Progressive Corporation (The)NYSE: PGR
Financials · Property & Casualty Insurance
$203.88
-0.26%
Vol: 3.1M
Research Digest
Friday, June 19, 2026
No significant overnight updates
No material news in the last 48 hours.
Previous Market Intelligence
13 daysJun 18Progressive reports 36% net income surge to $1.45 billion in May 2026 and announces Personal Lines leader retirement as BofA raises price target to $331.Positive▶
Progressive Corporation reported May 2026 financial results on June 17: net income rose 36% to $1.445 billion ($2.47 per share), net premiums written grew 6% to $7.03 billion, net premiums earned rose 10% to $7.36 billion, and the combined ratio improved 4.8 points to 82.1. Policies in force grew 8% to ~40 million. Simultaneously, the company announced that Personal Lines President Patrick Callahan will retire in January 2027, with CRM President Lori Niederst becoming Chief Personal Lines Officer and Heather Day stepping into the CRM President role as of July 4, 2026. BofA analyst Joshua Shanker raised the price target to $331 from $320 on June 2, maintaining Buy. Progressive recently surpassed State Farm as the largest U.S. private auto insurer on a trailing-12-month basis. The leadership transition in the core personal lines business is the primary short-term risk.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Progressive reports April 2026 net income up 10% to $1.087B with policies in force growing 8% to 39.77MMixed▶
On May 20, 2026, Progressive released April 2026 monthly results showing net premiums written of $7.278 billion (up 6% YoY) and net premiums earned of $7.112 billion (up 7%). Net income reached $1.087 billion (up 10%) with diluted EPS of $1.86 (up 11%). Total policies in force grew 8% to 39.77 million, including 11% growth in Direct auto. However, the combined ratio worsened by 5.3 points to 90.2, signaling higher claims costs. The data reinforces continued share gains in personal auto despite margin pressure.
May 20Progressive overtakes State Farm to become largest U.S. private auto insurer, ending 84-year reignPositive▶
S&P Global Market Intelligence data published in mid-May shows Progressive surpassed State Farm to become the largest U.S. private passenger auto insurer, ending State Farm's 84-year reign at the top (since 1942). Progressive's Q1 2026 private auto direct premiums written of $18.1B exceeded State Farm's $17.1B, the first single-quarter overtake. The milestone caps a period of aggressive rate-led growth, though analysts warn premium growth and policyholder gains may slow as competitor rate hikes taper. Progressive also named a new CFO May 12 and was ranked No. 1 on Forbes' America's Best Employers for Company Culture 2026. Shares trade near $196 in a 52-week range of $191.75-$289.96; 14-analyst consensus Buy with PT ~$237.
May 19Progressive shares climb on Q1 earnings beat, new CFO appointment, and renewed 25M share buybackPositive▶
Progressive reported Q1 2026 EPS of $4.80, beating estimates by $0.13, with revenue up 6.5% YoY to $20.97 billion. The board appointed a new CFO and renewed authorization to repurchase up to 25 million shares, while also declaring a $0.10 per share quarterly dividend payable July 10. CEO Tricia Griffith and CFO John Sauerland hosted an Investor Relations Q&A call on May 5. Shares reached a daily high of $202.66 on May 16 amid positive reaction to the capital return measures. Analyst consensus is Hold with a 12-month mean price target of $230.81, implying meaningful upside. Sentiment is positive driven by capital return commitments and solid underwriting trends.
May 18Progressive names Andrew Quigg as new CFO; renews 25M share buyback and declares $0.10 dividend after Q1 EPS beat.Positive▶
In May 2026, Progressive Corp's board approved significant capital return measures, including the appointment of Andrew J. Quigg as the next chief financial officer. The board renewed a 25 million share buyback program and declared a $0.10 dividend payable July 10. Q1 2026 EPS came in at $4.80, beating estimates by $0.13, with revenue up 6.5% year-over-year. Progressive hosted its Investor Relations conference call on Tuesday, May 5 at 9:30 a.m. ET, featuring CEO Tricia Griffith and outgoing CFO John Sauerland. PGR shares rose 1.38% to close at $196.67 on May 11 amid recent capital return updates. The stock is trading at $195.96 as of May 14, with a 52-week range of $191.75-$289.96.
May 15Progressive named Andrew Quigg as CFO effective July 4, renewed 25M-share buyback authorization, and declared a $0.10 quarterly dividend.Mixed▶
Progressive announced on May 12, 2026 that Andrew J. Quigg will succeed retiring CFO John P. Sauerland effective July 4, 2026. The board renewed authorization to repurchase up to 25 million common shares and declared a quarterly dividend of $0.10 per share payable July 10. The CFO transition combined with capital return reaffirmation signals continuity. Q1 EPS of $4.80 beat estimates by $0.13 on revenue up 6.5% YoY. However, the stock has slid to ~$196, near a 52-week low, with a 1-year total shareholder return down ~25% amid earnings pressure and valuation concerns.
May 14Progressive shares slide near 52-week low on slowing premium growth concerns despite Q1 revenue beatNegative▶
Progressive shares have slipped to the lower end of their 52-week range, trading near $192 in early May 2026 after roughly a 32% decline over the past year. Q1 2026 revenue of $23.64 billion beat the $23.28 billion forecast, but EPS of $4.80 came in just below the $4.83 consensus. The company's personal auto market share rose to 18.6%, gaining 3.4 percentage points over two years. A CFO transition was announced on May 7, with longtime CFO John Sauerland set to retire in July 2026 and Chief Strategy Officer Andrew Quigg slated to succeed him. The Q1 investor call took place May 5. The bear case centers on anticipated slowing premium growth, rising core loss ratio, and decelerating policyholder growth.
May 13Progressive Q1 2026 revenue of $23.64B was up 6.46% YoY but EPS slightly missed; analyst consensus is Buy with $238.39 price target and shares near $200 on May 13.Mixed▶
Progressive Corporation reported Q1 2026 revenue of $23.64B, up 6.46% YoY, but slightly missed EPS estimates. On May 13, 2026, PGR shares traded between $195.74 and $200.35. The Q1 investor call was held May 5, 2026 at 9:30 a.m. ET with Q&A featuring CEO Tricia Griffith and CFO John Sauerland. According to 14 analysts, Progressive has a Buy consensus rating as of May 6, 2026: 21% Strong Buy, 21% Buy, 50% Hold, 7% Sell. The 12-month price target is $238.39 with a 2026 price prediction of $239.29.
May 12No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| CBCHUBB | $323.99 | -1.21% | -1.5% | 11.1x | 0.42 | $125.4B |
| PGRPROGRESSIVE | $203.88 | -0.26% | +1.1% | 12.6x | 0.27 | $119.5B |
| TRVTRAVELERS | $307.22 | +0.37% | +0.3% | 10.8x | 0.49 | $65.5B |
| ALLALLSTATE | $220.59 | -0.48% | -0.4% | 8.4x | 0.19 | $56.9B |
| HIGHARTFORD | $128.21 | -1.10% | -6.2% | 9.1x | 0.47 | $35.2B |
| ACGLARCH | $91.21 | -1.26% | -5.8% | 9.2x | 0.31 | $31.9B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price below 200d MA — bearish structure.