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Should You Buy #1 (Strong Buy)-Ranked Progressive (PGR) for Your Portfolio?

Progressive was upgraded to the Zacks Rank #1 list on September 17, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.

Based in Mayfield Village, OH, The Progressive Corporation is one of the major auto insurers in the country. Founded in 1965, Progressive is a leading independent agency writer of private passenger auto coverage, and the market share leader for the motorcycle products since 1998. Progressive operates through three business segments.

Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.69 to $12.70 per share. PGR also boasts an average earnings surprise of 24.1%.

Earnings are forecasted to see growth of 107.9% for the current fiscal year, and sales are expected to increase 19.6%.

PGR has been moving higher over the past four weeks as well, up 7.8% compared to the S&P 500's gain of 1.5%.

Bottom Line

With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Progressive could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.

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The Progressive Corporation (PGR) : Free Stock Analysis Report

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