Barclays Maintains Price Target as Progressive Surpasses Profit Expectations

The Progressive Corporation (NYSE:PGR) ranks among the best set-it-and-forget-it stocks to buy. Barclays maintained its Equalweight rating and $297 price target on The Progressive Corporation (NYSE:PGR) on June 18, with the company reporting May net EPS of $1.81, far higher than Barclays’ $1.22 expectation.

Barclays Maintains Price Target as Progressive Surpasses Profit Expectations

The earnings beat came from expense discipline, with a company-wide expense ratio of 18.8% compared to the expected 20.9%, while strong underwriting results yielded a loss ratio of 68.2% versus the projected 69.8%.

Although disaster losses were estimated at $275 million, slightly higher than the $233 million expectation, The Progressive Corporation (NYSE:PGR) also benefited from $91 million in positive prior-year development. At 84.2%, the company’s underlying combined ratio was 310 basis points below forecasts.

One of the leading insurance holding companies in the United States, The Progressive Corporation (NYSE:PGR) offers residential property insurance in addition to commercial and personal auto insurance.

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Read More: 10 Best Magic Formula Stocks for 2025 and 10 Best Retirement Stocks to Buy According to Hedge Funds

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