Progressive (PGR) closed the latest trading day at $243.19, indicating a -0.02% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily loss of 0.04%. Meanwhile, the Dow gained 0.07%, and the Nasdaq, a tech-heavy index, lost 0.05%.
The the stock of insurer has fallen by 8.85% in the past month, lagging the Finance sector's loss of 4.16% and the S&P 500's gain of 1.05%.
Market participants will be closely following the financial results of Progressive in its upcoming release. The company is forecasted to report an EPS of $3.34, showcasing a 12.84% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $19.94 billion, up 20.18% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $13.40 per share and revenue of $74.55 billion. These totals would mark changes of +119.31% and +20.72%, respectively, from last year.
Investors should also pay attention to any latest changes in 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 company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 1.58% rise in the Zacks Consensus EPS estimate. Right now, Progressive possesses a Zacks Rank of #2 (Buy).
In the context of valuation, Progressive is at present trading with a Forward P/E ratio of 18.15. This denotes a premium relative to the industry's average Forward P/E of 13.59.
It's also important to note that PGR currently trades at a PEG ratio of 0.66. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. PGR's industry had an average PEG ratio of 1.48 as of yesterday's close.
The Insurance - Property and Casualty industry is part of the Finance sector. With its current Zacks Industry Rank of 21, this industry ranks in the top 9% of all industries, numbering over 250.
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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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