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Bull of the Day: The Progressive Corp. (PGR)

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The Progressive Corp, (PGR - Free Report) a current Zacks Rank #1 (Strong Buy), is a massive American insurance company. Analysts have taken their earnings expectations higher across the board.

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Image Source: Zacks Investment Research

In addition to favorable earnings estimate revisions, the company resides within the Zacks Insurance – Property & Casualty industry, currently ranked in the top 11% of all Zacks industries. Let’s take a deeper look at the company.

Progressive

It’s worth noting that Progressive shares have been monster performers in general over the last decade, delivering a remarkable 27% annualized return vs. the S&P 500’s 13.4%. Shares saw buying pressure following its latest set of quarterly results, with investors pleased with the release.

Zacks Investment Research
Image Source: Zacks Investment Research

Concerning the above-mentioned quarter, PGR exceeded the Zacks Consensus EPS estimate by 24% and posted a 3% revenue beat, reflecting growth rates of 97% and 23%, respectively. The company’s top line performance has been strong, with revenues enjoying a recent acceleration.

Zacks Investment Research
Image Source: Zacks Investment Research

The stock remains a prime consideration for growth-focused investors, with consensus expectations for its current fiscal year (FY24) suggesting 60% earnings growth on 15% higher sales. Peeking ahead to FY25, expectations currently allude to an additional 12.5% growth in earnings on nearly 13% higher sales.

Keep an eye out for the company’s upcoming quarterly release expected on April 11th, as current consensus expectations allude to a 350% pop in earnings on 16% improved sales. Top line revisions have remained positive, with the $16.5 billion expected up modestly since January.

Zacks Investment Research
Image Source: Zacks Investment Research

Bottom Line

Investors can implement a stellar strategy to find expected winners by taking advantage of the Zacks Rank – one of the most powerful market tools that provides a massive edge.

The top 5% of all stocks receive the highly coveted Zacks Rank #1 (Strong Buy). These stocks should outperform the market more than any other rank.

The Progressive Corp. (PGR - Free Report) would be an excellent stock for investors to consider, as displayed by its Zack Rank #1 (Strong Buy).


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