Why Progressive (PGR) is a Top Momentum Stock for the Long-Term
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For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
Progressive (PGR)
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.
PGR sits at a Zacks Rank #2 (Buy), holds a Momentum Style Score of A, and has a VGM Score of A. The stock is up 4.1% and up 16.1% over the past one-week and four-week period, respectively, and Progressive has gained 87.3% in the last one-year period as well. Additionally, an average of 2,208,253.75 shares were traded over the last 20 trading sessions.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. 11 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $1.05 to $12.20 per share. PGR boasts an average earnings surprise of 24.1%.
Investors should take the time to consider PGR for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
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The Progressive Corporation (PGR) : Free Stock Analysis Report