Is PROGRESSIVE CORP (NYSE:PGR) suited for high growth investing?

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.

Zooming in on the technicals.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

We assign a technical rating of 10 out of 10 to PGR. 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 86% of all other stocks. On top of that, PGR also shows a nice and consistent pattern of rising prices.
• PGR is part of the Insurance industry. There are 140 other stocks in this industry. PGR outperforms 79% of them.
• 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 239.50 - 263.85 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of PGR contains the most current technical analsysis.

How do we evaluate the setup for NYSE:PGR?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:PGR currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

PGR has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 258.35. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 252.43, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PGR in the last couple of days, which is a good sign.

Some of the high growth metrics of NYSE:PGR highlighted

• The recent financial report of PROGRESSIVE CORP demonstrates a 71.77% 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 24.76%, 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.
• PROGRESSIVE CORP has achieved significant 1-year revenue growth of 25.2%, signaling its ability to capture market opportunities and drive top-line expansion. This growth indicates the company's effective execution and its potential for continued success.
• The average next Quarter EPS Estimate by analysts was adjusted by 38.94%, reflecting the evolving market expectations for the company's EPS growth.
• In the most recent financial report, PROGRESSIVE CORP reported a 71.77% increase in quarterly earnings compared to the previous quarter. This notable growth indicates positive momentum in the company's financials, suggesting an upward trend
• With a favorable trend in its operating margin over the past year, PROGRESSIVE CORP demonstrates its ability to enhance profitability through efficient operations. This growth reflects the company's focus on optimizing its cost structure.
• PROGRESSIVE CORP has experienced notable growth in its free cash flow (FCF) over the past year, signaling improved cash generation and strong financial performance. This growth suggests the company's ability to generate excess cash for reinvestment or shareholder returns.
• With a favorable Return on Equity (ROE) of 29.4%, PROGRESSIVE CORP demonstrates its ability to deliver attractive returns for shareholders. This metric highlights the company's effective management of assets and its profitability.
• With a current Debt-to-Equity ratio at 0.3, PROGRESSIVE CORP showcases its disciplined capital structure. The company's prudent management of debt obligations contributes to its financial stability and long-term sustainability.
• PROGRESSIVE CORP has consistently exceeded EPS estimates in the last 4 quarters, demonstrating its ability to outperform market expectations. This trend highlights the company's strong financial performance and its potential for future growth.
• PROGRESSIVE CORP has exhibited strong Relative Strength(RS) in recent periods, with a current 86.22 rating. This indicates the stock's ability to outperform the broader market and reflects its competitive position. PROGRESSIVE CORP shows promising potential for continued price momentum.

More high growth momentum breakout stocks can be found 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.