Core Insights - The second-quarter 2025 earnings season has shown better-than-expected results from several U.S. corporations, indicating a positive outlook for the remainder of the year [2][3] Company Summaries JPMorgan Chase & Co. (JPM) - JPMorgan reported adjusted earnings of $4.96 per share, exceeding the Zacks Consensus Estimate of $4.51, with revenues of $44.91 billion, surpassing the estimate of $43.81 billion [5] - The company anticipates net interest income (NII) to reach approximately $95.5 billion, up from a previous estimate of $94.5 billion, driven by loan demand and high interest rates [7] - Current-year expected revenue and earnings growth rates are -0.2% and -3.4%, respectively, while next year's growth rates are projected at 2.6% and 5.1% [8] Netflix Inc. (NFLX) - Netflix reported adjusted earnings of $7.19 per share, beating estimates by 1.7%, with revenues of $11.07 billion, a 16% year-over-year increase [10] - The company raised its full-year 2025 revenue forecast to $44.8-$45.2 billion, driven by membership growth and advertising revenue [12] - Expected revenue and earnings growth rates for the current year are 15.3% and 31.4%, respectively, with next year's rates at 12.8% and 23.4% [14] The Progressive Corp. (PGR) - Progressive's second-quarter earnings per share were $4.88, beating estimates by 10.1%, with a year-over-year increase of 84.1% [16] - Net premiums written increased by 12% to $20 billion, and operating revenues rose 19.5% year over year to $42.2 billion [17] - Expected revenue and earnings growth rates for the current year are 16.6% and 23.4%, respectively, while next year's rates are projected at 9.9% and -4.9% [18] GE Aerospace - GE Aerospace reported adjusted earnings of $1.66 per share, exceeding estimates, with total revenues of $11 billion, a 21% year-over-year increase [20] - Total orders grew by 27% year over year to $14.2 billion, supported by rising defense budgets and demand for commercial air travel [21] - Expected revenue and earnings growth rates for the current year are -4.1% and 22.6%, respectively, with next year's rates at 9.4% and 19.1% [23] Interactive Brokers Group Inc. (IBKR) - IBKR reported adjusted earnings of $0.51 per share, beating estimates, with revenues of $1.48 billion, surpassing the consensus by 8.76% [24] - The company is focusing on developing proprietary software and expanding its product suite to support revenue growth [25] - Expected revenue and earnings growth rates for the current year are 7.4% and 9.7%, respectively, with next year's rates at 6.6% and 6.7% [26]

Core Insights - The Progressive Corporation (PGR) reported a second-quarter 2025 earnings per share (EPS) of $4.88, exceeding the Zacks Consensus Estimate by 10.1% and reflecting an 84.1% year-over-year increase [1][8] - Operating revenues rose 19.5% year over year to $42.2 billion, driven by higher net premiums earned and significant increases in net investment income and service revenues [2] - The company achieved a net realized gain on securities of $387 million, a significant improvement from a loss of $127 million in the same quarter last year [3][8] Premiums and Policies - Net premiums written reached $20 billion, marking a 12% increase from $17.9 billion a year ago, while net premiums earned grew 18% to $20.3 billion, surpassing the Zacks Consensus Estimate of $20.1 billion [1][8] - Policies in force in the Personal Lines segment increased 16% year over year to 36.1 million, with notable growth in the Personal Auto segment [4] Financial Metrics - Progressive's book value per share was $55.62 as of June 30, 2025, up 39.5% from $39.85 a year earlier, and the return on equity improved to 43.6% from 40.2% [5] - The total debt-to-total capital ratio improved by 530 basis points to 17.5 [5] Expense Overview - Total expenses increased by 15.1% to $35.2 billion, driven by higher losses, policy acquisition costs, and other underwriting expenses [2]

Company Performance - Progressive reported quarterly earnings of $4.88 per share, exceeding the Zacks Consensus Estimate of $4.43 per share, and up from $2.65 per share a year ago, representing an earnings surprise of +10.16% [1] - The company posted revenues of $21.62 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.51%, and an increase from $18.26 billion year-over-year [2] - Over the last four quarters, Progressive has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the earnings outlook for the coming quarters [3][4] - The current consensus EPS estimate for the upcoming quarter is $3.67 on revenues of $22.46 billion, and for the current fiscal year, it is $16.84 on revenues of $87.46 billion [7] - The estimate revisions trend for Progressive was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Insurance - Property and Casualty industry, to which Progressive belongs, is currently in the top 31% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

[Financial Highlights](index=1&type=section&id=PROGRESSIVE%20REPORTS%20JUNE%20RESULTS) Progressive reported robust financial performance in June and Q2 2025, marked by significant net income growth and increased policies in force across all business lines [June and Q2 2025 Performance Summary](index=1&type=section&id=June%20and%20Q2%202025%20Performance%20Summary) Progressive reported significant growth for June and the second quarter of 2025, with net income surging 40% in June and 118% for the quarter year-over-year, driven by strong premium growth and a 15% increase in companywide policies in force Key Financial Metrics (June & Q2 2025 vs 2024) | (millions, except per share amounts and ratios) | June 2025 | June 2024 | Change | Quarter 2025 | Quarter 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net premiums written** | $6,605 | $5,749 | 15% | $20,076 | $17,902 | 12% | | **Net premiums earned** | $6,954 | $5,777 | 20% | $20,310 | $17,209 | 18% | | **Net income** | $1,124 | $803 | 40% | $3,175 | $1,459 | 118% | | **Per share available to common shareholders** | $1.91 | $1.37 | 40% | $5.40 | $2.48 | 118% | | **Combined ratio** | 86.6 | 86.2 | 0.4 pts | 86.2 | 91.9 | (5.7) pts | Policies in Force (as of June 30) | (thousands) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | **Personal Lines** | | | | | Agency – auto | 10,423 | 8,965 | 16% | | Direct – auto | 15,245 | 12,576 | 21% | | Total Personal Lines | 36,126 | 31,192 | 16% | | **Commercial Lines** | 1,189 | 1,118 | 6% | | **Companywide** | 37,315 | 32,310 | 15% | [Financial Statements](index=2&type=section&id=Financial%20Statements) This section details Progressive's comprehensive income statements for June and year-to-date periods, along with earnings per share and investment portfolio performance [Monthly Comprehensive Income Statement (June 2025)](index=2&type=section&id=COMPREHENSIVE%20INCOME%20STATEMENT%20For%20the%20month%20ended%20June%2030%2C%202025) For the month of June 2025, Progressive generated total revenues of $7.58 billion, resulting in a net income of $1.12 billion, supported by $6.95 billion in net premiums earned and $179 million in net realized gains on securities, leading to a total comprehensive income of $1.58 billion Income Statement - June 2025 (in millions) | | Amount | | :--- | :--- | | **Revenues:** | | | Net premiums earned | $6,954 | | Investment income | $295 | | Total net realized gains on securities | $179 | | Total revenues | $7,575 | | **Expenses:** | | | Losses and loss adjustment expenses | $4,689 | | Total expenses | $6,199 | | **Income before income taxes** | $1,376 | | **Net income** | $1,124 | | **Total comprehensive income** | $1,578 | - The provision for income taxes included a tax benefit of **$45 million**, primarily related to the distribution of deferred compensation[4](index=4&type=chunk) [Year-to-Date Comprehensive Income Statement (as of June 30, 2025)](index=3&type=section&id=COMPREHENSIVE%20INCOME%20STATEMENTS%20For%20the%20year-to-date%20periods%20ended%20June%2030) For the six months ended June 30, 2025, Progressive's net income increased significantly to $5.74 billion from $3.79 billion in the prior year period, driven by a 19% rise in net premiums earned to $39.72 billion, with total comprehensive income reaching $7.07 billion Year-to-Date Income Statement (in millions) | | 2025 | 2024 | | :--- | :--- | :--- | | **Net premiums written** | $42,282 | $36,864 | | **Revenues:** | | | | Net premiums earned | $39,719 | $33,358 | | Investment income | $1,685 | $1,303 | | Total revenues | $42,413 | $35,377 | | **Expenses:** | | | | Losses and loss adjustment expenses | $26,409 | $23,567 | | Total expenses | $35,195 | $30,577 | | **Income before income taxes** | $7,218 | $4,800 | | **Net income** | $5,742 | $3,790 | | **Total comprehensive income** | $7,070 | $3,690 | [Earnings Per Share & Investment Results](index=4&type=section&id=COMPUTATION%20OF%20NET%20INCOME%20AND%20COMPREHENSIVE%20INCOME%20PER%20SHARE%20%26%20INVESTMENT%20RESULTS) For June 2025, diluted earnings per share (EPS) was $1.91, with year-to-date diluted EPS reaching $9.77, while the investment portfolio generated a total return of 1.2% for the month and 4.3% year-to-date Per Share Results | | June 2025 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | | **Net income available to common shareholders** | $1,124M | $5,742M | $3,773M | | **Diluted EPS** | $1.91 | $9.77 | $6.42 | | **Comprehensive income attributable to common shareholders** | $1,578M | $7,070M | $3,673M | | **Diluted Comprehensive EPS** | $2.68 | $12.03 | $6.25 | Investment Results (FTE Total Return) | | June 2025 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | | Fixed-income securities | 1.0% | 4.3% | 1.2% | | Common stocks | 4.9% | 5.3% | 13.8% | | **Total portfolio** | **1.2%** | **4.3%** | **1.7%** | [Supplemental Information (Segment Performance)](index=5&type=section&id=SUPPLEMENTAL%20INFORMATION) This section provides detailed segment-level performance, highlighting net premiums written growth and combined ratios for Personal Lines, Commercial Lines, and companywide operations [Monthly Segment Performance (June 2025)](index=5&type=section&id=SUPPLEMENTAL%20INFORMATION%20For%20the%20month%20ended%20June%2030%2C%202025) In June 2025, the Personal Lines business saw strong net premium written growth of 17%, driven by a 22% increase in the Direct channel, with the Property business reporting the lowest combined ratio at 75.1, contributing to a companywide combined ratio of 86.6 Segment Performance - June 2025 | Segment | Net Premiums Written Growth | Combined Ratio | | :--- | :--- | :--- | | **Personal Lines** | | | | Agency Vehicles | 13% | 86.4 | | Direct Vehicles | 22% | 88.7 | | Property | 6% | 75.1 | | Total Personal Lines | 17% | 87.2 | | **Commercial Lines** | 2% | 83.0 | | **Companywide Total** | **15%** | **86.6** | - Net catastrophe losses for the month were **3.2%** of net premiums earned, with nearly half related to severe weather in Texas[10](index=10&type=chunk) [Year-to-Date Segment Performance (as of June 30, 2025)](index=6&type=section&id=SUPPLEMENTAL%20INFORMATION%20For%20the%20year-to-date%20period%20ended%20June%2030%2C%202025) Year-to-date, companywide net premiums written grew 15%, led by the Personal Lines Direct channel with 22% growth, while the Agency vehicle business was the most profitable segment with a combined ratio of 83.2, despite the Property segment being significantly impacted by catastrophes Segment Performance - Year-to-Date 2025 | Segment | Net Premiums Written Growth | Combined Ratio | | :--- | :--- | :--- | | **Personal Lines** | | | | Agency Vehicles | 14% | 83.2 | | Direct Vehicles | 22% | 88.0 | | Property | 1% | 85.4 | | Total Personal Lines | 18% | 85.9 | | **Commercial Lines** | 1% | 87.1 | | **Companywide Total** | **15%** | **86.1** | - Total favorable development on prior accident years' loss reserves was **$607 million** for the first six months of 2025[12](index=12&type=chunk) [Balance Sheet and Key Metrics](index=7&type=section&id=BALANCE%20SHEET%20AND%20OTHER%20INFORMATION) This section presents Progressive's condensed balance sheet as of June 30, 2025, along with key financial metrics such as book value per share and return on equity [Condensed Balance Sheet and Key Metrics (as of June 30, 2025)](index=7&type=section&id=Condensed%20GAAP%20Balance%20Sheet) As of June 30, 2025, Progressive held total assets of $115.5 billion and total shareholders' equity of $32.6 billion, maintaining a strong financial position with a debt-to-total capital ratio of 17.5%, a book value per common share of $55.62, and a trailing 12-month return on average common shareholders' equity of 37.7% Condensed Balance Sheet (in millions) | | June 30, 2025 | | :--- | :--- | | **Assets** | | | Total investments | $88,610 | | Total assets | $115,480 | | **Liabilities & Equity** | | | Loss and loss adjustment expense reserves | $41,154 | | Total liabilities | $82,876 | | Shareholders' equity | $32,604 | | Total liabilities and shareholders' equity | $115,480 | Key Financial Metrics | Metric | Value | | :--- | :--- | | Book value per common share | $55.62 | | Trailing 12-month ROE (Net Income) | 37.7% | | Debt-to-total capital ratio | 17.5% | | Fixed-income portfolio duration | 3.4 years | | Weighted average credit quality | AA- | - The company repurchased **14,367 common shares** in June 2025 at an average cost of **$272.33 per share**[14](index=14&type=chunk) [Company Commentary and Events](index=8&type=section&id=Monthly%20Commentary) This section provides management commentary on specific financial reporting nuances and outlines key upcoming investor relations events [Commentary and Events](index=8&type=section&id=Commentary%20and%20Events) The company noted that the June net premiums written growth rate was inflated by 2-3% due to a monthly closing process nuance, which did not affect the quarterly growth rate, and has scheduled its Q2 2025 investor conference call for August 5, 2025, with July results planned for release on August 20, 2025 - The companywide net premiums written growth rate for June is higher by about **2-3%** due to a nuance with the monthly closing process where May 31 was reported in June 2025, though the second quarter 2025 growth rate was unaffected[15](index=15&type=chunk) - Upcoming Events: - **Q2 2025 Investor Relations Conference Call:** Tuesday, August 5, 2025, at 9:30 a.m. ET - **Form 10-Q Filing:** Monday, August 4, 2025 - **July 2025 Results Release:** Wednesday, August 20, 2025[16](index=16&type=chunk)[17](index=17&type=chunk) [Forward-Looking Statements and Risk Factors](index=9&type=section&id=Safe%20Harbor%20Statement%20Under%20the%20Private%20Securities%20Litigation%20Reform%20Act%20of%201995) This section includes a Safe Harbor statement, emphasizing that forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially [Risk Factors](index=9&type=section&id=Risk%20Factors) The report includes a Safe Harbor statement cautioning investors that forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, including the ability to price risks and set loss reserves accurately, the impact of catastrophes and climate change, competition, regulatory changes, and the performance of investment portfolios - The report contains forward-looking statements that are subject to risks and uncertainties which could cause actual results to differ materially from projections[21](index=21&type=chunk) - Key risk factors include, but are not limited to: - Ability to underwrite and price risks accurately - Impact of severe weather, catastrophe events, and climate change - Effectiveness of reinsurance programs - Highly competitive nature of property-casualty insurance markets - Performance of fixed-income and equity investment portfolios - Compliance with complex and changing laws and regulations[24](index=24&type=chunk)

Core Insights - Progressive Corporation reported significant growth in net premiums written and earned for the quarter and year-to-date, indicating strong business performance and market demand [4]. Group 1: Financial Performance - For the quarter ended June 30, 2025, net premiums written reached $6,605 million, a 15% increase from $5,749 million in 2024 [4]. - Net premiums earned for the same quarter were $6,954 million, up 20% from $5,777 million in 2024 [4]. - The company reported a net income of $1,124 million for the quarter, representing a 40% increase compared to $803 million in 2024 [4]. - Earnings per share available to common shareholders increased to $1.91, a 40% rise from $1.37 in 2024 [4]. - The total pretax net realized gains on securities were $179 million, compared to $22 million in 2024, indicating a significant improvement [4]. - The combined ratio for the quarter was 86.6, slightly up from 86.2 in 2024, but improved from 91.9 year-over-year [4]. Group 2: Policies in Force - As of June 30, 2025, the total number of personal lines policies in force was 36,126 thousand, a 16% increase from 31,192 thousand in 2024 [1]. - The agency auto policies increased to 10,423 thousand, up 16% from 8,965 thousand in 2024 [1]. - Direct auto policies rose to 15,245 thousand, reflecting a 21% increase from 12,576 thousand in 2024 [1]. - Special lines policies grew by 9% to 6,850 thousand from 6,312 thousand in 2024 [1]. - Property policies increased by 8% to 3,608 thousand from 3,339 thousand in 2024 [1]. - Commercial lines policies in force reached 1,189 thousand, a 6% increase from 1,118 thousand in 2024 [1].

Company Overview - Bow River Capital, a Denver-based alternative asset management firm, has completed the sale of Progressive Roofing to TopBuild Corp. for $810 million in an all-cash transaction [1] - Progressive Roofing, headquartered in Phoenix, Arizona, specializes in commercial roofing services, including re-roofing, maintenance, and new construction, primarily serving education, technology, industrial, healthcare, and government sectors [2] - Progressive Roofing has expanded its workforce to over 1,700 employees and completed three strategic acquisitions during its partnership with Bow River Capital [2][4] Growth and Development - Under Bow River Capital's partnership, Progressive Roofing invested in talent, technology, and operational excellence, enhancing its reputation as a leading commercial roofing contractor [2] - The company has a strong commitment to quality, customer service, culture, and safety, which has solidified its position as a national market leader in commercial roofing [3] Strategic Insights - TopBuild Corp. is well-positioned to support and build upon the strong foundation established by Progressive Roofing, leveraging its proven track record of growth [3] - Progressive Roofing's business philosophy emphasizes customer satisfaction, high quality, and a safety-first workplace environment, which aligns with TopBuild's core strengths [3][4] Industry Context - TopBuild Corp. is a leading installer and distributor of insulation and related building materials in the U.S. and Canada, with over 200 branches for insulation installation services and more than 150 branches for specialty distribution [6] - Bow River Capital focuses on investing in lower and middle markets across various asset classes, including industrial and infrastructure services, which aligns with the growth trajectory of companies like Progressive Roofing [5]

Core Insights - The Progressive Corporation (PGR) is anticipated to show improvements in both revenue and earnings for Q2 2025, with revenue expected to reach $21.5 billion, reflecting a 17.9% increase year-over-year [1][9] - The earnings consensus estimate is $4.30 per share, indicating a significant year-over-year growth of 62.3%, with a recent upward revision of 9.4% in the last 30 days [2][9] Revenue and Earnings Estimates - The Zacks Consensus Estimate for PGR's second-quarter revenues is $21.5 billion, which represents a 17.9% growth from the previous year [1][9] - The consensus estimate for earnings per share is $4.30, with a year-over-year growth of 62.3% [2][9] Earnings Surprise History - Progressive has a history of beating earnings estimates, having surpassed the Zacks Consensus Estimates in three of the last four quarters, with an average surprise of 13.98% [3] Earnings Prediction Model - The earnings prediction model indicates a likely earnings beat for Progressive, supported by a positive Earnings ESP of +2.41% and a Zacks Rank of 3 (Hold) [4][5] Factors Influencing Q2 Results - Key factors expected to contribute to revenue growth include increased premiums, higher net investment income, and fees and service revenues [5][9] - The Zacks Consensus Estimate for net premiums earned is $20.2 billion, driven by a strong product portfolio and retention rates [6] Business Segment Performance - The personal auto business is projected to benefit from competitive offerings and a strong market presence, with the consensus estimate for personal auto policies in force at 25.7 million [7] - A larger invested asset base is expected to enhance net investment income, estimated at $861 million, along with pretax net realized gains on securities pegged at $103.3 million [8] Expense Considerations - Higher loss and loss-adjustment expenses, policy acquisition costs, and other underwriting expenses are anticipated to increase overall expenses, with the consensus mark for the loss and loss-adjustment expense ratio at 69 [10] - The combined ratio is expected to improve, with a consensus mark of 89, benefiting from fewer catastrophic events and prudent underwriting practices [10]

Core Insights - The iShares U.S. Insurance ETF (IAK) offers broad exposure to the Financials - Insurance segment, appealing to both retail and institutional investors due to its low costs, transparency, flexibility, and tax efficiency [1][2] Fund Overview - IAK is a passively managed ETF launched on May 1, 2006, with assets exceeding $779.12 million, positioning it as an average-sized ETF in its category [3] - The fund aims to replicate the performance of the Dow Jones U.S. Select Insurance Index, which includes companies providing specialized financial services [4] Cost Structure - The annual operating expenses for IAK are 0.39%, which is competitive within its peer group, and it has a 12-month trailing dividend yield of 1.85% [5] Sector Exposure and Holdings - IAK is fully allocated to the Financials sector, with Progressive Corp (PGR) making up approximately 16.98% of total assets, followed by Chubb Ltd (CB) and Travelers Companies Inc (TRV) [6] - The top 10 holdings constitute about 66.91% of total assets under management [7] Performance Metrics - As of July 14, 2025, IAK has gained approximately 2.35% year-to-date and 13.53% over the past year, with a trading range between $115.29 and $138.47 in the last 52 weeks [8] - The ETF has a beta of 0.66 and a standard deviation of 18.05% over the trailing three-year period, indicating a medium risk profile [8] Alternatives - IAK holds a Zacks ETF Rank of 3 (Hold), suggesting it is a viable option for investors seeking exposure to the Financials ETFs sector [9] - Other alternatives include Invesco KBW Property & Casualty Insurance ETF (KBWP) and SPDR S&P Insurance ETF (KIE), with respective assets of $471.58 million and $827.52 million [10]

Core Viewpoint - Progressive (PGR) is expected to report significant growth in earnings and revenues for the upcoming quarter, with analysts predicting earnings of $4.30 per share, a 62.3% increase year-over-year, and revenues of $21.52 billion, reflecting a 17.9% increase [1]. Earnings Projections - The consensus EPS estimate has been revised 1.1% higher in the last 30 days, indicating a collective reevaluation by analysts [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue and Key Metrics - Analysts forecast 'Service revenues' at $128.06 million, a year-over-year increase of 20.5% [5]. - 'Net premiums earned' are expected to be $20.19 billion, reflecting a 17.3% increase from the prior year [5]. - 'Investment income' is projected to reach $860.70 million, indicating a year-over-year change of 25.7% [5]. Expense and Combined Ratios - 'Net premiums earned - Commercial Lines' are estimated at $2.78 billion, a 4.3% year-over-year change [6]. - The 'Companywide Total - Expense ratio' is projected at 19.7%, up from 19.0% in the same quarter last year [6]. - The 'Companywide Total - Combined ratio' is expected to be 88.7%, compared to 91.9% a year ago [6]. Loss Ratios - The 'Companywide Total - Loss/LAE ratio' is forecasted to be 68.9%, down from 72.9% in the previous year [7]. - The 'Property Business - Combined ratio' is expected to reach 107.3%, significantly improved from 166.3% in the same quarter last year [7]. Business Segment Insights - The 'Commercial Lines Business - Combined ratio' is estimated at 89.9%, slightly higher than the year-ago figure of 88.6% [8]. - The 'Property Business - Loss/LAE ratio' is projected to be 78.3%, down from 137.4% a year ago [8]. - The 'Property Business - Expense ratio' is expected to be 29.0%, compared to 28.9% in the previous year [8]. Stock Performance - Over the past month, Progressive shares have declined by 7.1%, contrasting with the S&P 500 composite's increase of 4.1% [9].

Core Viewpoint - Progressive Corporation (PGR) is expected to report significant earnings growth for the second quarter, with analysts projecting earnings of $4.29 per share, up from $2.65 per share in the same period last year [1]. Financial Performance - The company is projected to report quarterly revenue of $20.36 billion, an increase from $17.9 billion a year earlier [1]. - In the first quarter, Progressive posted weaker-than-expected results [2]. Stock Performance and Analyst Ratings - Progressive shares fell 0.5% to close at $250.41 [3]. - Analyst ratings for PGR stock include: - Keefe, Bruyette & Woods maintained a Market Perform rating and raised the price target from $288 to $290 [8]. - UBS maintained a Neutral rating and cut the price target from $291 to $280 [8]. - Barclays maintained an Equal-Weight rating and reduced the price target from $297 to $287 [8]. - Wells Fargo maintained an Overweight rating and raised the price target from $328 to $333 [8]. - BMO Capital maintained an Outperform rating and increased the price target from $282 to $288 [8].