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Finding the Best Top-Ranked Stocks to Buy in October and Q4
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The S&P 500 and the Nasdaq climbed through mid-day Tuesday to recover some of Monday’s drop. Wall Street is waiting for September’s inflation data later this week and the unofficial start of third-quarter earnings season on Friday morning.
There could be more volatility as Wall Street waits for what’s next between Israel and Iran. Meanwhile, the Tech and Finance sectors are the only two of the 16 Zacks sectors enjoying positive estimate revisions for third quarter earnings.
Wall Street might also get spooked if September’s inflation data comes in hot Thursday morning. Thankfully, the Fed has already started its easing cycle and is unlikely to reverse course. Plus, a slower easing cycle is preferable to rapid rate cuts because it likely means the U.S. economy remains on solid footing.
The overall bullish backdrop remains in place, especially if investors search for companies with improving earnings outlooks.
Today we explore how investors can use a Zacks screen to help find some of the best Zacks Rank #1 (Strong Buy) stocks to buy in October and throughout the fourth quarter of 2024.
Zacks Rank #1 (Strong Buy) stocks outperform the market in both good and bad times. However, there are over 200 stocks that earn a Zacks Rank #1 at any given time.
Therefore, it’s helpful to understand how to apply filters to the Zacks Rank in order to narrow the list down to a more manageable and tradable set of stocks.
Parameters
Clearly, there are only three items on this screen. But together, these three filters can result in some impressive returns.
• Zacks Rank equal to 1
Starting with a Zacks Rank #1 is often a strong jumping off point because it boasts an average annual return of roughly 24.4% per year since 1988.
• % Change (Q1) Est. over 4 Weeks greater than 0
Positive current quarter estimate revisions over the last four weeks.
• % Broker Rating Change over 4 Week equal to Top # 5
Top 5 stocks with the best average broker rating changes over the last four weeks.
This strategy comes loaded with the Research Wizard and is called bt_sow_filtered zacks rank5. It can be found in the SoW (Screen of the Week) folder.
Here is one of the five stocks that qualified for the Filtered Zacks Rank 5 strategy today…
Why The Progressive Corporation Stock Looks Like a Must-Buy
The Progressive Corporation (PGR - Free Report) is a U.S. auto insurance giant. Progressive is a leading independent agency writer of private passenger auto coverage and the market share leader for motorcycle products. Progressive operates through three core business segments: Personal Lines (77% of 2023 Net Premium earned), Commercial Lines (18%), and Property (5%).
The basic bullish case for Progressive is that it is a leader in product, service, and distribution innovation, especially in personal auto. Progressive is also a leader in underwriting technology and the application of quantitative analytics in pricing and risk selection. Progressive's rates are competitive in all its markets, and it continues to gain from its expanded multi-product offerings.
Image Source: Zacks Investment Research
Progressive’s revenue has skyrocketed over the last 15 years from under $15 billion in 2008 to over $60 billion in 2023. Progressive is projected to grow its revenue by a whopping 20% in 2024 to reach $74 billion and then add another 14% to the top-line in 2025 to pull in over $84 billion.
The insurance powerhouse is projected to boost its adjusted earnings by 113% in 2024 to climb from $6.11 to $13.01 per share. Progressive is expected to grow its EPS by another 4% next year following back-to-back years of huge earnings expansion.
Image Source: Zacks Investment Research
Progressive has crushed our bottom-line estimates by an average of 24% in the trailing four quarters. The company’s earnings outlook has continued to improve, with its FY24 estimate up 8% since its last report and its FY25 estimate 7% higher. On top of that, its most accurate/recent EPS estimates came in well above consensus. Progressive’s improving EPS outlooks helps it land a Zacks Rank #1 (Strong Buy).
Progressive stock has soared 900% in the past 10 years to blow away its highly-ranked Insurance-Property and Casualty market’s 180%. PGR is up 74% in the last year and is trading near its all-time highs. Despite that, PGR stock trades at a 23% discount to its highs and 35% below its industry at 18.3X forward 12-month earnings.
Progressive said it will release its September earnings results on October 15.
Get the rest of the stocks on this list and start looking for the newest companies that fit these criteria. It's easy to do. And it could help you find your next big winner. Start screening for these companies today with a free trial to the Research Wizard. You can do it.
Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Image: Shutterstock
Finding the Best Top-Ranked Stocks to Buy in October and Q4
The S&P 500 and the Nasdaq climbed through mid-day Tuesday to recover some of Monday’s drop. Wall Street is waiting for September’s inflation data later this week and the unofficial start of third-quarter earnings season on Friday morning.
See the Zacks Earnings Calendar to stay ahead of market-making news.
There could be more volatility as Wall Street waits for what’s next between Israel and Iran. Meanwhile, the Tech and Finance sectors are the only two of the 16 Zacks sectors enjoying positive estimate revisions for third quarter earnings.
Wall Street might also get spooked if September’s inflation data comes in hot Thursday morning. Thankfully, the Fed has already started its easing cycle and is unlikely to reverse course. Plus, a slower easing cycle is preferable to rapid rate cuts because it likely means the U.S. economy remains on solid footing.
The overall bullish backdrop remains in place, especially if investors search for companies with improving earnings outlooks.
Today we explore how investors can use a Zacks screen to help find some of the best Zacks Rank #1 (Strong Buy) stocks to buy in October and throughout the fourth quarter of 2024.
Zacks Rank #1 (Strong Buy) stocks outperform the market in both good and bad times. However, there are over 200 stocks that earn a Zacks Rank #1 at any given time.
Therefore, it’s helpful to understand how to apply filters to the Zacks Rank in order to narrow the list down to a more manageable and tradable set of stocks.
Parameters
Clearly, there are only three items on this screen. But together, these three filters can result in some impressive returns.
• Zacks Rank equal to 1
Starting with a Zacks Rank #1 is often a strong jumping off point because it boasts an average annual return of roughly 24.4% per year since 1988.
• % Change (Q1) Est. over 4 Weeks greater than 0
Positive current quarter estimate revisions over the last four weeks.
• % Broker Rating Change over 4 Week equal to Top # 5
Top 5 stocks with the best average broker rating changes over the last four weeks.
This strategy comes loaded with the Research Wizard and is called bt_sow_filtered zacks rank5. It can be found in the SoW (Screen of the Week) folder.
Here is one of the five stocks that qualified for the Filtered Zacks Rank 5 strategy today…
Why The Progressive Corporation Stock Looks Like a Must-Buy
The Progressive Corporation (PGR - Free Report) is a U.S. auto insurance giant. Progressive is a leading independent agency writer of private passenger auto coverage and the market share leader for motorcycle products. Progressive operates through three core business segments: Personal Lines (77% of 2023 Net Premium earned), Commercial Lines (18%), and Property (5%).
The basic bullish case for Progressive is that it is a leader in product, service, and distribution innovation, especially in personal auto. Progressive is also a leader in underwriting technology and the application of quantitative analytics in pricing and risk selection. Progressive's rates are competitive in all its markets, and it continues to gain from its expanded multi-product offerings.
Image Source: Zacks Investment Research
Progressive’s revenue has skyrocketed over the last 15 years from under $15 billion in 2008 to over $60 billion in 2023. Progressive is projected to grow its revenue by a whopping 20% in 2024 to reach $74 billion and then add another 14% to the top-line in 2025 to pull in over $84 billion.
The insurance powerhouse is projected to boost its adjusted earnings by 113% in 2024 to climb from $6.11 to $13.01 per share. Progressive is expected to grow its EPS by another 4% next year following back-to-back years of huge earnings expansion.
Image Source: Zacks Investment Research
Progressive has crushed our bottom-line estimates by an average of 24% in the trailing four quarters. The company’s earnings outlook has continued to improve, with its FY24 estimate up 8% since its last report and its FY25 estimate 7% higher. On top of that, its most accurate/recent EPS estimates came in well above consensus. Progressive’s improving EPS outlooks helps it land a Zacks Rank #1 (Strong Buy).
Progressive stock has soared 900% in the past 10 years to blow away its highly-ranked Insurance-Property and Casualty market’s 180%. PGR is up 74% in the last year and is trading near its all-time highs. Despite that, PGR stock trades at a 23% discount to its highs and 35% below its industry at 18.3X forward 12-month earnings.
Progressive said it will release its September earnings results on October 15.
Get the rest of the stocks on this list and start looking for the newest companies that fit these criteria. It's easy to do. And it could help you find your next big winner. Start screening for these companies today with a free trial to the Research Wizard. You can do it.
Click here to sign up for a free trial to the Research Wizard today.
Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: www.zacks.com/performance_disclosure