11 Best Feminist Stocks To Invest In

3. The Progressive Corporation (NYSE:PGR)

Number of Hedge Fund Shareholders In Q1 2024: 85

CEO: Susan Patricia Griffith

The Progressive Corporation (NYSE:PGR) is a diversified insurance company that offers property, auto, casualty, and other insurance products. The firm has been performing well on the financial front lately since it has beaten adjusted analyst EPS estimates in three out of its four latest quarters. BMO joined the chorus of optimism surrounding The Progressive Corporation (NYSE:PGR)’s shares in May 2024 when it raised the share price target to $235 from $234 and kept an Outperform rating on the shares. The firm shared that it expects a strong auto insurance market in the future where specialty firms stand to benefit. This report, which came courtesy of Boyd Group, also suggested similar potential strength for the home insurance market – another segment where The Progressive Corporation (NYSE:PGR) is present.

The Progressive Corporation (NYSE:PGR)’s forward price to earnings ratio is 20, which is roughly in line with the S&P’s 21. This indicates that investors expect the stock to grow in line with the broader index. Madison Investments mentioned the firm in its Q1 2024 investor letter. Here is what the firm said:

Two of our insurers, Arch Capital and Progressive, were also large contributors during the quarter. While they participate in different areas of the insurance market, with Arch generally focused on commercial lines and Progressive on personal lines, they both are benefiting from attractive market conditions, which has boosted underwriting profits. Also, investment income should continue to rise as they roll over the fixed income portfolios at more favorable coupon rates.