Core Insights - Progressive reported quarterly earnings of $4.05 per share, missing the Zacks Consensus Estimate of $5.08 per share, representing an earnings surprise of -20.28% [1] - The company posted revenues of $22.22 billion for the quarter, missing the Zacks Consensus Estimate by 0.57%, compared to $19.43 billion in the same quarter last year [2] - Progressive shares have increased by approximately 0.3% year-to-date, underperforming the S&P 500's gain of 13% [3] Earnings Performance - Over the last four quarters, Progressive has surpassed consensus EPS estimates two times [2] - The current consensus EPS estimate for the upcoming quarter is $4.16, with expected revenues of $22.56 billion, and for the current fiscal year, the estimate is $18.62 on revenues of $87.14 billion [7] Market Outlook - The company's earnings outlook is crucial for investors, as it reflects current consensus expectations and any recent changes [4] - The Zacks Rank for Progressive is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6] - The Insurance - Property and Casualty industry is ranked in the top 19% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] Competitor Insights - Donegal Group, another company in the same industry, is expected to report quarterly earnings of $0.37 per share, reflecting a year-over-year decline of -19.6% [9] - Donegal Group's anticipated revenues are $243.9 million, down 2.4% from the previous year [10]

Core Viewpoint - Progressive reported weaker-than-expected earnings for the third quarter, primarily due to a policy change in Florida [1] Group 1: Earnings Performance - The company's earnings fell short of analysts' expectations for the third quarter [1] - The policy change in Florida significantly impacted the company's financial results [1] Group 2: Policy Impact - The recent policy change in Florida is a key factor contributing to the decline in earnings [1]

```markdown [Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) [Monthly & Quarterly Financial Performance](index=1&type=section&id=Monthly%20%26%20Quarterly%20Financial%20Performance) The Progressive Corporation reported mixed financial results for September and the quarter ended September 30, 2025. While net premiums written and earned showed growth, net income for September significantly decreased compared to the prior year, though year-to-date net income increased September and Quarter Ended September 30, 2025 vs. 2024 Financial Highlights (millions) | Metric | September 2025 | September 2024 | September Change | Quarter 2025 | Quarter 2024 | Quarter Change | | :----------------------------------- | :------------- | :------------- | :--------------- | :----------- | :----------- | :------------- | | Net premiums written | $7,128 | $6,570 | 8 % | $21,384 | $19,455 | 10 % | | Net premiums earned | $6,827 | $6,263 | 9 % | $20,849 | $18,297 | 14 % | | Net income | $305 | $585 | (48) % | $2,615 | $2,334 | 12 % | | Per share available to common shareholders | $0.52 | $0.99 | (48) % | $4.45 | $3.97 | 12 % | | Combined ratio | 100.4 | 93.4 | 7.0 pts. | 89.5 | 89.0 | 0.5 pts. | [Policies in Force Overview](index=1&type=section&id=Policies%20in%20Force%20Overview) As of September 30, 2025, the company experienced a 12% increase in companywide policies in force compared to the prior year, driven primarily by strong growth in Personal Lines, particularly Direct – auto and Agency – auto Policies in Force as of September 30 (thousands) | Category | 2025 | 2024 | % Change | | :------------------ | :----- | :----- | :------- | | Personal Lines | | | | | Agency – auto | 10,630 | 9,415 | 13 | | Direct – auto | 15,619 | 13,388 | 17 | | Special lines | 6,980 | 6,475 | 8 | | Property | 3,651 | 3,460 | 6 | | Total Personal Lines | 36,880 | 32,738 | 13 | | Commercial Lines | 1,198 | 1,131 | 6 | | Companywide | 38,078 | 33,869 | 12 | [Detailed Financial Statements](index=2&type=section&id=Detailed%20Financial%20Statements) [Monthly Comprehensive Income Statement](index=2&type=section&id=Monthly%20Comprehensive%20Income%20Statement) For the month ended September 30, 2025, Progressive reported total revenues of $7,421 million, primarily driven by net premiums earned. Net income for the month was $305 million, with losses and loss adjustment expenses being the largest expense category Comprehensive Income Statement for the Month Ended September 30, 2025 (millions) | Category | Amount | | :---------------------------------- | :----- | | Net premiums written | $7,128 | | **Revenues:** | | | Net premiums earned | $6,827 | | Investment income | $311 | | Total net realized gains (losses) on securities | $138 | | Total revenues | $7,421 | | **Expenses:** | | | Losses and loss adjustment expenses | $4,492 | | Policy acquisition costs | $509 | | Other underwriting expenses | $1,005 | | Policyholder credit expense | $950 | | Total expenses | $7,029 | | Income before income taxes | $392 | | Net income | $305 | | Total comprehensive income (loss) | $273 | [Year-to-Date Comprehensive Income Statement](index=3&type=section&id=Year-to-Date%20Comprehensive%20Income%20Statement) Year-to-date through September 30, 2025, total revenues reached $64,925 million, a significant increase from $55,096 million in 2024. Net income for the period was $8,357 million, up from $6,124 million in the prior year, reflecting strong overall performance Comprehensive Income Statement for Year-to-Date Periods Ended September 30 (millions) | Category | 2025 | 2024 | | :---------------------------------- | :----- | :----- | | Net premiums written | $63,666 | $56,319 | | **Revenues:** | | | | Net premiums earned | $60,568 | $51,655 | | Investment income | $2,609 | $2,042 | | Total net realized gains (losses) on securities | $470 | $317 | | Total revenues | $64,925 | $55,096 | | **Expenses:** | | | | Losses and loss adjustment expenses | $39,854 | $36,077 | | Policy acquisition costs | $4,522 | $3,930 | | Other underwriting expenses | $8,423 | $6,781 | | Policyholder credit expense | $950 | $0 | | Total expenses | $54,384 | $47,350 | | Income before income taxes | $10,541 | $7,746 | | Net income | $8,357 | $6,124 | | Total comprehensive income (loss) | $9,969 | $7,585 | [Per Share & Investment Results](index=4&type=section&id=Per%20Share%20%26%20Investment%20Results) [Net Income & Comprehensive Income Per Share](index=4&type=section&id=Net%20Income%20%26%20Comprehensive%20Income%20Per%20Share) Diluted EPS for September 2025 was $0.52, a 48% decrease from September 2024. However, year-to-date diluted EPS significantly increased to $14.21 from $10.39 in 2024, reflecting improved overall profitability over the longer period Per Common Share Results (millions, except per share amounts) | Metric | September 2025 | Year-to-Date 2025 | Year-to-Date 2024 | | :------------------------------------------ | :------------- | :---------------- | :---------------- | | Net income available to common shareholders | $305 | $8,357 | $6,107 | | Per common share (Diluted) | $0.52 | $14.21 | $10.39 | | Comprehensive income (loss) attributable to common shareholders | $273 | $9,969 | $7,568 | | Per common share (Diluted) | $0.46 | $16.95 | $12.88 | | Total average equivalent common shares - Diluted | 588.2 | 588.1 | 587.7 | [Investment Performance](index=4&type=section&id=Investment%20Performance) The total investment portfolio achieved a 0.4% fully taxable equivalent (FTE) total return for September 2025 and 6.1% year-to-date. Common stocks showed strong monthly returns, while fixed-income securities contributed significantly to year-to-date returns Investment Results | Metric | September 2025 | Year-to-Date 2025 | Year-to-Date 2024 | | :-------------------------------- | :------------- | :---------------- | :---------------- | | **Fully taxable equivalent (FTE) total return:** | | | | | Fixed-income securities | 0.3% | 5.8% | 5.1% | | Common stocks | 3.6% | 13.8% | 20.3% | | Total portfolio | 0.4% | 6.1% | 5.7% | | Pretax annualized investment income book yield | 4.2% | 4.2% | 3.8% | [Supplemental Business Segment Information](index=5&type=section&id=Supplemental%20Business%20Segment%20Information) [Monthly Segment Performance](index=5&type=section&id=Monthly%20Segment%20Performance) For September 2025, Personal Lines showed strong growth in net premiums written (11%) and earned (11%), while Commercial Lines experienced a decrease in NPW (-7%) and NPE (-4%). The companywide combined ratio was 100.4, with Personal Lines vehicles showing ratios above 100, partly due to Florida policyholder credits Monthly Net Premiums Written & Earned by Segment (millions) | Segment | Net Premiums Written | % Growth in NPW | Net Premiums Earned | % Growth in NPE | | :-------------------- | :------------------- | :-------------- | :------------------ | :-------------- | | Personal Lines Total | $6,374 | 11% | $5,939 | 11% | | Commercial Lines | $753 | (7)% | $888 | (4)% | | Companywide Total | $7,128 | 8% | $6,827 | 9% | Monthly GAAP Ratios by Segment | Segment | Loss/LAE ratio | Expense ratio | Combined ratio | | :-------------------- | :------------- | :------------ | :------------- | | Personal Lines Vehicles Agency | 66.0 | 36.5 | 102.5 | | Personal Lines Vehicles Direct | 68.1 | 37.0 | 105.1 | | Personal Lines Property | 40.8 | 28.7 | 69.5 | | Personal Lines Total | 66.1 | 36.4 | 102.5 | | Commercial Lines | 63.6 | 23.0 | 86.6 | | Companywide Total | 65.7 | 34.7 | 100.4 | - The decrease in **Commercial Lines net premiums written** was primarily attributable to the **transportation network company (TNC) business**, driven by a **decrease in the monthly adjustment for projected mileage**[10](index=10&type=chunk) - **Florida policyholder credits** accounted for **17.8 points** in **Personal Lines vehicles agency channel** and **15.9 points** in the **Personal Lines vehicles direct channel**, significantly impacting their **expense and combined ratios**[10](index=10&type=chunk) [Year-to-Date Segment Performance](index=6&type=section&id=Year-to-Date%20Segment%20Performance) Year-to-date, Personal Lines demonstrated robust growth with a 16% increase in NPW and 20% in NPE. Commercial Lines NPW slightly decreased (-1%) but NPE grew by 3%. The companywide combined ratio improved to 87.3, indicating better underwriting profitability Year-to-Date Net Premiums Written & Earned by Segment (millions) | Segment | Net Premiums Written | % Growth in NPW | Net Premiums Earned | % Growth in NPE | | :-------------------- | :------------------- | :-------------- | :------------------ | :-------------- | | Personal Lines Total | $55,134 | 16% | $52,343 | 20% | | Commercial Lines | $8,530 | (1)% | $8,224 | 3% | | Companywide Total | $63,666 | 13% | $60,568 | 17% | Year-to-Date GAAP Ratios by Segment | Segment | Loss/LAE ratio | Expense ratio | Combined ratio | | :-------------------- | :------------- | :------------ | :------------- | | Personal Lines Vehicles Agency | 64.7 | 20.3 | 85.0 | | Personal Lines Vehicles Direct | 67.3 | 22.3 | 89.6 | | Personal Lines Property | 48.8 | 29.2 | 78.0 | | Personal Lines Total | 65.3 | 21.8 | 87.1 | | Commercial Lines | 67.3 | 20.5 | 87.8 | | Companywide Total | 65.7 | 21.6 | 87.3 | [Financial Position & Commentary](index=7&type=section&id=Financial%20Position%20%26%20Commentary) [Condensed GAAP Balance Sheet](index=7&type=section&id=Condensed%20GAAP%20Balance%20Sheet) As of September 30, 2025, total assets were $121,535 million, with total investments at $94,509 million. Shareholders' equity stood at $35,445 million, and the debt-to-total capital ratio was 16.3%, indicating a stable financial structure Condensed GAAP Balance Sheet as of September 30, 2025 (millions) | Category | Amount | | :------------------------------------------ | :------- | | Total investments | $94,509 | | Total assets | $121,535 | | Unearned premiums | $26,822 | | Loss and loss adjustment expense reserves | $42,105 | | Other liabilities | $10,267 | | Debt | $6,896 | | Total liabilities | $86,090 | | Shareholders' equity | $35,445 | | Total liabilities and shareholders' equity | $121,535 | | Book value per common share | $60.45 | | Trailing 12-month return on average common shareholders' equity (Net income) | 35.9 % | | Trailing 12-month return on average common shareholders' equity (Comprehensive income) | 37.1 % | | Debt-to-total capital ratio | 16.3 % | [Monthly Commentary (Florida Policyholder Credits)](index=8&type=section&id=Monthly%20Commentary) Progressive recorded a $950 million policyholder credit expense in September 2025, representing an estimate of profit exceeding the statutory limit for Florida personal auto insurance for the 2023-2025 period. Credits are expected to be provided to active policyholders by early 2026 - Progressive recorded a **$950 million policyholder credit expense** in **September 2025**, representing its current estimate of profit exceeding **Florida's statutory profit limit** for **personal auto insurance** over the **2023-2025 period**[15](index=15&type=chunk) - The estimated liability will be refined through **Q4 2025** and **Q1 2026**, considering factors like **storm activity** and **reserve development**[15](index=15&type=chunk) - Credits are expected to be provided in **early 2026** to approximately **2.7 million Florida personal auto policyholders** active at **December 31, 2025**[15](index=15&type=chunk) [Corporate Information & Disclosures](index=8&type=section&id=Corporate%20Information%20%26%20Disclosures) [Upcoming Events](index=8&type=section&id=Upcoming%20Events) Progressive has scheduled its third-quarter Investor Relations conference call for November 4, 2025, and plans to file its Form 10-Q on November 3, 2025. October results are expected to be released on November 19, 2025 - **Third quarter Investor Relations conference call** scheduled for **Tuesday, November 4, 2025**, at **9:30 a.m. eastern time**[16](index=16&type=chunk) - **Quarterly Report on Form 10-Q** with the SEC planned for filing on **Monday, November 3, 2025**[16](index=16&type=chunk) - **October results** planned for release on **Wednesday, November 19, 2025**, before the market opens[17](index=17&type=chunk) [About The Progressive Corporation](index=8&type=section&id=About%20Progressive) Progressive is a leading US insurer offering personal and commercial auto, home, motorcycle, boat, and RV insurance. Founded in 1937, it is the second-largest personal auto insurer and known for innovative shopping tools and customer convenience - Progressive offers insurance for **personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes**[18](index=18&type=chunk) - The company is the **second-largest personal auto insurer** in the country and a **leading seller of commercial auto, motorcycle, and boat insurance**[18](index=18&type=chunk) - **Founded in 1937**, Progressive provides shopping tools and services like **Name Your Price®**, **Snapshot®**, and **HomeQuote Explorer®** to save customers time and money[19](index=19&type=chunk) [Regulation FD & Safe Harbor Statement](index=9&type=section&id=Regulation%20FD%20Disclosure%20Outlets) The company uses its website and investor relations website for public dissemination of material information in compliance with Regulation FD. The report also includes a Safe Harbor Statement, cautioning investors about forward-looking statements and outlining various risks and uncertainties that could affect actual results - Progressive disseminates information to the public through its **corporate website (progressive.com)** and **investor relations website (investors.progressive.com)** to ensure broad, non-exclusionary distribution of material information in compliance with **Regulation FD**[20](index=20&type=chunk) - The report contains **forward-looking statements** that are not guarantees of future performance and are subject to **risks and uncertainties**, including the ability to **underwrite accurately**, establish **loss reserves**, and manage **severe weather impacts**[22](index=22&type=chunk)[25](index=25&type=chunk) - Investors are cautioned that reported results may be **volatile** in certain accounting periods due to the **timing of establishing reserves** for risks and adjustments from **regular reserve reviews**[24](index=24&type=chunk) ```

Core Insights - Progressive Corporation reported a significant increase in policies in force across personal and commercial lines, indicating strong growth in its insurance business [1][4]. Group 1: Financial Performance - For the month ended September 30, 2025, net premiums written reached $7,128 million, an 8% increase from $6,570 million in 2024 [4]. - Net premiums earned for the same month were $6,827 million, up 9% from $6,263 million in 2024 [4]. - The company reported a net income of $305 million, a decrease of 48% compared to $585 million in 2024 [4]. - Earnings per share available to common shareholders fell to $0.52, down 48% from $0.99 in the previous year [4]. - The combined ratio for the month was 100.4, an increase of 7.0 points from 93.4 in 2024, indicating a decline in underwriting profitability [4]. Group 2: Policies in Force - Total personal lines policies in force increased to 36,880 thousand, a 13% rise from 32,738 thousand in 2024 [1]. - Agency auto policies grew by 13% to 10,630 thousand, while direct auto policies saw a 17% increase to 15,619 thousand [1]. - Special lines and property policies also experienced growth, with increases of 8% and 6%, respectively [1]. - Commercial lines policies in force rose by 6% to 1,198 thousand [1].

Core Insights - The Progressive Corporation (PGR) is anticipated to show growth in both revenue and earnings for Q3 2025, with revenues expected to reach $22.3 billion, reflecting a 14.9% increase year-over-year [1][6] - The earnings per share (EPS) estimate stands at $5.00, indicating a year-over-year growth of 39.7% [2][6] Revenue and Earnings Estimates - The Zacks Consensus Estimate for Q3 revenues is $22.3 billion, up 14.9% from the previous year [1][6] - The earnings estimate for Q3 is $5.00 per share, which has increased by two cents in the past week [2] - The consensus estimate for net premiums earned is $21.1 billion, representing a 15.3% increase from the year-ago figure [8] Earnings Surprise History - Progressive has beaten the Zacks Consensus Estimates in three of the last four quarters, with an average surprise of 8.23% [4] - The earnings surprise history shows a reported EPS of $4.88 for the last quarter, exceeding the estimate by 10.16% [4] Factors Influencing Q3 Results - An increase in premiums, higher net investment income, and fees and service revenues are expected to positively impact revenues [7] - The personal auto business is projected to benefit from increased advertising, competitively priced products, and agency incentive programs [9] - The consensus estimate for net investment income is $914 million, up 23.5% year-over-year [10] Expense and Underwriting Insights - The consensus mark for the expense ratio is pegged at 29.8, indicating increased expenses due to higher loss and loss-adjustment expenses [11] - The combined ratio is expected to improve, with a consensus mark of 77, benefiting from prudent underwriting and the absence of catastrophic events [11]

Core Viewpoint - The Progressive (PGR) is highlighted as a strong investment opportunity with a Zacks Rank of 1 (Strong Buy) and a 6.2% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [1]. Company Summary - The Progressive is a leading independent insurance company specializing in private passenger auto coverage and motorcycle insurance since 1998 [1]. - The company has a price-to-earnings ratio (P/E) of 13.05, which is lower than the industry average of 13.50, indicating strong value characteristics [2]. - Progressive holds a Value Score of B, suggesting it is considered a good value investment [2].

Corporate Leadership Trends - The shift towards more women in top executive roles is transforming corporate cultures and enhancing business performance across various sectors, including technology and healthcare [2] - Women-led firms are setting new benchmarks for strategic growth and operational excellence, often outperforming their industry peers [2] Case Studies of Women Leaders - Julie Sweet, CEO of Accenture, has driven the firm's focus on cloud, digital, and AI, emphasizing inclusion and transparent communication, which has helped sustain growth [3] - Maria Black, CEO of Automatic Data Processing, leverages her extensive experience to guide the company towards a more insight-driven and human-centric future [3] Women Entrepreneurs and Business Growth - The number of women-owned firms grew 44% faster than male-owned businesses from 2019 to 2024, with 56% of women entrepreneurs reporting higher revenues in 2025 compared to 2024 [4] - Many women entrepreneurs are accessing growth capital, with 20% utilizing debt and 32% equity funding in the past year [4] Funding Challenges for Women Entrepreneurs - Women-led startups receive only about 2% of venture capital funding in the U.S. and Europe, partly due to biases in the investment community [5] Investment Opportunities in Women-Led Companies - Companies like Phillips 66, Progressive Corporation, Macy's, and General Dynamics exemplify strong leadership and strategic vision, making them attractive investment opportunities [7] Phillips 66 Performance - In Q2 2025, Phillips 66 reported a net income of $877 million and adjusted earnings of $973 million, with a return of $906 million to shareholders through dividends and buybacks [10][11] Progressive Corporation Performance - Under Tricia Griffith's leadership, Progressive's net premiums written increased to $20 billion in Q2 2025, up 12% from the previous year, with an EPS of $4.88, reflecting strong operational discipline [14][15] Macy's Performance - Macy's reported net sales of $4.8 billion in Q2 2025, with adjusted EPS of 41 cents, and comparable sales rose 0.8% on an owned basis [18] General Dynamics Performance - General Dynamics posted revenues of $13 billion in Q2 2025, up 8.9% year over year, with a record backlog of $103.7 billion, indicating strong long-term earnings visibility [21][22]

Core Insights - The Progressive Corporation (NYSE:PGR) is recognized as one of the safest stocks to invest in, driven by significant hedge fund interest and strong return on equity [1] Financial Performance - Keefe, Bruyette & Woods raised the price target for PGR from $268 to $270 while maintaining a Market Perform rating, following an earnings beat in August 2025 [2] - Updated EPS projections for PGR are $18.15 for 2025, $15.40 for 2026, and $16.40 for 2027 [2] - PGR reported a 30% year-over-year increase in net income, reaching $1.22 billion in August, supported by an 11% increase in net premiums written and an 18% increase in net premiums earned [3] Operational Factors - Reduced catastrophe losses and increased net investment income are key drivers of PGR's performance, although these are somewhat offset by slower premium growth and rising costs [3] - Long-term fundamentals for PGR remain strong, but the company faces pressure from moderate competition and potential rate hikes that could impact policy growth [3] Company Overview - The Progressive Corporation operates as a holding company for insurance, providing specialty property-casualty insurance services, personal and commercial vehicle insurance, and residential property insurance across the United States [4]

Market Overview - The stock market experienced a pullback, with the Dow down approximately 136 points, the S&P 500 down about 0.4%, and the NASDAQ down about 0.6% [1][2][3] - The Russell 2000 index led the decline with an outside move of over 1% to the downside [3] - Volatility increased, with the VIX rising to 17.4%, a level not seen in several months [4] Bond Market - Investors are buying bonds, leading to a decrease in yields; the 10-year yield fell by four basis points to 4.12%, while the 30-year yield decreased by three basis points to 4.72% [5] Sector Performance - Defensive sectors such as consumer staples and utilities showed gains, with consumer staples (XLP) up about 0.67% and utilities up about 0.33% [6] - Consumer discretionary, tech, and industrials led the declines, with tech stocks underperforming after strong performances from AMD and chip stocks previously [7] AI and Tech Landscape - The NASDAQ's recent performance was bolstered by a multi-billion dollar deal between AMD and OpenAI, although Oracle reported a significant loss in Nvidia chip rentals, raising concerns about the AI market [9][25] - Analysts expressed skepticism about an AI bubble, noting that while some companies may be overvalued, major players like Broadcom and TSMC have strong fundamentals [12][13] Tesla's New Initiatives - Tesla announced the launch of cheaper EV models, including a stripped-down Model Y priced under $40,000 and a Model 3 standard under $37,000, aimed at boosting sales amid concerns over Q4 performance [42][44] Federal Reserve Insights - Federal Reserve officials are divided on interest rate cuts, with some advocating for more aggressive cuts due to inflation concerns, while others believe current rates are appropriate [47][51] - Fed Governor Steven Myin suggested that the neutral rate has decreased, making monetary policy more restrictive than in previous quarters [48] Netflix Stock Performance - Netflix received an upgrade from Seapport, citing continued market share gains and strong advertising growth projections, with an expected annualized growth rate of 48% over the next five years [60][62] IBM's Strategic Moves - IBM announced a partnership with Anthropic to integrate AI technology into its software, highlighting the importance of partnerships in the current tech landscape [68][70]

Group 1 - Middle Coast Investing's third-quarter 2025 investor letter indicates a favorable performance, with its collective portfolio outperforming the S&P 500, returning 9.6% compared to the S&P 500's 7.8% [1] - The Core U.S. portfolios returned 10%, while the Russell 2000 returned 12%, the S&P 600 returned 8.7%, and the Nasdaq generated 11.2% during the same period [1] - European Portfolios appreciated by 5.5% in Q3 2025 [1] Group 2 - The Progressive Corporation (NYSE:PGR) is highlighted as a stock of interest, with a one-month return of -1.02% and a 52-week loss of 0.85% [2] - As of October 3, 2025, The Progressive Corporation's stock closed at $245.70 per share, with a market capitalization of $144.03 billion [2] - The Progressive Corporation is noted as the least concerning performance detractor for Middle Coast Investing, being the second biggest loser for two consecutive quarters, yet remaining just above flat for the year [3] Group 3 - The Progressive Corporation ranks 30th among the 30 Most Popular Stocks Among Hedge Funds, with 99 hedge fund portfolios holding its stock at the end of Q2 2025, up from 91 in the previous quarter [4] - While The Progressive Corporation is acknowledged for its investment potential, certain AI stocks are believed to offer greater upside potential and less downside risk [4]