Progressive Corp. (NYSE:PGR) saw a downside of -0.86% to $139.54 after subtracting -$1.21 on Wednesday. The 5-day average trading volume is 2,010,531 shares of the company’s common stock. It has gained $144.31 in the past week and touched a new high 1 time within the past 5 days. An average of 2,091,958 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 2,334,117.
PGR’s 1-month performance is 6.05% or $7.25 on its low of $130.27 reached on 08/29/23. The company’s shares have touched a 52-week low of $110.04 and high of $149.87, with the stock’s rally to the 52-week high happening on 04/11/23. YTD, PGR has achieved 7.58% or $10.12 and has reached a new high 22 times. However, the current price is down -6.89% from the 52-week high price.
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Insider Transactions
PGR stock investors last saw insider trading activity on Sep 18.Mascaro Daniel P (Vice Pres, Secretary and CLO) most recently sold 1,570 shares at $140.39 per share on Sep 18. This transaction cost the insider $220,412. VP and Chief Financial Officer, Sauerland John P, sold 12,000 shares at a price of $135.19 on Sep 15. Then, on Aug 30, Director Snyder Barbara R sold 21,731 shares at a price of $133.09 per share. This transaction amounted to $2,892,216.
Valuation Metrics
PGR stock has a beta of 0.44. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 1.46 while the price-to-book (PB) in the most recent quarter is 5.04, with the price to cash flow ratio at 10.96.
As well, the company’s long term debt to equity for the quarter ending June 29 was 0.41, while the total debt to equity was 0.41. The firm’s gross profit as reported stood at $922.1 million against revenue of $49.61 billion.
Earnings Surprise
For the quarterly period ending June 29 this year, Net income grew 263.62% to $335.9 million, while revenue of $440.6 million was -31.17% off the previous quarter. Analysts expected PGR to announce $0.86 per share in earnings in its latest quarter, but it posted $0.4, representing a -53.50% surprise. Shareholders hold equity totaling $585.33 million.
Let’s look briefly at Progressive Corp. (PGR) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 26 September was 52.86% to suggest the stock is trending Neutral, with historical volatility in this time period at 13.46%.
The stock’s 5-day moving average is $141.73, reflecting a -2.00% or -$2.86 change from its current price. PGR is currently trading +5.73% above its 20-day SMA, +10.89% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +16.71% and SMA200 by+6.59%.
Stochastic %K and %D was 67.29% and 77.24% and the average true range (ATR) pointed at 2.32. The RSI (14) points at 57.26%, while the 14-day stochastic is at 55.07% with the period’s ATR at 2.45. The stock’s 9-day MACD Oscillator is pointing at -0.46 and 0.75 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Progressive Corp. (NYSE: PGR), Morgan Stanley downgraded it to an Underweight rating. They previously had an Equal-weight rating on the stock. Analysts offering their rating for PGR stock have a consensus rating for the stock as Hold. Currently, 3 brokerage advisors rate PGR as a “sell,”, while 10 advise that investors “Hold.” 1 analysts have rated the stock as underweight. 1 rates the stock as overweight while 7 have offered a “buy” rating.
What is PGR’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $109.00 and a high of $203.00, with their median price target at $140.00. Looking at these predictions, the average price target given by analysts is for Progressive Corp. (PGR) stock is $141.41.
