Progressive (PGR) Dips More Than Broader Markets: What You Should Know

Progressive (PGR) closed the most recent trading day at $76.74, moving -0.84% from the previous trading session. This change lagged the S&P 500's 0.01% loss on the day. At the same time, the Dow added 0.14%, and the tech-heavy Nasdaq lost 0.19%.

Heading into today, shares of the insurer had lost 3.06% over the past month, lagging the Finance sector's gain of 1.48% and the S&P 500's gain of 3.61% in that time.

Investors will be hoping for strength from PGR as it approaches its next earnings release. On that day, PGR is projected to report earnings of $1.30 per share, which would represent a year-over-year decline of 17.2%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.39 billion, up 12.96% from the year-ago period.

PGR's full-year Zacks Consensus Estimates are calling for earnings of $5.40 per share and revenue of $37.36 billion. These results would represent year-over-year changes of +22.17% and +15.36%, respectively.

Investors might also notice recent changes to analyst estimates for PGR. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.8% higher within the past month. PGR currently has a Zacks Rank of #3 (Hold).

Looking at its valuation, PGR is holding a Forward P/E ratio of 14.33. This represents a discount compared to its industry's average Forward P/E of 15.32.

It is also worth noting that PGR currently has a PEG ratio of 1.95. 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. The Insurance - Property and Casualty was holding an average PEG ratio of 1.48 at yesterday's closing price.

The Insurance - Property and Casualty industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 52, which puts it in the top 21% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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