gained by 2.42% in over the last four-week period, additionally plugging by 11.68% over the last 6 months – not to mention a rise of 36.91% 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 54.78, with the RSI for the last a single of trading hit 49.01, and the three-weeks RSI is set at 57.01 for The Progressive Corporation [PGR]. The present Moving Average for the last 50 days of trading for this stock 136.47, while it was recorded at 144.38 for the last single week of trading, and 125.55 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 +2.80. The Progressive Corporation’s Net Margin is presently recorded at +1.46.

Return on Equity for this stock inclined to 4.23, with Return on Assets sitting at 1.05.

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 28.64%.

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

There are presently around $71,319 million, or 86.70% of PGR stock, in the hands of institutional investors. The top three institutional holders of PGR stocks are: VANGUARD GROUP INC with ownership of 50,562,142, which is approximately 1.355% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 43,453,751 shares of the stock with an approximate value of $6.17 billion in PGR stocks shares; and JPMORGAN CHASE & CO, currently with $3.71 billion in PGR stock with ownership of nearly -4.738% of the company’s market capitalization.

Positions in The Progressive Corporation stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 583 institutional holders increased their position in The Progressive Corporation [NYSE:PGR] by around 27,727,977 shares. Additionally, 525 investors decreased positions by around 21,819,024 shares, while 160 investors held positions by with 452,487,990 shares. The mentioned changes placed institutional holdings at 502,034,991 shares, according to the latest SEC report filing. PGR stock had 166 new institutional investments in for a total of 4,778,376 shares, while 76 institutional investors sold positions of 1,304,173 shares during the same period.