Monitoring The Progressive Corporation (PGR) after recent insider movements


The Progressive Corporation’s filing revealed that its VP and Chief Financial Officer Sauerland John P unloaded Company’s shares for reported $3.18 million on Nov 03. In the deal valued at $127.18 per share,25,000 shares were sold. As a result of this transaction, Sauerland John P now holds 329,033 shares worth roughly $ 41.89 million.

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Then, Mascaro Daniel P sold 3,930 shares, generating $467,198 in total proceeds. Upon selling the shares at $118.88, the Vice Pres, Secretary and CLO now owns 46,748 shares.

Before that, Broz Steven sold 5,170 shares. The Progressive Corporation shares valued at $614,610 were divested by the Chief Information Officer at a price of $118.88 per share. As a result of the transaction, Broz Steven now holds 36,663 shares, worth roughly $4.67 million.

Jefferies upgraded its The Progressive Corporation [PGR] rating to a Buy from a a Hold in a research note published on Monday, October 07, 2022; the price target was increased to $142 from $123. PT values the company’s stock at a premium of 10.35 to its Monday closing price. A number of analysts have revised their coverage, including Keefe Bruyette’s analysts, who increased its forecast for the stock in late June from “an Underperform” to “a Mkt perform”. Citigroup began covering PGR with “Sell” recommendation on May 24, 2022. Jefferies revised its rating on May 10, 2022. It rated PGR as “a Hold” which previously was an “an Underperform”.

Price Performance Review of PGR

On Monday, The Progressive Corporation [NYSE:PGR] saw its stock jump 0.54% to $127.30. On the same session, the stock had its day’s lowest price of $125.99, but rose to a high of $127.56. Over the last five days, the stock has lost -0.86%. The Progressive Corporation shares have risen nearly 24.01% since the year began. Nevertheless, the stocks have risen 34.79% over the past one year. While a 52-week high of $130.31 was reached on 11/02/22, a 52-week low of $88.35 was recorded on 02/24/22. SMA at 50 days reached $123.59, while 200 days put it at $115.74. A total of 2.55 million shares were traded, compared to the trading of 0.38 million shares in the previous session.

Levels Of Support And Resistance For PGR Stock

The 24-hour chart illustrates a support level at 126.34, which if violated will result in even more drops to 125.38. On the upside, there is a resistance level at 127.91. A further resistance level may holdings at 128.52. The Relative Strength Index (RSI) on the 14-day chart is 57.25, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.99, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 24.47%. Stochastics %K at 74.58% indicates the stock is a holding.

How much short interest is there in The Progressive Corporation?

A steep rise in short interest was recorded in The Progressive Corporation stocks on Jul 14, 2022, dropping by -0.53 million shares to a total of 6.66 million shares. Yahoo Finance data shows the prior-month short interest on Jun 14, 2022 was 7.19 million shares. There was a decline of -7.96%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.14% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.87.

The Progressive Corporation [PGR] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 46,892,923 shares, or roughly 8.02% of the outstanding PGR shares. In other words, the investor’s shares have risen by 798,589 from its previous 13-F filing of 46094334.0. Additionally, Wellington Management Co. LLP decreased -6.12% of its stake after which the total value it holdings stand at $3,626,570,932, while BlackRock Fund Advisors reduced -2.75% of its stake to hold $3.23 billion in the firm. Over the last quarter, SSgA Funds Management, Inc. sold -2,152,193 shares of The Progressive Corporation, while JPMorgan Investment Management, I sold 1,007,252 shares. At present, Massachusetts Financial Services is holding 15,829,747 shares valued at $1.84 billion. Managed Account Advisors LLC owned 15,036,787 shares of the company at the time of its most recent 13F filing, worth $1.75 billion.

According to FactSet, The Progressive Corporation’s share price will average $122.35 in the next year, based on opinions of analysts polled by the firm. This is up nearly 0.3 percent from its previous closing price of $126.62. Analysts expect The Progressive Corporation stock to reach the higher price of $150.00, while the lowest price estimate is $92.00. However, 22 analysts have rated PGR stock as a Hold in their predictions for 2022.


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