A Reversal for The Progressive Corporation (PGR) Is Near. The Formed Multiple Top Pattern

May 17, 2018 - By James Hentges

The Progressive Corporation (NYSE:PGR) Logo

Investors sentiment increased to 1.17 in 2017 Q4. Its up 0.10, from 1.07 in 2017Q3. It is positive, as 32 investors sold The Progressive Corporation shares while 198 reduced holdings. 81 funds opened positions while 189 raised stakes. 453.53 million shares or 1.27% more from 447.86 million shares in 2017Q3 were reported.
Huntington National Bank has 0.02% invested in The Progressive Corporation (NYSE:PGR) for 17,163 shares. Kbc Gru Nv has 51,701 shares for 0.02% of their portfolio. Salem Counselors Incorporated holds 0% in The Progressive Corporation (NYSE:PGR) or 200 shares. Moreover, 12Th Street Asset Management Company Limited Liability Corporation has 4.26% invested in The Progressive Corporation (NYSE:PGR) for 301,591 shares. Richard Bernstein Advsr Ltd Liability Com, a New York-based fund reported 160,852 shares. Mufg Americas Holding holds 3,561 shares. Her Majesty The Queen In Right Of The Province Of Alberta As Represented By Alberta Inv Corp holds 0.11% in The Progressive Corporation (NYSE:PGR) or 231,000 shares. Credit Suisse Ag owns 1.60 million shares. Fjarde Ap has invested 0.14% in The Progressive Corporation (NYSE:PGR). Lombard Odier Asset Management (Europe) Ltd holds 0.02% or 6,581 shares in its portfolio. Advisor Ltd Company reported 0.12% in The Progressive Corporation (NYSE:PGR). Hudock Cap Grp Limited Liability Co holds 0.04% of its portfolio in The Progressive Corporation (NYSE:PGR) for 1,563 shares. Prudential reported 979,723 shares. Van Cleef Asset Managementinc has invested 12.74% in The Progressive Corporation (NYSE:PGR). Parnassus Invs Ca holds 0.19% of its portfolio in The Progressive Corporation (NYSE:PGR) for 850,000 shares.

Since April 25, 2018, it had 0 insider purchases, and 1 insider sale for $121,236 activity.

The stock of The Progressive Corporation (PGR) shows a multiple tops pattern with $64.24 target or 6.00 % above today’s $60.60 share price. The 8 months chart pattern indicates low risk for the $35.29B company. It was reported on May, 17 by Finviz.com. If the $64.24 price target is reached, the company will be worth $2.12 billion more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 1.64% or $1.01 during the last trading session, reaching $60.6. About 1.55M shares traded. The Progressive Corporation (NYSE:PGR) has risen 52.71% since May 17, 2017 and is uptrending. It has outperformed by 41.16% the S&P500.

Analysts await The Progressive Corporation (NYSE:PGR) to report earnings on July, 17. They expect $0.84 earnings per share, up 42.37 % or $0.25 from last year’s $0.59 per share. PGR’s profit will be $489.20 million for 18.04 P/E if the $0.84 EPS becomes a reality. After $1.22 actual earnings per share reported by The Progressive Corporation for the previous quarter, Wall Street now forecasts -31.15 % negative EPS growth.

The Progressive Corporation (NYSE:PGR) Ratings Coverage

Among 12 analysts covering Progressive (NYSE:PGR), 5 have Buy rating, 1 Sell and 6 Hold. Therefore 42% are positive. Progressive has $6900 highest and $48.0 lowest target. $58.36’s average target is -3.70% below currents $60.6 stock price. Progressive had 19 analyst reports since December 4, 2017 according to SRatingsIntel. Buckingham Research maintained the stock with “Underperform” rating in Thursday, May 17 report. As per Tuesday, April 17, the company rating was maintained by Sandler O’Neill. Keefe Bruyette & Woods maintained the stock with “Buy” rating in Tuesday, April 17 report. The stock of The Progressive Corporation (NYSE:PGR) earned “Buy” rating by Keefe Bruyette & Woods on Wednesday, February 14. The firm has “Buy” rating given on Thursday, March 1 by Sandler O’Neill. The company was maintained on Wednesday, April 18 by Morgan Stanley. The stock of The Progressive Corporation (NYSE:PGR) has “Buy” rating given on Thursday, January 25 by UBS. The stock of The Progressive Corporation (NYSE:PGR) has “Buy” rating given on Monday, December 4 by Keefe Bruyette & Woods. On Wednesday, March 14 the stock rating was maintained by Keefe Bruyette & Woods with “Buy”. The rating was maintained by Sandler O’Neill with “Buy” on Thursday, February 15.

More recent The Progressive Corporation (NYSE:PGR) news were published by: Crainscleveland.com which released: “Progressive Corp. appoints its first female board chair” on May 14, 2018. Also 247Wallst.com published the news titled: “Top Analyst Upgrades and Downgrades: AIG, Baxter, Cisco, Eiger Bio, Energy Transfer, Juniper, NOV, Phillips 66 …” on May 17, 2018. Benzinga.com‘s news article titled: “Benzinga’s Top Upgrades, Downgrades For May 17, 2018” with publication date: May 17, 2018 was also an interesting one.

The Progressive Corporation, through its subsidiaries, provides personal and commercial property-casualty insurance, and other specialty property-casualty insurance and related services primarily in the United States. The company has market cap of $35.29 billion. The Company’s Personal Lines segment writes insurance for personal autos, and recreational and other vehicles. It has a 22.28 P/E ratio. This segmentÂ’s products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, mobile homes, watercraft, and snowmobiles.

The Progressive Corporation (NYSE:PGR) Institutional Positions Chart

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