The Progressive Corporation (PGR) shares are trading at higher $94.68 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $100.60.
To add more color to this target, the company’s high over the last year is $102.05 and the low is $62.18. Over the last 52 weeks, PGR is up 36.15% while the S&P 500 is up 14.27%. The catalyst for this interesting swing was the company’s recent earnings report.
A Notable Earnings Report
In the last quarter, PGR reported a profit of $1.92 billion. The Progressive Corporation also saw revenues increase to $10.95 billion. In addition, PGR has free cash flow of $5.18 billion as of 09-2020. The company’s EBITDA came in at $2.15 billion which compares well with its peers.
PGR booked profit margins of 12.10%, its Return on Equity (ROE) is 33.30%, and its Return on Assets is 8.70%. All told, it is clear that, PGR needs to be on your watchlist.
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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. PGR has a short ratio of 3.03 and outstanding shares of 585.10M.
PGR has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 3.07 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 8.62. Investors should also keep an eye on sector updates as PGR has historically followed its peers on positive news.
All told, The Progressive Corporation PGR has strung together solid data and demonstrated underlying fundamentals. At its current valuation, PGR represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.
The Progressive Corporation PGR is now commanding a market cap of 55.09B and a float of 583.55M. PGR is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of PGR stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in PGR, either long or short, and we have not been compensated for this article.