Watch for Continued Gains in Shares of Progressive Corporation (The) (PGR)

Progressive Corporation (The) (NYSE:PGR) traded today at a new 52-week high of $110.91. Approximately 1.1 million shares have changed hands today, as compared to an average 30-day volume of 3 million shares.

Progressive underwrites private and commercial auto insurance and specialty lines; it has over 20 million personal auto policies in force and is the fourth- largest auto insurer in the United States. Progressive markets its policies through independent insurance agencies in the U.S. and Canada and directly via the Internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

Potential upside of 42.9% exists for Progressive Corporation (The), based on a current level of $108.05 and analysts’ average consensus price target of $154.40.

Over the past year, Progressive Corporation (The) has traded in a range of $84.89 to $110.91 and is now at $108.05, 27% above that low.

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