In the latest trading session, Progressive (PGR) closed at $80.45, marking a +0.47% move from the previous day. This change outpaced the S&P 500's 0.28% loss on the day. Meanwhile, the Dow lost 0.39%, and the Nasdaq, a tech-heavy index, lost 0.45%.
Prior to today's trading, shares of the insurer had gained 5.79% over the past month. This has outpaced the Finance sector's loss of 1.39% and the S&P 500's loss of 1.21% in that time.
Investors will be hoping for strength from PGR as it approaches its next earnings release. In that report, analysts expect PGR to post earnings of $1.35 per share. This would mark year-over-year growth of 13.45%. Meanwhile, our latest consensus estimate is calling for revenue of $9.21 billion, up 15.38% from the prior-year quarter.
PGR's full-year Zacks Consensus Estimates are calling for earnings of $5.21 per share and revenue of $37.71 billion. These results would represent year-over-year changes of +17.87% and +16.43%, respectively.
It is also important to note the 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.93% higher within the past month. PGR is currently a Zacks Rank #2 (Buy).
Looking at its valuation, PGR is holding a Forward P/E ratio of 15.38. Its industry sports an average Forward P/E of 13.81, so we one might conclude that PGR is trading at a premium comparatively.
Also, we should mention that PGR has a PEG ratio of 2.1. 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. Insurance - Property and Casualty stocks are, on average, holding a PEG ratio of 1.41 based on yesterday's closing prices.
The Insurance - Property and Casualty industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 44, which puts it in the top 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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