We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Here's Why Progressive (PGR) Gained But Lagged the Market Today
Read MoreHide Full Article
Progressive (PGR - Free Report) closed at $239.97 in the latest trading session, marking a +0.11% move from the prior day. The stock lagged the S&P 500's daily gain of 1.09%. Meanwhile, the Dow experienced a rise of 1.18%, and the technology-dominated Nasdaq saw an increase of 1.03%.
Heading into today, shares of the insurer had lost 9.01% over the past month, lagging the Finance sector's loss of 4.2% and the S&P 500's loss of 0.71% in that time.
Market participants will be closely following the financial results of Progressive in its upcoming release. In that report, analysts expect Progressive to post earnings of $3.31 per share. This would mark year-over-year growth of 11.82%. In the meantime, our current consensus estimate forecasts the revenue to be $19.79 billion, indicating a 19.3% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $13.37 per share and a revenue of $74.35 billion, signifying shifts of +118.82% and +20.39%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Progressive. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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, 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.96% increase. Right now, Progressive possesses a Zacks Rank of #3 (Hold).
In terms of valuation, Progressive is presently being traded at a Forward P/E ratio of 17.92. This denotes a premium relative to the industry's average Forward P/E of 13.43.
It is also worth noting that PGR currently has a PEG ratio of 0.65. 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. PGR's industry had an average PEG ratio of 1.45 as of yesterday's close.
The Insurance - Property and Casualty industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 21, which puts it in the top 9% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Here's Why Progressive (PGR) Gained But Lagged the Market Today
Progressive (PGR - Free Report) closed at $239.97 in the latest trading session, marking a +0.11% move from the prior day. The stock lagged the S&P 500's daily gain of 1.09%. Meanwhile, the Dow experienced a rise of 1.18%, and the technology-dominated Nasdaq saw an increase of 1.03%.
Heading into today, shares of the insurer had lost 9.01% over the past month, lagging the Finance sector's loss of 4.2% and the S&P 500's loss of 0.71% in that time.
Market participants will be closely following the financial results of Progressive in its upcoming release. In that report, analysts expect Progressive to post earnings of $3.31 per share. This would mark year-over-year growth of 11.82%. In the meantime, our current consensus estimate forecasts the revenue to be $19.79 billion, indicating a 19.3% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $13.37 per share and a revenue of $74.35 billion, signifying shifts of +118.82% and +20.39%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Progressive. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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, 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.96% increase. Right now, Progressive possesses a Zacks Rank of #3 (Hold).
In terms of valuation, Progressive is presently being traded at a Forward P/E ratio of 17.92. This denotes a premium relative to the industry's average Forward P/E of 13.43.
It is also worth noting that PGR currently has a PEG ratio of 0.65. 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. PGR's industry had an average PEG ratio of 1.45 as of yesterday's close.
The Insurance - Property and Casualty industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 21, which puts it in the top 9% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.