The Progressive Corporation (PGR) – Don’t Believe the Hype: Check The Facts

The Progressive Corporation (NYSE: PGR) is 10.04% higher on its value in year-to-date trading and has touched a low of $62.18 and a high of $84.20 in the current 52-week trading range. The PGR stock was last observed hovering at around $80.06 in the last trading session, with the day’s loss setting it -2.77% off its average median price target of $90.00 for the next 12 months. It is also 27.77% off the consensus price target high of $107.00 offered by 19 analysts, but current levels are -3.05% lower than the price target low of $75.00 for the same period.

Currently trading at $77.29, the stock is -2.47% and -1.22% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 3.61 million and changing -3.46% at the moment leaves the stock 3.39% off its SMA200. PGR registered 0.12% gain for a year compared to 6-month gain of 11.12%. The firm has a 50-day simple moving average (SMA 50) of $77.36 and a 200-day simple moving average (SMA200) of $76.87.

The stock witnessed a 4.26% loss in the last 1 month and extending the period to 3 months gives it a 10.49%, and is -2.42% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 3.09% over the week and 2.95% over the month.

The Progressive Corporation (PGR) has around 41571 employees, a market worth around $45.17B and $39.02B in sales. Current P/E ratio is 12.75 and Fwd P/E is 14.11. Profit margin for the company is 9.10%. Distance from 52-week low is 24.30% and -8.21% from its 52-week high. The company has generated returns on investments over the last 12 months (23.70%).

The Progressive Corporation (PGR) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for The Progressive Corporation (PGR) is a “Overweight”. 19 analysts offering their recommendations for the stock have an average rating of 2.20, where 8 rate it as a Hold and 0 think it is a “Overweight”. 10 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

The Progressive Corporation is expected to release its quarterly report on 07/16/2020 and quarterly earnings per share for the current quarter are estimated at $1.76 with sales reaching $9.64B over the same period.The EPS is expected to grow by 51.90% this year, but quarterly earnings will post 6.10% year-over-year.

The Progressive Corporation (PGR) Top Institutional Holders

1,230 institutions hold shares in The Progressive Corporation (PGR), with 1.71M shares held by insiders accounting for 0.29% while institutional investors hold 82.36% of the company’s shares. The shares outstanding are 584.70M, and float is at 583.58M with Short Float at 0.90%. Institutions hold 82.12% of the Float.

The top institutional shareholder in the company is Vanguard Group, Inc. (The) with over 48.97 million shares valued at $3.62 billion. The investor’s holdings represent 8.37% of the PGR Shares outstanding. As of Mar 30, 2020, the second largest holder is Blackrock Inc. with 42.31 million shares valued at $3.12 billion to account for 7.23% of the shares outstanding. The other top investors are Wellington Management Company, LLP which holds 38.74 million shares representing 6.62% and valued at over $2.86 billion, while State Street Corporation holds 4.34% of the shares totaling 25.43 million with a market value of $1.88 billion.

The Progressive Corporation (PGR) Insider Activity

A total of 66 insider transactions have happened at The Progressive Corporation (PGR) in the last six months, with sales accounting for 38 and purchases happening 28 times. The most recent transaction is an insider sale by Sauerland John P, the company’s VP and Chief Financial Officer. SEC filings show that Sauerland John P sold 15,000 shares of the company’s common stock on Jun 18 at a price of $78.91 per share for a total of $1.18 million. Following the sale, the insider now owns 0.33 million shares.

The Progressive Corporation disclosed in a document filed with the SEC on May 21 that Quigg Andrew J (Chief Strategy Officer) sold a total of 4,000 shares of the company’s common stock. The trade occurred on May 21 and was made at $74.26 per share for $0.3 million. Following the transaction, the insider now directly holds 8063.0 shares of the PGR stock.

Still, SEC filings show that on May 21, Sauerland John P (VP and Chief Financial Officer) disposed off 15,000 shares at an average price of $74.52 for $1.12 million. The insider now directly holds 347,326 shares of The Progressive Corporation (PGR).

The Progressive Corporation (PGR): Who are the competitors?

The company’s main competitors (and peers) include Mercury General Corporation (MCY) that is trading -34.89% down over the past 12 months. The Travelers Companies Inc. (TRV) is -26.30% down on the 1-year trading charts. Short interest in the company’s stock has risen 8.21% from the last report on Apr 29, 2020 to stand at a total of 4.81 million short shares sold with a short interest ratio of 1.46.