Why the high growth investor may take a look at PROGRESSIVE CORP (NYSE:PGR).

Our stock screener has identified PROGRESSIVE CORP (NYSE:PGR) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:PGR.

In-Depth Technical Analysis of NYSE:PGR

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall PGR gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, PGR is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, PGR did better than 88% of all other stocks. On top of that, PGR also shows a nice and consistent pattern of rising prices.
• PGR is one of the better performing stocks in the Insurance industry, it outperforms 85% of 141 stocks in the same industry.
• PGR is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month PGR has a been trading in the 243.19 - 260.38 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

For an up to date full technical analysis you can check the technical report of PGR

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:PGR this score is currently 8:

PGR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 259.25. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 253.46, a Stop Loss order could be placed below this zone.

Some of the high growth metrics of NYSE:PGR highlighted

• The recent financial report of PROGRESSIVE CORP demonstrates a 71.29% increase in quarterly earnings compared to the previous quarter. This growth indicates positive momentum in the company's financials and suggests a promising upward trend
• With consistent quarter-to-quarter (Q2Q) revenue growth of 24.61%, PROGRESSIVE CORP exemplifies its ability to generate increased sales and revenue streams. This growth signifies the company's strong business performance and its potential for continued growth.
• The 1-year revenue growth of PROGRESSIVE CORP (25.2%) has been strong, reflecting the company's ability to generate consistent sales growth. This growth suggests the company's ability to meet customer needs and expand its market share.
• Over the past 3 months, analysts have adjusted their EPS Estimate for PROGRESSIVE CORP with a 45.25% change. This highlights the evolving outlook on the company's EPS potential.
• In the most recent financial report, PROGRESSIVE CORP reported a 71.29% increase in quarterly earnings compared to the previous quarter. This notable growth indicates positive momentum in the company's financials, suggesting an upward trend
• PROGRESSIVE CORP has experienced notable growth in its operating margin over the past year, reflecting improved operational performance. This growth suggests the company's ability to generate higher profits from its core business activities.
• The free cash flow (FCF) of PROGRESSIVE CORP has seen steady growth over the past year, indicating enhanced cash flow generation and financial health. This trend underscores the company's effective capital management and its ability to generate sustainable cash flows.
• PROGRESSIVE CORP exhibits a strong Return on Equity (ROE) of 29.4%, indicating the company's ability to generate solid returns on shareholder investments. This metric reflects the company's efficient utilization of equity capital and its profitability.
• PROGRESSIVE CORP maintains a healthy Debt-to-Equity ratio of 0.3. This indicates the company's conservative capital structure and signifies its ability to effectively manage debt obligations while maintaining a strong equity position.
• With institutional shareholders at 84.49%, PROGRESSIVE CORP demonstrates a healthy ownership distribution. This reflects a mix of institutional and individual investors, creating a market environment that may foster increased trading activity and price discovery.
• PROGRESSIVE CORP has a strong history of beating EPS estimates in the last 4 quarters, signaling its ability to consistently exceed market expectations. This indicates the company's strong financial performance and its potential for creating shareholder value.
• PROGRESSIVE CORP has maintained a healthy Relative Strength (RS) over the analyzed period, with a current 88.66 rating. This demonstrates the stock's ability to outperform its peers and indicates its competitive positioning. PROGRESSIVE CORP is well-positioned for potential price growth opportunities.

More ideas for high growth momentum breakouts can be found on ChartMill in our High Growth Momentum Breakout screen.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.