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Progressive (PGR) Ascends While Market Falls: Some Facts to Note
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Progressive (PGR - Free Report) ended the recent trading session at $210.68, demonstrating a +0.71% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily loss of 0.31%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq lost 1.09%.
Shares of the insurer witnessed a gain of 2.59% over the previous month, beating the performance of the Finance sector with its loss of 1.77% and underperforming the S&P 500's gain of 2.73%.
The investment community will be closely monitoring the performance of Progressive in its forthcoming earnings report. On that day, Progressive is projected to report earnings of $2.11 per share, which would represent year-over-year growth of 322%. In the meantime, our current consensus estimate forecasts the revenue to be $17.92 billion, indicating a 17.72% growth compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $11.33 per share and revenue of $73.09 billion. These totals would mark changes of +85.43% and +18.35%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Progressive. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.58% downward. Progressive presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Progressive is currently being traded at a Forward P/E ratio of 18.47. This indicates a premium in contrast to its industry's Forward P/E of 12.24.
It is also worth noting that PGR currently has a PEG ratio of 0.81. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Insurance - Property and Casualty stocks are, on average, holding a PEG ratio of 1.57 based on yesterday's closing prices.
The Insurance - Property and Casualty industry is part of the Finance sector. With its current Zacks Industry Rank of 29, this industry ranks in the top 12% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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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Progressive (PGR) Ascends While Market Falls: Some Facts to Note
Progressive (PGR - Free Report) ended the recent trading session at $210.68, demonstrating a +0.71% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily loss of 0.31%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq lost 1.09%.
Shares of the insurer witnessed a gain of 2.59% over the previous month, beating the performance of the Finance sector with its loss of 1.77% and underperforming the S&P 500's gain of 2.73%.
The investment community will be closely monitoring the performance of Progressive in its forthcoming earnings report. On that day, Progressive is projected to report earnings of $2.11 per share, which would represent year-over-year growth of 322%. In the meantime, our current consensus estimate forecasts the revenue to be $17.92 billion, indicating a 17.72% growth compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $11.33 per share and revenue of $73.09 billion. These totals would mark changes of +85.43% and +18.35%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Progressive. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.58% downward. Progressive presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Progressive is currently being traded at a Forward P/E ratio of 18.47. This indicates a premium in contrast to its industry's Forward P/E of 12.24.
It is also worth noting that PGR currently has a PEG ratio of 0.81. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Insurance - Property and Casualty stocks are, on average, holding a PEG ratio of 1.57 based on yesterday's closing prices.
The Insurance - Property and Casualty industry is part of the Finance sector. With its current Zacks Industry Rank of 29, this industry ranks in the top 12% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.