Progressive Shows Rising Stock Performance With Jump To 82 RS Rating

Shares of insurance giant Progressive hit a record high three weeks ago and it just got a key rating upgrade. One important metric to look for in a stock is an 80 or higher Relative Strength Rating. On Monday, the RS Rating for Progressive (PGR) jumped from 77 to 82 based on its strong performance.

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The upgraded 82 RS Rating shows that the Cleveland-based company tops 82% of all stocks, regardless of industry, for price performance this past year. Market research shows that the top-performing stocks typically have an RS Rating of over 80 as they launch their biggest price moves. Progressive just joined that elite group.

Progressive Quarterly Earnings Soar As Much As 425%

Last quarter watchlist candidate Progressive reported a 110% hike in earnings to $3.97 per share on a 25% rise in revenue to $19.5 billion. The prior three periods its EPS climbed 141%, 425% and 335%. Sales rose 25%, 21% and 18% during that time.

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Progressive stock broke out of a flat base with a 260.46 buy point on Nov. 8. It rose to an all-time high 270.62 on Nov. 27 and has consolidated. The insurance company stock closed at 250.25 Monday, down fractionally for the day.

Progressive offers a wide variety of insurance packages including auto, life, home and renters. Thirty products in all. The 87-year-old company says it has 35 million customers.

Additionally, Progressive has a strong 82 EPS Rating out of 99, and a terrific 90 Composite Rating. The Composite score combines five separate proprietary ratings into one. The best growth stocks have a Composite Rating of 90 or better.

More Funds Buying Progressive; Some Taking Profits

One cautionary note is its D- Accumulation/Distribution Rating on an A+ to E scale. The D- rating shows that large funds are selling more of its shares than buying. However, there is a bullish indicator, the number of funds holding Progressive stock. The number rose from 2,931 in December 2023 to 3,157 in June. It rose further to 3,293 as of the September-ended quarter.

Progressive holds the No. 12 rank among its peers in the 61-stock Insurance-Property/Casualty/Title industry group. Mercury General (MCY), Kinsale Capital Group (KNSL) and AXIS Capital Holdings (AXS) are among the top 5 highly rated stocks in the group.

The exclusive Relative Strength Rating from Investor’s Business Daily tracks share price action with a 1 (worst) to 99 (best) score. The score shows how a stock’s price behavior over the trailing 52 weeks stacks up against all the other stocks in our database.

Please follow James DeTar on Twitter @JimDeTar 

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