Here's Why Progressive (PGR) Gained But Lagged the Market Today

Progressive (PGR) closed at $239.97 in the latest trading session, marking a +0.11% move from the prior day. The stock lagged the S&P 500's daily gain of 1.09%. Meanwhile, the Dow experienced a rise of 1.18%, and the technology-dominated Nasdaq saw an increase of 1.03%.Heading into today, shares of the insurer had lost 9.01% over the past month, lagging the Finance sector's loss of 4.2% and the S&P 500's loss of 0.71% in that time.Market participants will be closely following the financial results of Progressive in its upcoming release. In that report, analysts expect Progressive to post earnings of $3.31 per share. This would mark year-over-year growth of 11.82%. In the meantime, our current consensus estimate forecasts the revenue to be $19.79 billion, indicating a 19.3% growth compared to the corresponding quarter of the prior year.For the annual period, the Zacks Consensus Estimates anticipate earnings of $13.37 per share and a revenue of $74.35 billion, signifying shifts of +118.82% and +20.39%, respectively, from the last year.Investors should also take note of any recent adjustments to analyst estimates for Progressive. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, 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 witnessed a 1.96% increase. Right now, Progressive possesses a Zacks Rank of #3 (Hold).In terms of valuation, Progressive is presently being traded at a Forward P/E ratio of 17.92. This denotes a premium relative to the industry's average Forward P/E of 13.43.It is also worth noting that PGR currently has a PEG ratio of 0.65. 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. 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 21, which puts it in the top 9% 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.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Progressive Corporation (PGR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks