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Progressive (PGR) Gains As Market Dips: What You Should Know
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Progressive (PGR - Free Report) ended the recent trading session at $221.02, demonstrating a +1.56% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily loss of 0.48%. At the same time, the Dow lost 0.29%, and the tech-heavy Nasdaq lost 0.56%.
Prior to today's trading, shares of the insurer had gained 3.83% outpaced the Finance sector's loss of 0.73% and the S&P 500's loss of 0.82%.
The investment community will be paying close attention to the earnings performance of Progressive in its upcoming release. On that day, Progressive is projected to report earnings of $4.01 per share, which would represent a year-over-year decline of 0.99%. Meanwhile, our latest consensus estimate is calling for revenue of $23.29 billion, up 4.83% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $17.76 per share and revenue of $92.26 billion, which would represent changes of -2.68% and +6.12%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Progressive. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.12% higher. At present, Progressive boasts a Zacks Rank of #3 (Hold).
Investors should also note Progressive's current valuation metrics, including its Forward P/E ratio of 12.25. This represents a premium compared to its industry average Forward P/E of 11.39.
Meanwhile, PGR's PEG ratio is currently 2.9. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Insurance - Property and Casualty industry held an average PEG ratio of 1.73.
The Insurance - Property and Casualty industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 64, placing it within the top 27% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
View the Zacks #1 Rank List
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Progressive (PGR) Gains As Market Dips: What You Should Know
Progressive (PGR - Free Report) ended the recent trading session at $221.02, demonstrating a +1.56% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily loss of 0.48%. At the same time, the Dow lost 0.29%, and the tech-heavy Nasdaq lost 0.56%.
Prior to today's trading, shares of the insurer had gained 3.83% outpaced the Finance sector's loss of 0.73% and the S&P 500's loss of 0.82%.
The investment community will be paying close attention to the earnings performance of Progressive in its upcoming release. On that day, Progressive is projected to report earnings of $4.01 per share, which would represent a year-over-year decline of 0.99%. Meanwhile, our latest consensus estimate is calling for revenue of $23.29 billion, up 4.83% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $17.76 per share and revenue of $92.26 billion, which would represent changes of -2.68% and +6.12%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Progressive. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.12% higher. At present, Progressive boasts a Zacks Rank of #3 (Hold).
Investors should also note Progressive's current valuation metrics, including its Forward P/E ratio of 12.25. This represents a premium compared to its industry average Forward P/E of 11.39.
Meanwhile, PGR's PEG ratio is currently 2.9. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Insurance - Property and Casualty industry held an average PEG ratio of 1.73.
The Insurance - Property and Casualty industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 64, placing it within the top 27% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.