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Progressive Shares Motoring Higher

By:
Lucas Downey
Published: Apr 12, 2024, 20:41 GMT+00:00

Progressive Corporation (PGR) shares are up 27% year-to-date. Incredibly, one rare signal helps us understand why.

A view of Wall street in New York City, FX Empire

In this article:

Progressive is One of the Most Accumulated Stocks

Hefty institutional volumes are powerful. In the last year, PGR has been under heavy Big Money accumulation, which we believe to be institutional interest.

Each green bar signals unusual trading action in PGR stock. The green color indicates our proprietary inflow signal:

Source: www.mapsignals.com

Plenty of financials names are under accumulation right now. But when you dive into the fundamentals, there’s a powerful tailwind going on with Progressive.

Progressive Fundamental Analysis

Heavy institutional support alongside a strong fundamental setup is worth your attention. As you can see, PGR has had great sales and EPS growth recently:

  • 1-year sales growth rate (+25.2%)
  • 3-year EPS growth rate (+111.8%)

Source: FactSet

The one-year EPS outlook is estimated to increase by +11.8%.

Now it makes sense why the stock has been driving to new heights. Progressive is gaining due to a rock-solid earnings picture.

Combining top fundamentals with our proprietary software has found some big winning stocks over the long-term.

PGR has recently been a top-rated stock at MAPsignals. That rare list means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this every week.

It’s made the rare Top 20 report numerous times. The blue bars below shows when PGR was a top pick…travelling higher along the way.

Source: www.mapsignals.com

Tracking unusual volumes is a great way to size up the demand picture.

Most superstar stocks exhibit relentless Big Money buy signals.

Progressive Price Prediction

The PGR rally reveals ample Big Money buying. Investors should probably take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.

Disclosure: the author holds no position in PGR at the time of publication.

If you are a Registered Investment Advisor (RIA) or are a serious investor, take your investing to the next level, learn more about the MAPsignals process here.

About the Author

Lucas Downeycontributor

Lucas is a well-versed equity investor and educator. He currently is co-founder of research and analytics firm, MAPsignals.com, which focuses on finding outlier stocks by following the Big Money.

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