Progressive (PGR) closed the most recent trading day at $74.96, moving -1.1% from the previous trading session. This move lagged the S&P 500's daily loss of 0.32%. Elsewhere, the Dow lost 0.47%, while the tech-heavy Nasdaq lost 0.34%.
Heading into today, shares of the insurer had lost 6.66% over the past month, lagging the Finance sector's loss of 6.12% and the S&P 500's loss of 4.64% in that time.
Wall Street will be looking for positivity from PGR as it approaches its next earnings report date. In that report, analysts expect PGR to post earnings of $1.30 per share. This would mark a year-over-year decline of 17.2%. Our most recent consensus estimate is calling for quarterly revenue of $9.39 billion, up 12.96% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.40 per share and revenue of $37.36 billion, which would represent changes of +22.17% and +15.36%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for PGR. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.8% higher. PGR is currently a Zacks Rank #3 (Hold).
Digging into valuation, PGR currently has a Forward P/E ratio of 14.03. This valuation marks a discount compared to its industry's average Forward P/E of 14.93.
Also, we should mention that PGR has a PEG ratio of 1.91. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company'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 54, which puts it in the top 22% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
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