10 Best Insurance Stocks to Buy According to Hedge Funds

2. The Progressive Corporation (NYSE:PGR)

No. of Hedge Fund Holders: 100

The Progressive Corporation (NYSE:PGR) is an insurance holding company that offers different insurance products. It operates through various subsidiaries and affiliates, serving in three main segments, including Personal Lines, Commercial Lines, and Property.

On March 20, Meyer Shields from Keefe, Bruyette & Woods increased the price target for PGR from $294 to $300 per share, reiterating an Outperform rating on the shares. The analyst says that PGR’s earnings outperformance compared to their estimates for February led to an increased price outlook. Shields has also raised EPS estimates for 2025 and 2026 to $15.60 and $14.40, up from previous estimates of $15.55 and $14.35. The upgrade in earnings estimate for 2025 is mainly attributed to better-than-expected reserve releases.