PGR

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BMO cuts to $208 + BofA lowers to $308 → PGR -16.5% six months as loss ratios normalize

Progressive Corporation faced dual analyst price target cuts as BMO Capital Markets lowered its target to $208 and Bank of America reduced its target to $308, citing concerns about normalizing auto insurance loss ratios after two years of exceptional profitability. The stock has declined 16.5% over the past six months as combined ratios edge higher with increased claims frequency and severity returning to historical norms. Progressive declared a $0.10 quarterly dividend and maintains strong market share gains, with analysts split between Hold and Buy as investors debate whether the earnings normalization is already priced in.

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