Progressive (PGR) closed the most recent trading day at $274.67, moving +0.78% from the previous trading session. This change outpaced the S&P 500's 0.33% loss on the day. Elsewhere, the Dow lost 0.37%, while the tech-heavy Nasdaq lost 0.53%.
The the stock of insurer has fallen by 0.33% in the past month, leading the Finance sector's loss of 0.51% and the S&P 500's loss of 4.03%.
Investors will be eagerly watching for the performance of Progressive in its upcoming earnings disclosure. In that report, analysts expect Progressive to post earnings of $4.50 per share. This would mark year-over-year growth of 20.64%. Simultaneously, our latest consensus estimate expects the revenue to be $20.38 billion, showing a 19.29% escalation compared to the year-ago quarter.
PGR's full-year Zacks Consensus Estimates are calling for earnings of $15.34 per share and revenue of $87.27 billion. These results would represent year-over-year changes of +9.18% and +16.19%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Progressive. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.71% higher. At present, Progressive boasts a Zacks Rank of #2 (Buy).
Looking at valuation, Progressive is presently trading at a Forward P/E ratio of 17.77. This indicates a premium in contrast to its industry's Forward P/E of 11.88.
One should further note that PGR currently holds a PEG ratio of 1.63. 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 Insurance - Property and Casualty was holding an average PEG ratio of 1.78 at yesterday's closing price.
The Insurance - Property and Casualty industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 45, finds itself in the top 18% echelons 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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The Progressive Corporation (PGR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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