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On Wednesday, Raymond (NSE:RYMD) James analysts reiterated their Outperform rating for Progressive Corp. (NYSE:PGR) stock, maintaining a price target of $305.00. The decision reflects confidence in the company’s ability to sustain a favorable combined ratio over the next two years, positioning it for an industry-leading return on equity by 2027. According to InvestingPro data, 13 analysts have recently revised their earnings estimates upward, while the company maintains a "GREAT" financial health score of 3.56 out of 5.
Progressive’s stock has risen approximately 1% since the company reported its April 2025 results, which exceeded analysts’ expectations. Trading near its 52-week high of $292.99, the stock has delivered a remarkable 38% return over the past year. In April, the company saw a 17% year-over-year increase in its consolidated policies in force (PIF) count. This growth included a 23% rise in direct auto PIF, an 18% increase in agency auto PIF, and a 10% boost in property PIF.
The company reported an 11% year-over-year increase in Net Premiums Written (NPW) for April 2025, compared to a 2% increase in April 2024. Personal lines Direct NPW and Agency NPW grew by 20% and 18% year-over-year, respectively, while Property NPW rose 10% in the same period. Analysts estimate that Progressive could achieve a 13% consolidated NPW growth in the second quarter of 2025. The company’s overall revenue growth stands at 20.74% for the last twelve months.
Progressive’s consolidated combined ratio improved to 84.9% in April 2025 from 89.0% in April 2024. The underlying combined ratio also improved to 83.6% from 85.0% year-over-year. The company reported $118 million of favorable prior year development (PYD) in April 2025, compared to a $14 million adverse PYD in April 2024. Net investment income surged 29% year-over-year to $281 million, driven by higher new money yields and a larger invested asset base. For deeper insights into Progressive’s financial metrics and valuation, including exclusive ProTips and comprehensive analysis, visit InvestingPro, where you’ll find detailed research reports covering 1,400+ top US stocks.
In other recent news, The Progressive Corporation reported strong financial results for April 2025. Net premiums written increased by 11% to $6.837 billion, while net premiums earned rose by 19% to $6.641 billion compared to the previous year. The company’s net income more than doubled, reaching $986 million, marking a 134% increase. Progressive’s earnings per share (EPS) climbed to $1.68 from $0.72, reflecting the company’s robust performance. Additionally, Progressive’s Q1 2025 revenue exceeded expectations, totaling $22.21 billion against a forecast of $21.6 billion, although the EPS of $4.37 fell short of the anticipated $4.74.
In terms of corporate actions, Progressive’s Board of Directors renewed the authorization to repurchase up to 25 million common shares, indicating confidence in the company’s financial health. The board also declared a quarterly dividend of $0.10 per share. Analyst firm Keefe, Bruyette & Woods maintained a Market Perform rating for Progressive, with an upward revision of EPS estimates for 2025 and 2026. They noted potential short-term challenges related to core loss ratios and policy growth. These developments reflect Progressive’s continued strategic focus and adaptation to market conditions.
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