10 Best Breakout Stocks To Invest In Right Now

3. The Progressive Corporation (NYSE:PGR)

Number of Hedge Fund Holders: 89

The Progressive Corporation (NYSE:PGR) is an insurance holding company that provides personal and commercial auto insurance as well as residential property insurance. In late 2022, it became the largest motor insurance carrier in the U.S.

In its Q2 2024 financial report, The Progressive Corporation (NYSE:PGR) surpassed analysts’ expectations for adjusted earnings per share, reporting $2.48, which is $0.45 above the anticipated $2.03. However, the company slightly fell short of revenue estimates, generating $17.21 billion compared to the expected $17.54 billion.

BofA Securities maintained a Buy rating on Progressive’s shares following a notably strong operational month. Meanwhile, Keefe, Bruyette & Woods revised its outlook, raising the stock’s price target to $280 from $275. Their analysis indicates that Progressive’s financial performance and growth prospects remain favorable despite potential challenges.

By the end of Q2 2024, 89 hedge funds tracked by Insider Monkey held positions in The Progressive Corporation (NYSE:PGR), with Viking Global, led by Andreas Halvorsen, as the largest shareholder, holding a stake valued at $832.2 million.

Parnassus Investments, an investment management company, released first quarter 2024 investor letter and mentioned The Progressive Corporation (NYSE:PGR). Here is what the fund said:

“The Progressive Corporation (NYSE:PGR) shares appreciated as investors reacted well to the insurer’s latest financials, including higher-than-expected-growth in net premiums. The company’s consistently profitable underwriting, scale advantages and strong execution are becoming more evident to investors as it continues to gain market shares.”