The Progressive Corp () , a current Zacks Rank #1 (Strong Buy), is a massive American insurance company. Analysts have taken their expectations higher across the board, particularly following its latest quarterly release back in mid-October.(Click on image to enlarge)
Image Source: Zacks Investment ResearchIn addition to favorable earnings estimate revisions, the company resides within the Zacks Insurance – Property & Casualty industry, currently ranked in the top 13% of all Zacks industries. Let’s take a deeper look at the company. The Progressive Corp.Progressive snapped a streak of negative surprises in its latest release, exceeding the Zacks Consensus EPS Estimate by more than 20% and posting a modest 0.3% revenue surprise.Drilling a bit deeper, Progressive saw total Policies in Force grow 10% from the year-ago period, reflecting continued business momentum. PGR shares enjoyed buying pressure following the print, now heading toward all-time highs.It’s worth noting that Progressive shares have been monster performers in general over the last decade, delivering a remarkable 23% annualized return vs. the S&P 500’s 12.3%.(Click on image to enlarge)
Image Source: Zacks Investment ResearchIn addition, the stock could be a target among growth-focused investors, as reflected by its Style Score of “A” for Growth. Consensus estimates for its current fiscal year (FY23) suggest 34% earnings growth paired with an 18% sales climb, with expectations for FY24 suggesting earnings and revenue growth rates of 49% and 13%, respectively.The company’s revenue growth has remained steady, as we can see in the annual chart below. Please note that the 2023 value is on a trailing twelve-month basis.(Click on image to enlarge)
Image Source: Zacks Investment Research Bottom LineInvestors can implement a stellar strategy to find expected winners by taking advantage of the Zacks Rank – one of the most powerful market tools that provides a massive edge.The top 5% of all stocks receive the highly coveted Zacks Rank #1 (Strong Buy). These stocks should outperform the market more than any other rank.The Progressive Corp. (PGR Quick Quote – ) would be an excellent stock for investors to consider, as displayed by its Zack Rank #1 (Strong Buy).More By This Author:5 ETFs To Play In December2 Insurance Stocks Poised For New 52-Highs In December3 High Growth Stocks To Buy After Earnings
Bull Of The Day: The Progressive Corp.
