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Progressive (PGR) Stock Sinks As Market Gains: What You Should Know
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In the latest close session, Progressive (PGR - Free Report) was down 1.2% at $243.50. This change lagged the S&P 500's daily gain of 0.06%. Meanwhile, the Dow gained 0.17%, and the Nasdaq, a tech-heavy index, added 0.39%.
The insurer's stock has dropped by 0.11% in the past month, falling short of the Finance sector's gain of 0.8% and the S&P 500's gain of 3.94%.
Analysts and investors alike will be keeping a close eye on the performance of Progressive in its upcoming earnings disclosure. The company is expected to report EPS of $4.89, up 36.59% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $22.42 billion, indicating a 15.39% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $18.48 per share and a revenue of $87.4 billion, representing changes of +31.53% and +16.37%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Progressive. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.67% higher within the past month. Currently, Progressive is carrying a Zacks Rank of #2 (Buy).
Digging into valuation, Progressive currently has a Forward P/E ratio of 13.34. This represents a premium compared to its industry average Forward P/E of 11.69.
Meanwhile, PGR's PEG ratio is currently 1.37. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Insurance - Property and Casualty industry stood at 2.56 at the close of the market yesterday.
The Insurance - Property and Casualty industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 38, finds itself in the top 16% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Progressive (PGR) Stock Sinks As Market Gains: What You Should Know
In the latest close session, Progressive (PGR - Free Report) was down 1.2% at $243.50. This change lagged the S&P 500's daily gain of 0.06%. Meanwhile, the Dow gained 0.17%, and the Nasdaq, a tech-heavy index, added 0.39%.
The insurer's stock has dropped by 0.11% in the past month, falling short of the Finance sector's gain of 0.8% and the S&P 500's gain of 3.94%.
Analysts and investors alike will be keeping a close eye on the performance of Progressive in its upcoming earnings disclosure. The company is expected to report EPS of $4.89, up 36.59% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $22.42 billion, indicating a 15.39% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $18.48 per share and a revenue of $87.4 billion, representing changes of +31.53% and +16.37%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Progressive. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.67% higher within the past month. Currently, Progressive is carrying a Zacks Rank of #2 (Buy).
Digging into valuation, Progressive currently has a Forward P/E ratio of 13.34. This represents a premium compared to its industry average Forward P/E of 11.69.
Meanwhile, PGR's PEG ratio is currently 1.37. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Insurance - Property and Casualty industry stood at 2.56 at the close of the market yesterday.
The Insurance - Property and Casualty industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 38, finds itself in the top 16% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.