Progressive (PGR) has experienced a significant improvement in its IBD SmartSelect Composite Rating, which increased from 94 to 96 on Tuesday. This new score indicates that the company is now outperforming 96% of all stocks based on the most important fundamental and technical stock-picking criteria. Winning stocks often have a 95 or higher score in the early stages of a new price run, making this an important benchmark to consider when searching for the best stocks to buy and watch.
While Progressive has climbed above a proper buy zone after clearing the 149.87 entry in a consolidation, it’s important to note that one weak spot is the company’s 79 EPS Rating, which tracks quarterly and annual earnings-per-share growth. To show it’s in the top 20% of all stocks, look for this rating to improve to at least an 80 or better. Additionally, the Accumulation/Distribution Rating of D- shows moderate selling by institutional investors over the past 13 weeks. Look for this rating to improve to at least a C or better moving forward.
In Q3, Progressive reported an impressive 845% earnings-per-share growth, with top line growth coming in at 22%, down from 33% in the previous quarter. Despite this strong performance, Progressive holds only the No. 10 rank among its peers in the Insurance-Property/Casualty/Title industry group. Everest Group (EG), Greenlight Cap Re Cl A (GLRE), and Arch Capital Group (ACGL) are among the top five highly-rated stocks within this group.