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Why the Market Dipped But Progressive (PGR) Gained Today
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In the latest trading session, Progressive (PGR - Free Report) closed at $218.98, marking a +2.27% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.47%. Meanwhile, the Dow experienced a rise of 0.1%, and the technology-dominated Nasdaq saw a decrease of 1.25%.
Shares of the insurer witnessed a loss of 0.64% over the previous month, beating the performance of the Finance sector with its loss of 5.13%, and underperforming the S&P 500's gain of 1.15%.
The upcoming earnings release of Progressive will be of great interest to investors. On that day, Progressive is projected to report earnings of $4.37 per share, which would represent year-over-year growth of 7.9%. Alongside, our most recent consensus estimate is anticipating revenue of $23.41 billion, indicating a 5.38% upward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $18.03 per share and revenue of $92.39 billion. These totals would mark changes of -1.21% and +6.26%, respectively, from last 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. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.64% higher. Progressive presently features a Zacks Rank of #3 (Hold).
Looking at its valuation, Progressive is holding a Forward P/E ratio of 11.87. This represents a premium compared to its industry average Forward P/E of 10.79.
One should further note that PGR currently holds a PEG ratio of 2.33. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Insurance - Property and Casualty industry stood at 1.81 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 40, finds itself in the top 17% 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
View the Zacks #1 Rank List
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Why the Market Dipped But Progressive (PGR) Gained Today
In the latest trading session, Progressive (PGR - Free Report) closed at $218.98, marking a +2.27% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.47%. Meanwhile, the Dow experienced a rise of 0.1%, and the technology-dominated Nasdaq saw a decrease of 1.25%.
Shares of the insurer witnessed a loss of 0.64% over the previous month, beating the performance of the Finance sector with its loss of 5.13%, and underperforming the S&P 500's gain of 1.15%.
The upcoming earnings release of Progressive will be of great interest to investors. On that day, Progressive is projected to report earnings of $4.37 per share, which would represent year-over-year growth of 7.9%. Alongside, our most recent consensus estimate is anticipating revenue of $23.41 billion, indicating a 5.38% upward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $18.03 per share and revenue of $92.39 billion. These totals would mark changes of -1.21% and +6.26%, respectively, from last 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. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.64% higher. Progressive presently features a Zacks Rank of #3 (Hold).
Looking at its valuation, Progressive is holding a Forward P/E ratio of 11.87. This represents a premium compared to its industry average Forward P/E of 10.79.
One should further note that PGR currently holds a PEG ratio of 2.33. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Insurance - Property and Casualty industry stood at 1.81 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 40, finds itself in the top 17% 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.