Look For Institutional Buying In Progressive Corp. (NYSE: PGR)

Progressive Corp. (PGR) concluded trading on 12/07/23 at a closing price of $161.71, with 1.98 million shares of worth about $320.18 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 23.37% during that period and on Thursday the price saw a gain of about 0.14%. Currently the company’s common shares owned by public are about 584.90M shares, out of which, 583.36M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 23 analysts are covering the PGR stock and their offered price forecasts bring an average price target of $168.29. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $218.00 and could fall to a lowest price of $144.00. The stock’s current price level is 3.91% above of average price target set by the analysts, while a rise to estimated low would result in loss of -12.3% for the stock. However, touching the estimated high of $218.00 would mean a gain of 25.82% for the stock.

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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 86 times over the past 12 months. They bought 196,699 shares in 29 of the transactions. In 57 selling transactions, insiders dumped 300,793 shares.

Progressive Corp. (NYSE: PGR) started trading at $162.35, above $0.86 from concluding price of the previous day. However, the stock later moved at a day high price of 162.96, or with a gain of 0.14%. Stock saw a price change of -1.41% in past 5 days and over the past one month there was a price change of 1.95%. Year-to-date (YTD), PGR shares are showing a performance of 24.67% which increased to 23.47% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $111.41 but also hit the highest price of $164.85 during that period. The average intraday trading volume for Progressive Corp. shares is 2.37 million. The stock is currently trading 0.16% above its 20-day simple moving average (SMA20), while that difference is up 4.35% for SMA50 and it goes to 15.96% higher than SMA200.

Progressive Corp. (NYSE: PGR) currently have 584.90M outstanding shares and institutions hold larger chunk of about 87.94% of that.

The stock has a current market capitalization of $94.61B and its 3Y-monthly beta is at 0.38. PE ratio of stock for trailing 12 months is 35.08, while it has posted earnings per share of $4.61 in the same period. Its PEG reads 1.35 while making debt-to-equity ratio of 0.40. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PGR, volatility over the week remained 1.41% while standing at 1.37% over the month.

Analysts are in expectations that Progressive Corp. (PGR) stock would likely to be making an EPS of $Petroleo Brasileiro S.A.- Petro in the current quarter, while forecast for next quarter EPS is $14.40 and it is $Stocks for next year. For the current quarter EPS, analysts have given the company a lowest target $Pagaya Technologies Ltd. which is $Permian Resources Corporation at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $Quanta Services, Inc. in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 34.46% while it is estimated to increase by 45.66% in next year. EPS is likely to grow at an annualized rate of 26.00% for next 5-years, compared to annual growth of -15.33% made by the stock over the past 5-years.

Analysts at 23 brokerage firms have issued recommendations for the Progressive Corp. (PGR)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.17. Out of those 23 Wall Street analysts, 9 recommended a “Buy” rating, while 11 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

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