10 Best Momentum Stocks to Buy According to Hedge Funds

5. Progressive Corp. (NYSE:PGR)

Number of Hedge Fund Holders: 95 

Progressive Corp. (NYSE:PGR) is one of the largest providers of auto insurance in the United States, offering a wide range of insurance products, including car, home, renters, and motorcycle insurance. The company is known for its innovative approach to pricing, using data-driven models to assess risk and offer competitive rates.

Progressive Corp. (NYSE:PGR) is addressing a significant data breach settlement, agreeing to a $3.25 million payout for customers affected by a breach that occurred between 2021 and 2023. This settlement, expected to provide impacted individuals up to $5,000, is scheduled for final approval later in February 2025.

For Q4 2024, Progressive Corp. (NYSE:PGR) saw good growth with net income rising 5% to $942 million and a 19% increase in quarterly net income, fueled by a 20% jump in net premiums written, reaching $18.1 billion. Additionally, the company saw continued expansion in policies, with a notable 18% year-over-year increase in policies in force, signaling strong customer growth across both personal and commercial insurance segments.