Progressive Corp.’s recently made public that its Commercial Lines President Bailo Karen unloaded Company’s shares for reported $1.6 million on Mar 05 ’24. In the deal valued at $189.49 per share,8,464 shares were sold. As a result of this transaction, Bailo Karen now holds 32,342 shares worth roughly $6.66 million.
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Then, Callahan Patrick K sold 29,675 shares, generating $5,645,966 in total proceeds. Upon selling the shares at $190.26, the Personal Lines President now owns 15,189 shares.
Before that, Griffith Susan Patricia sold 5,939 shares. Progressive Corp. shares valued at $1,005,116 were divested by the President and CEO at a price of $169.24 per share. As a result of the transaction, Griffith Susan Patricia now holds 465,737 shares, worth roughly $95.95 million.
Morgan Stanley upgraded its Progressive Corp. [PGR] rating to an Overweight from a an Equal-weight in a research note published on March 06, 2024; the price target was increased to $227 from $185. A number of analysts have revised their coverage, including TD Cowen’s analysts, who began to cover the stock in early January with a ‘”a Market perform”‘ rating. HSBC Securities began covering PGR with “Hold” recommendation on December 28, 2023. Wells Fargo revised its rating on December 18, 2023. It rated PGR as “an Overweight” which previously was an “an Equal weight”.
Price Performance Review of PGR
On Monday, Progressive Corp. [NYSE:PGR] saw its stock jump 0.16% to $206.02. Over the last five days, the stock has lost -0.19%. Progressive Corp. shares have risen nearly 29.92% since the year began. Nevertheless, the stocks have risen 50.14% over the past one year. While a 52-week high of $207.87 was reached on 03/19/24, a 52-week low of $110.92 was recorded on 01/02/24. SMA at 50 days reached $187.69, while 200 days put it at $154.73. A total of 2.85 million shares were traded, compared to the trading of 2.56 million shares in the previous session.
Levels Of Support And Resistance For PGR Stock
The 24-hour chart illustrates a support level at 204.82, which if violated will result in even more drops to 203.63. On the upside, there is a resistance level at 207.05. A further resistance level may holdings at 208.09. The Relative Strength Index (RSI) on the 14-day chart is 77.98, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 3.79, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 10.97%. Stochastics %K at 88.70% indicates the stock is a selling.
How much short interest is there in Progressive Corp.?
A steep rise in short interest was recorded in Progressive Corp. stocks on Feb 29, 2024, growing by 0.37 million shares to a total of 4.2 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 3.83 million shares. There was a rise of 8.81%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 0.72% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.87.
