Progressive (PGR - Free Report) closed at $223.91 in the latest trading session, marking a +1.14% move from the prior day. This change outpaced the S&P 500's 1.06% gain on the day. Elsewhere, the Dow gained 1.18%, while the tech-heavy Nasdaq added 1.4%.
The stock of insurer has risen by 4.05% in the past month, leading the Finance sector's gain of 0.85% and the S&P 500's gain of 2.46%.
Investors will be eagerly watching for the performance of Progressive in its upcoming earnings disclosure. In that report, analysts expect Progressive to post earnings of $3.98 per share. This would mark a year-over-year decline of 1.73%. Alongside, our most recent consensus estimate is anticipating revenue of $23.29 billion, indicating a 4.83% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $17.74 per share and revenue of $92.26 billion, which would represent changes of -2.79% and +6.12%, respectively, from the prior year.
Any recent changes to analyst estimates for Progressive should also be noted by investors. 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 business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.42% increase. Progressive currently has a Zacks Rank of #3 (Hold).
In the context of valuation, Progressive is at present trading with a Forward P/E ratio of 12.48. This valuation marks a premium compared to its industry average Forward P/E of 11.55.
It is also worth noting that PGR currently has a PEG ratio of 2.95. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. PGR's industry had an average PEG ratio of 1.71 as of yesterday's close.
The Insurance - Property and Casualty industry is part of the Finance sector. With its current Zacks Industry Rank of 60, this industry ranks in the top 25% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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.
Advisors Capital Management ve 2. čtvrtletí otevřela novou pozici v Progressive a koupila 19 623 akcií za zhruba 4,287 milionu USD. Analytici mají u PGR konsenzus na doporučení Hold.
Advisors Capital Management LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 19,623 shares of the insurance provider’s stock, valued at approximately $4,287,000.
Several other hedge funds have also made changes to their positions in PGR. Allstate Corp raised its holdings in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after purchasing an additional 22,915 shares during the period. Norges Bank purchased a new stake in shares of Progressive during the 4th quarter worth about $1,836,094,000. Investment House LLC purchased a new stake in shares of Progressive during the 4th quarter worth about $8,447,000. Van Cleef Asset Management Inc increased its position in Progressive by 1.2% during the 4th quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock worth $173,429,000 after purchasing an additional 9,017 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd acquired a new stake in Progressive during the 4th quarter worth approximately $353,906,000. Institutional investors and hedge funds own 85.34% of the company’s stock.
Wall Street Analyst Weigh In A number of brokerages have weighed in on PGR. Cantor Fitzgerald reduced their price target on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, August 17th. UBS Group increased their price objective on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. Wells Fargo & Company lifted their target price on shares of Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $230.00 price target on shares of Progressive in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $236.05.
Check Out Our Latest Research Report on PGR Progressive Stock Performance Shares of PGR opened at $219.45 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $252.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $127.58 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 2.96 and a beta of 0.27. The firm has a fifty day moving average of $215.53 and a 200-day moving average of $206.64.
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive’s revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the business earned $5.40 earnings per share. As a group, equities analysts anticipate that The Progressive Corporation will post 17.62 earnings per share for the current year.
Progressive Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.
Insider Buying and Selling at Progressive In other Progressive news, insider Karen Bailo sold 8,452 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares of the company’s stock, valued at $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 82,224 shares of company stock valued at $17,416,438. 0.32% of the stock is currently owned by company insiders.
About Progressive (Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
Recommended Stories Five stocks we like better than Progressive Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR – Free Report).
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Allworth Financial LP ve 2. čtvrtletí nakoupila nový podíl v The Progressive Corporation: 9 539 akcií v hodnotě zhruba 2,084 milionu USD. Zájem institucionálních investorů o PGR dál roste.
Allworth Financial LP purchased a new stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 9,539 shares of the insurance provider’s stock, valued at approximately $2,084,000.
A number of other large investors also recently modified their holdings of the company. Klingman & Associates LLC grew its holdings in shares of Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares in the last quarter. Pines Wealth Management LLC increased its holdings in shares of Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after buying an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in shares of Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after buying an additional 52 shares in the last quarter. Phillips Wealth Planners LLC lifted its holdings in shares of Progressive by 2.8% during the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after acquiring an additional 52 shares during the last quarter. Finally, Sumitomo Life Insurance Co. grew its position in Progressive by 1.2% in the fourth quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider’s stock worth $981,000 after acquiring an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.
Analyst Ratings Changes Several equities analysts have recently commented on PGR shares. Wells Fargo & Company increased their price objective on Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a research report on Thursday. Roth Capital reaffirmed a “buy” rating and set a $245.00 target price on shares of Progressive in a report on Thursday. BMO Capital Markets restated a “market perform” rating on shares of Progressive in a research report on Wednesday. HSBC boosted their target price on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Finally, Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $236.05.
Get Our Latest Stock Report on PGR Insider Activity at Progressive In other news, insider John Jo Murphy sold 8,124 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider directly owned 41,291 shares of the company’s stock, valued at $8,782,595.70. The trade was a 16.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 82,224 shares of company stock worth $17,416,438 over the last 90 days. 0.32% of the stock is currently owned by insiders.
Progressive Stock Down 0.4% Shares of NYSE:PGR opened at $219.45 on Friday. The firm has a market capitalization of $127.58 billion, a P/E ratio of 11.01, a P/E/G ratio of 2.96 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a 50 day moving average price of $215.53 and a 200-day moving average price of $206.64. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $252.82.
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm earned $5.40 earnings per share. As a group, equities research analysts anticipate that The Progressive Corporation will post 17.62 EPS for the current fiscal year.
Progressive Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is presently 2.01%.
About Progressive (Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
Further Reading Five stocks we like better than Progressive Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?
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Progressive v červenci vykázala EPS ve výši 1,65 USD, meziročně o 11 % méně, protože rostly náklady a ztráty z cenných papírů. Čisté předepsané pojistné stouplo o 5 % na 7,4 miliardy USD.
Key Takeaways Progressive's July net premiums written rose 5% to $7.4 billion, while net premiums earned increased 5%. Personal Auto policies grew 7% to 39 million, with Direct Auto and Agency Auto policies also advancing. Progressive's combined ratio worsened by 150 basis points to 86.8% as total expenses increased 7.1%. The Progressive Corporation (PGR - Free Report) reported earnings per share of $1.65 for July 2026, which declined 11% year over year. The downside was due to escalating expenses and net realized losses on securities.
July Numbers in DetailProgressive recorded net premiums written of $7.4 billion, up 5% from $7 billion in the year-ago month. Net premiums earned were about $7.3 billion, up 5% from $6.9 billion reported in the year-ago month.
Net realized losses on securities were $47 million against a net realized income of $79 million from the year-ago month.
Combined ratio — the percentage of premiums paid out as claims and expenses — deteriorated 150 basis points (bps) year over year to 86.8.
PGR’s total revenues were $7.8 billion, up 27.1% year over year, owing to a 5.3% increase in premiums, a 10.9% jump in investment income, and 8.9% higher service revenues.
Total expenses increased 7.1% to $6.6 billion, mainly due to higher losses and loss adjustment expenses, policy acquisition costs, other underwriting expenses, investment expenses, service expenses and interest expense.
In July 2026, policies in force (PIF) were impressive for both Vehicle and Property businesses. In the Vehicle business, the Personal Auto segment recorded a 7% year-over-year increase to 39 million policies. Special Lines policies rose 6% from the year-earlier month to 7.3 million.
In Progressive’s Personal Auto segment, Agency Auto PIF increased 7% to 11.3 million, while Direct Auto improved 9% to 16.8 million.
PGR’s Commercial Auto segment policies rose 4% year over year to 1.2 million.
The Property business had 3.6 million policies in force in the reported month, remaining unchanged year over year.
The company’s book value per share was $59.64 as of July 31, 2026, up 4.8% from $56.92 on July 31, 2025.
In the trailing 12 months, the return on equity was 31.3%, down 840 bps from 39.7% in July 2025. The debt-to-total-capital ratio deteriorated 240 bps year over year to 19.5 as of July 31, 2026.
Price PerformanceProgressive shares have lost 14% in the past year against the industry’s growth of 2.7%.
Image Source: Zacks Investment Research
Zacks RankProgressive currently carries a Zacks Rank #3 (Hold).
Stocks to ConsiderSome better-ranked stocks from the insurance industry are The Hanover Insurance Group, Inc. (THG - Free Report) , First American Financial Corporation (FAF - Free Report) and Mercury General Corporation (MCY - Free Report) . While THG sports a Zacks Rank #1 (Strong Buy), FAF and MCY carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Hanover Insurance’s earnings surpassed estimates in each of the last four quarters, the average surprise being 27.33%. Shares of THG have jumped 25.9% in the past year. The Zacks Consensus Estimate for THG’s 2026 and 2027 revenues implies year-over-year growth of 4.6% and 4.5%, respectively.
First American’s earnings surpassed estimates in each of the last four quarters, with an average surprise of 23.58%. Shares of FAF have gained 12.5% in the past year. The Zacks Consensus Estimate for FAF’s 2026 and 2027 earnings implies year-over-year growth of 17.5% and 4%, respectively.
Mercury General’s earnings surpassed estimates in each of the last four quarters, the average surprise being 70.21%. Shares of MCY have jumped 39.3% in the past year. The Zacks Consensus Estimate for MCY’s 2026 earnings implies year-over-year growth of 61.3%.
Fairholme Capital Brucea Berkowitze drží ve St. Joe 76,43 % portfolia, tedy 18,182 mil. akcií v hodnotě 1,14 mld. USD. Ve čtvrtletí ještě přikoupil akcie Pfizer, Campbell Soup a UPS.
Bruce Berkowitz’s Fairholme Capital disclosed in its Q2 2026 13F filing that 18,182,367 shares of St. Joe Company, valued at $1,138,761,645, represent 76.43% of the fund’s portfolio as of June 30, 2026. That is the entire portfolio. Even for a conviction-driven value manager, parking three-quarters of a fund in one Northwest Florida land developer is extraordinary, and it deserves scrutiny before any retail investor decides Berkowitz has done the homework for them.
The filing also showed nuance. Fairholme trimmed 1,027,800 JOE shares in the quarter, a small reduction against the core position. Alongside the trim, the fund opened three contrarian entries: Pfizer (NYSE:PFE | PFE Price Prediction) at 231,000 shares valued at $5,562,480, Campbell Soup at 116,500 shares valued at $2,594,455, and United Parcel Service (NYSE:UPS) at 23,800 shares valued at $2,558,500. Fairholme also added to Berkshire Hathaway (NYSE:BRK-B) and Progressive (NYSE:PGR), signaling alignment with established value names.
The JOE Thesis Is Working St. Joe (NYSE:JOE) posted its highest Q2 revenue in 20 years, with Q2 2026 revenue of $158.80M up 23% year over year and net income of $40.50M up 37%. Every segment expanded margins: residential to 48% from 45%, hospitality to 42% from 39%, commercial to 65% from 57%. The company sits on roughly 165,000 acres in Northwest Florida with a residential pipeline exceeding 25,000 homesites, and it has quietly shrunk the float to 56,991,651 shares, the lowest count since 1997.
CEO Jorge Gonzalez framed the capital return this way: “For the second quarter of 2026, the Company allocated 43% of capital to stock repurchases, 31% to capital expenditures for growth, 14% to debt repayment, and 12% to dividends.” The stock has responded, rising 36.4% over the past year and 14.71% year to date through August 17, 2026. Berkowitz’s thesis, land compounding into cash flow as migration into Northwest Florida accelerates, is showing up in the numbers.
The Rotating Conviction Signal The new buys are classic Berkowitz. Pfizer trades at a forward P/E near 9 with a 6.42% dividend yield. Campbell’s is down 25.85% over the past year. UPS trades at a forward P/E of roughly 14 with a 6.38% dividend yield. These are beaten-down cash generators in pharma, staples, and logistics, precisely the profile Fairholme buys when sentiment is bombed out.
Should Retail Follow? JOE is a defensible long-term compounder, but Berkowitz’s 76% weighting reflects his risk tolerance, his cost basis, and his 20-year relationship with the asset. A retirement-focused investor replicating that concentration would be taking on single-name risk far beyond typical portfolio construction. JOE trades at a trailing P/E of 32 and price-to-book of 5.09, which is not statistically cheap. The land-bank optionality is real, but so is the 1.29 beta and hurricane exposure. Following Berkowitz into PFE or UPS at these yields is a more defensible starter move than mirroring his flagship bet. The signal worth taking is his sector rotation.
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Progressive (PGR -0.01%) is an insurance company, so its revenue comes from two primary sources. The first is profitably selling insurance. The second is the income the company generates from managing the float. Right now, it looks like there's a trade-off being made after a period of very strong results. Here's what you need to know.
Progressive wants to keep growing As an insurance company, Progressive collects premiums up front and pays out claims later. In between, it gets to invest the cash, which is known as the float, to generate income. This is a powerful business model, with the company's investment portfolio valued at over $97 billion as of the end of the second quarter of 2026. That portfolio generated $979 million in revenues for Progressive in the quarter.
Image source: Getty Images.
So there's a very good reason why Progressive wants to keep growing its insurance portfolio. However, it has to write profitable policies, or more growth may not be a good thing. This is where the combined ratio comes in. A number below 100 indicates the company's policies are profitable. Occasionally, major events will push the combined ratio higher, but overall, investors want to see a number below 100. In the second quarter, Progressive's combined ratio was 87.3.
Progressive is making a trade-off The problem is that in the second quarter of 2025, the combined ratio was 86.2. So the ratio is going in the wrong direction. In fact, in June, the ratio was up to 90. As noted, the combined ratio can vary slightly from period to period. However, that drop has to be taken in context.
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In the first half of 2025, net premiums written increased 15%. In the first half of 2026, growth was down to 6%. It looks like the company may be taking on less attractive business to continue growing, which increases its ability to benefit from the float. To be fair, the company has been operating at a very high level over the last couple of years. So the current shift in the combined ratio isn't terrible; it is likely just an informed decision by management to support long-term growth amid increased competition.
Progressive's combined ratio target is 96 All in, Progressive is still performing quite well as a business. So there's no particular reason to worry. That said, the company's combined ratio target is 96 or below. So the trade-off between quality and growth starts to get really strained the closer the company gets to that level. If you own Progressive, keep that target in mind, but you probably don't need to be overly concerned about the combined ratio today.
Progressive uvedla, že její majetkové pojištění je po několikaleté přeměně „podstatně hotové“ a firma dál cílí na růst v balíčcích pojištění auto a home. Zároveň překročila 40 milionů pojistek v platnosti.
Travelers Stock Surges 10% as Earnings Beat Reveals Underwriting DisciplineProgressive NYSE: PGR used its second-quarter investor event to outline its strategy for expanding in bundled auto and home insurance, emphasizing improvements in its property business and the growth potential among “Robinsons,” its term for consistently insured households that bundle auto and home coverage.
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Chief Executive Officer Tricia Griffith also announced a leadership transition in personal lines. Pat Callahan, Personal Lines President, will retire in January after nearly 24 years at the company. Lori Niederst has assumed the newly created role of Chief Personal Lines Officer, overseeing both Personal Lines and CRM.
Allstate’s Comeback Is Turning Into a Profit Machine“Our ability to move people around the company to expand their experience and deepen their skillset is what helps us build an extremely strong bench,” Griffith said, describing Niederst’s appointment as a reflection of the company’s succession planning.
Focus on bundled households Niederst said Progressive’s operating objective remains to grow as quickly as possible while maintaining a combined ratio at or below 96%, alongside high-quality customer service. She said the insurer’s segmentation and rate-to-risk capabilities have enabled it to grow twice as fast as the private-passenger auto industry over the past decade while maintaining a combined ratio seven points lower.
Buffett Spent 60 Years Ignoring Tech and the Bill Is Coming DueCallahan said Progressive recently became the largest U.S. personal auto writer on a trailing-12-month basis, measured by direct premiums written. The company captured approximately 75% of total industry premium growth during 2025, he said.
However, Progressive sees substantial opportunity among Robinson households, which account for nearly 35% of the U.S. auto market. The company has historically been more focused on other customer segments, including inconsistently insured customers, continuously insured non-homeowners and customers with unbundled auto and home policies.
Progressive’s share and policy-in-force growth among Robinsons remains in the single digits, Callahan said, particularly in agency distribution. He noted that Robinson households produce approximately 70% more lifetime premium than unbundled auto-and-home customers and roughly five times the lifetime premium of inconsistently insured customers.
“A key area of focus in agency is having a broadly available, competitively priced property offering,” Callahan said.
Property turnaround moves toward growth phase John Curtis, National Property Leader, said Progressive’s property turnaround is “substantially complete” after a multiyear effort to improve profitability, reduce catastrophe exposure and build underwriting capabilities. The company is focused primarily on owner-occupied homes bundled with Progressive auto policies.
Progressive’s property direct written premium has increased 3.7 times since 2015, and the insurer is now a top-12 property carrier, Curtis said. But the company intentionally slowed property growth after weather losses and profitability pressures weighed on results.
The property business reported a 75% combined ratio in 2025 and a 78% year-to-date combined ratio in 2026. Curtis said the 2025 result benefited from a mild catastrophe season and favorable prior-year development, though underlying profitability was in line with the company’s targets after considering those factors.
High-weather-risk states declined by 23% as a share of total insured value from 2022 through 2025. Total insured value rose 30% during that period, while modeled one-in-100-year probable maximum loss declined nearly 33%. The number of states classified as healthy and positioned for growth increased to 41 in June 2026 from 18 in May 2025. Those 41 states represent 82% of the property insurance market, compared with 40% previously. Curtis said the company reduced Florida exposure through non-renewals focused on higher-risk coastal properties and homes not compliant with recommended building codes. Progressive also managed growth in states with severe convective storm and wildfire risk, while growing faster in lower-risk markets.
Its property initiatives have included by-peril pricing, updated product models, a countrywide risk model, higher wind and hail deductibles where permitted, roof-payment schedules, exposure-management actions and distribution changes. As of June, 93% of Progressive homes premium was written on product model 5.0 or newer, while wildfire and wind-pool non-renewals were 73% complete.
Direct and agency strategies differ Niederst said the company’s Robinson opportunity differs by channel. Direct policy-in-force growth for bundled households has remained positive, supported by HomeQuote Explorer, Progressive’s platform that allows customers to compare property insurance options from affiliated and unaffiliated carriers.
Since online quoting launched in 2017, HomeQuote Explorer quote starts have grown at a 27% compound annual rate to more than 6 million from less than 1 million. The platform now offers 26 product options across 19 carriers, compared with one carrier in 2007, Niederst said.
In the independent-agent channel, Progressive estimates that more than 40,000 agencies representing over 90,000 storefronts sell its products. The company is investing in easier bundled quoting, improved property workflows, agency appointments and agent compensation through its Platinum program.
Progressive has created nearly 500,000 Robinson households through cross-selling since 2023, Niederst said. The company also is using products such as embedded renters coverage, umbrella insurance and vehicle protection to build broader household relationships over time.
Growth, capital and market conditions Management said auto growth has moderated from the elevated levels seen in 2024 and 2025 but remains positive. Progressive surpassed 40 million companywide policies in force, including 2.2 million additional private-passenger auto policies in force, Griffith said.
Personal-lines policies in force increased 8%, including 8% growth in agency auto and 10% growth in direct auto. During the second quarter, Progressive reduced auto rates in 16 states representing 37% of countrywide net written premium, Niederst said. The company reported $1.4 billion in advertising expense for the quarter, up 16% from a year earlier, while saying cost per sale remained below its target acquisition cost.
Chief Financial Officer Andrew Quigg said Progressive continues to work toward a 3.5-to-1 premium-to-surplus ratio for most eligible insurance entities by year-end 2026. He said the company’s capital priorities are reinvesting in underwriting growth and returning excess capital to shareholders when growth opportunities do not require it.
On property reinsurance, Risk and Reinsurance Business Leader Brandon Hopkins said Progressive has kept overall reinsurance capacity relatively stable in recent years despite lower exposures. He said the company is positioned to grow into its existing program while remaining within group risk-appetite and property-business financial constraints.
About Progressive (NYSE:PGR)Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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The Progressive Corporation (PGR) Q2 2026 Earnings Call August 4, 2026 9:30 AM EDT
Company Participants
Julianna Paterra
Susan Griffith - President, CEO & Director
Lori Niederst - Chief Personal Lines Officer
Patrick Callahan - President of Personal Lines
John Curtiss
Andrew Quigg - VP & CFO
Brandon Hopkins
Conference Call Participants
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Tracy Benguigui - Wolfe Research, LLC
Taylor Scott - Barclays Bank PLC, Research Division
Andrew Kligerman - TD Cowen, Research Division
Pablo Singzon - JPMorgan Chase & Co, Research Division
David Motemaden - Evercore ISI Institutional Equities, Research Division
Jon Paul Newsome - Piper Sandler & Co., Research Division
Presentation
Julianna Paterra
Good morning, and thank you for joining us today for Progressive's Second Quarter Investor Event. I am Julianna Paterra, Director of Investor Relations, and I will be moderator for today's event. The company will not make detailed comments related to its results in addition to those provided in its annual report on Form 10-K, quarterly reports on Form 10-Q and the letter to shareholders, which have been posted to the company's website.
This quarter includes a presentation on a specific portion of our business, followed by a question-and-answer session with members of our leadership team. The introductory comments and the presentation were previously recorded. Upon completion of the previously recorded remarks, we will use the balance of the 90 minutes scheduled for this event for live questions and answers with leaders featured in our recorded remarks as well as other members of our management team.
As always, discussions in this event may include forward-looking statements. These statements are based on management's current expectations and are subject to many risks and uncertainties that could cause actual events and results to differ materially from those discussed during today's event.
Additional information concerning those risks and uncertainties is available in
For the quarter ended June 2026, Progressive (PGR - Free Report) reported revenue of $23.01 billion, up 6.4% over the same period last year. EPS came in at $4.85, compared to $4.88 in the year-ago quarter.
The reported revenue represents a surprise of -0.37% over the Zacks Consensus Estimate of $23.09 billion. With the consensus EPS estimate being $4.70, the EPS surprise was +3.19%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Progressive performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Personal Lines Business - Property - Loss/LAE ratio: 47.9% versus 57.7% estimated by five analysts on average.Commercial Lines Business - Combined ratio: 85.3% versus 85.5% estimated by five analysts on average.Personal Lines Business - Property - Combined ratio: 78% compared to the 87.6% average estimate based on five analysts.Personal Lines Business - Property - Expense ratio: 30.1% versus 29.9% estimated by five analysts on average.Net premiums earned- Property: $777 million compared to the $776.65 million average estimate based on six analysts. The reported number represents a change of +0.1% year over year.Investment income: $979 million compared to the $975.69 million average estimate based on six analysts. The reported number represents a change of +12.4% year over year.Net premiums earned: $21.57 billion versus the six-analyst average estimate of $21.7 billion. The reported number represents a year-over-year change of +6.2%.Fees and other revenues: $305 million compared to the $287.38 million average estimate based on six analysts. The reported number represents a change of +0.7% year over year.Net premiums earned- Personal Lines- Agency: $7.63 billion versus the six-analyst average estimate of $7.68 billion. The reported number represents a year-over-year change of +4.5%.Service revenues: $148 million versus the six-analyst average estimate of $144.45 million. The reported number represents a year-over-year change of +11.3%.Net premiums earned- Commercial Lines: $2.69 billion versus the six-analyst average estimate of $2.75 billion. The reported number represents a year-over-year change of -2.7%.Net premiums earned- Personal lines: $18.88 billion compared to the $18.94 billion average estimate based on six analysts. The reported number represents a change of +7.6% year over year.View all Key Company Metrics for Progressive here>>>
Shares of Progressive have returned -9.2% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Progressive (PGR - Free Report) came out with quarterly earnings of $4.85 per share, beating the Zacks Consensus Estimate of $4.7 per share. This compares to earnings of $4.88 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.19%. A quarter ago, it was expected that this insurer would post earnings of $4.84 per share when it actually produced earnings of $4.96, delivering a surprise of +2.48%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Progressive, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $23.01 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.37%. This compares to year-ago revenues of $21.62 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Progressive shares have lost about 0.5% since the beginning of the year versus the S&P 500's gain of 10.2%.
What's Next for Progressive?While Progressive has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Progressive was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.59 on $23.44 billion in revenues for the coming quarter and $17.30 on $92.72 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, W.R. Berkley (WRB - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 20.
This insurance company is expected to post quarterly earnings of $1.09 per share in its upcoming report, which represents a year-over-year change of +3.8%. The consensus EPS estimate for the quarter has been revised 0.2% lower over the last 30 days to the current level.
W.R. Berkley's revenues are expected to be $3.7 billion, up 1.7% from the year-ago quarter.
MAYFIELD VILLAGE, OHIO, July 15, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended June 30, 2026:
JuneQuarter(millions, except per share amounts and ratios; unaudited) 2026 2025 Change 2026 2025 ChangeNet premiums written$6,772 $6,605 3 %$21,077 $20,076 5 %Net premiums earned$7,100 $6,954 2 %$21,573 $20,310 6 %Net income$779 $1,124 (31)%$3,311 $3,175 4 %Per share available to common shareholders$1.34 $1.91 (30)%$5.67 $5.40 5 %Total pretax net realized gains (losses) on securities$(13) $179 (107)%$604 $387 56 %Combined ratio 90.0 86.6 3.4 pts. 87.3 86.2 1.1 pts.Average diluted equivalent common shares 583.1 588.0 (1) % 584.2 587.8 (1)% June 30,(thousands; unaudited)
2026 2025 % ChangePolicies in Force Personal Lines Agency – auto11,211 10,423 8Direct – auto16,721 15,245 10Special lines7,297 6,850 7Property3,631 3,608 1Total Personal Lines38,860 36,126 8Commercial Lines1,226 1,189 3Total40,086 37,315 7
See Progressive’s complete monthly earnings release for additional information.
About Progressive
Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is a leading seller of personal auto, commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers in the United States.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.
PDF available: Progressive June 2026 Complete Earnings Release
Key Takeaways Progressive is expected to post Q2 earnings of $4.58 per share, down 6.2% year over year.Net premiums earned are projected to rise 7% to $21.7 billion on policy growth and retention.Investment income is expected to rise 12% to $935.6 million. Higher underwriting costs add pressure. The Progressive Corporation (PGR - Free Report) is expected to witness an improvement in its top line but a decline in its bottom line when it reports second-quarter 2026 results on July 15, before the opening bell.
The Zacks Consensus Estimate for PGR’s second-quarter revenues is pegged at $23.1 billion, indicating 7% growth from the year-ago reported figure.
The consensus estimate for earnings is pegged at $4.58 per share. The Zacks Consensus Estimate for PGR’s second-quarter earnings has moved 2 cents north in the past seven days. The estimate indicates a year-over-year decline of 6.2%.
Decent Earnings Surprise HistoryProgressive’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one, the average negative surprise being 0.62%.
What the Zacks Model Unveils for PGROur proven model predicts an earnings beat for Progressive this time around. This is because the stock has the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) that increases the chances of an earnings beat.
You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: PGR has an Earnings ESP of +5.60%. This is because the Most Accurate Estimate of $4.83 is pegged higher than the Zacks Consensus Estimate of $4.58.
Zacks Rank: PGR carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape Q2 ResultsProgressive’s second-quarter results are likely to benefit from higher premiums, increased net investment income and stronger fee and service income. Continued improvement in its personal auto and commercial lines businesses is likely to have added to the upside.
A strong product portfolio, leading market position and solid performance across its Vehicle and Property segments, supported by healthy policy retention and growth in policies in force, are likely to have driven an improvement in net premiums earned. The Zacks Consensus Estimate for net premiums earned stands at $21.7 billion, indicating a 7% increase from the prior-year quarter.
The Personal Auto segment is likely to have benefited from higher volumes of new and renewal applications, fueled by increased advertising spending, competitive pricing and agency incentive programs. Growth in policies in force was expected across both the agency and direct channels. The consensus estimate for personal auto policies in force is 40.1 million.
Net investment income is likely to have been aided by a larger invested asset base, with the Zacks Consensus Estimate at $935.6 million, implying 12% year-over-year growth. The company is also expected to have recorded pretax net realized gains on securities, with the consensus estimate at $403.9 million.
On the expense side, higher loss and loss-adjustment expenses, policy acquisition costs and other underwriting expenses are likely to have put upward pressure on overall costs. The consensus estimate for the expense ratio is pegged at 20.
Prudent underwriting practices, combined with relatively limited catastrophe losses, are expected to have supported underwriting profitability. The consensus estimate for combined ratio is 88.43, indicating continued operating strength.
Other Stocks to ConsiderSome other P&C insurance stocks with the right combination of elements to deliver an earnings beat this time around are:
Arch Capital Group (ACGL - Free Report) has an Earnings ESP of +3.40% and a Zacks Rank of 3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $2.45 per share, indicating a 5.04% year-over-year decrease.
ACGL’s earnings beat estimates in the last four reported quarters.
The Travelers Companies (TRV - Free Report) has an Earnings ESP of +0.02% and a Zacks Rank of 3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $4.92 per share, indicating a year-over-year decrease of 17.2%.
TRV’s earnings beat estimates in each of the last four reported quarters.
Chubb Limited (CB - Free Report) has an Earnings ESP of +4.97% and a Zacks Rank of 3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $6.60 per share, indicating a year-over-year increase of 7.49%.
CB’s earnings beat estimates in each of the last four reported quarters.
Progressive (PGR - Free Report) closed the most recent trading day at $234.40, moving +1.18% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.45%. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq lost 1.16%.
The insurer's stock has climbed by 15.69% in the past month, exceeding the Finance sector's gain of 5.72% and the S&P 500's gain of 2.14%.
Investors will be eagerly watching for the performance of Progressive in its upcoming earnings disclosure. On that day, Progressive is projected to report earnings of $4.56 per share, which would represent a year-over-year decline of 6.56%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $23.12 billion, up 6.95% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $17.26 per share and a revenue of $92.89 billion, representing changes of -5.42% and +6.84%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Progressive. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.55% higher. Progressive currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Progressive has a Forward P/E ratio of 13.42 right now. For comparison, its industry has an average Forward P/E of 12.05, which means Progressive is trading at a premium to the group.
One should further note that PGR currently holds a PEG ratio of 4.39. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. PGR's industry had an average PEG ratio of 2.52 as of yesterday's close.
The Insurance - Property and Casualty industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 108, placing it within the top 44% of over 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Progressive (PGR) v posledním obchodním dni klesla o 2,25 % na 215,54 USD. Investoři sledují blížící se výsledky, kde se čeká EPS 4,47 USD a tržby 23,12 miliardy USD.
In the latest close session, Progressive (PGR - Free Report) was down 2.25% at $215.54. The stock trailed the S&P 500, which registered a daily loss of 0.01%. Elsewhere, the Dow saw an upswing of 0.14%, while the tech-heavy Nasdaq depreciated by 0.46%.
The insurer's shares have seen an increase of 11.98% over the last month, surpassing the Finance sector's gain of 2.29% and the S&P 500's loss of 1.4%.
The upcoming earnings release of Progressive will be of great interest to investors. The company's upcoming EPS is projected at $4.47, signifying a 8.40% drop compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $23.12 billion, showing a 6.95% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of $17.08 per share and a revenue of $92.89 billion, demonstrating changes of -6.41% and +6.84%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Progressive. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Over the past month, there's been a 4.36% rise in the Zacks Consensus EPS estimate. Currently, Progressive is carrying a Zacks Rank of #3 (Hold).
With respect to valuation, Progressive is currently being traded at a Forward P/E ratio of 12.91. This indicates a premium in contrast to its industry's Forward P/E of 11.47.
We can also see that PGR currently has a PEG ratio of 6.69. 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. As the market closed yesterday, the Insurance - Property and Casualty industry was having an average PEG ratio of 2.42.
The Insurance - Property and Casualty industry is part of the Finance sector. This group has a Zacks Industry Rank of 95, putting it in the top 39% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.