BMO Capital Maintains a Hold Rating on The Progressive Corporation (PGR)

​The Progressive Corporation (NYSE:PGR) is one of the Most Undervalued High Quality Stocks to Buy Now. On May 5, Michael Zaremski from BMO Capital reiterated a Hold rating on the shares and raised the price target from $199.31 to $221. On the same day, Evercore ISI reiterated a Hold rating on shares with a price target of $230.

​One month ago, on April 15, the company released its fiscal Q1 2026 earnings. During the quarter, the company posted $23.64 billion in revenue, up 6.46% year-over-year and ahead of expectations by $437.20 million. While the GAAP EPS of $4.80 missed the consensus by $0.05, the normalized EPS topped estimates by $0.08.

​According to The Progressive Corporation (NYSE:PGR)’s March 2026 financial results, the net premiums written for the quarter came in at $23.641 billion, reflecting 6% year-over-year increase. Moreover, the net premium written for the month grew 10% compared to the same month last year. Net income also grew 10% for the quarter and 36% for the month year-over-year.

​Analysts at BMO Capital noted that they expect productivity benefits to materialize over the next two years. The firm expects these gains to prevent the company’s combined ratio from deteriorating to the extent it has in previous soft-cycles.

​The Progressive Corporation (NYSE:PGR) is an insurance holding company that provides residential property insurance, personal and commercial auto insurance, and other specialty property-casualty insurance and related services.

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