The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property. The Personal Lines segment writes insurance for personal autos and recreational vehicles (RV). This segment's products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, watercrafts, snowmobiles, and related products. The Commercial Lines segment provides auto-related liability and physical damage insurance, and business-related general liability and property insurance for autos, vans, and pick-up trucks used by small businesses, as well as non-fleet taxis, black-car services, and airport taxis; tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses, and long-haul operators; dump trucks used by light contractors and heavy constructions; log trucks and garbage trucks used by dirt, sand and gravel, logging, garbage/debris removal, and coal-type businesses; and tow trucks and wreckers used in towing services and gas/service station businesses. The Property segment writes residential property insurance for homeowners, other property owners, and renters, as well as offers manufactured homes, personal umbrella insurance, and primary and excess flood insurance. The company offers policy issuance and claims adjusting services; acts as an agent to homeowners, general liability, workers' compensation insurance, and other products; and reinsurance services. It sells its products through independent insurance agencies, as well as through mobile applications and over the phone. The Progressive Corporation was founded in 1937 and is headquartered in Mayfield Village, Ohio.

Progressive Corporation (The)

A month has gone by since the last earnings report for Selective Insurance (SIGI). Shares have added about 4.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Selective Insurance due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Selective Insurance Group, Inc. before we dive into how investors and analysts have reacted as of late.
Selective Insurance Q2 Earnings Miss Estimates, Revenues Top
Selective Insurance reported second-quarter 2025 operating income of $1.31 per share, which missed the Zacks Consensus Estimate by 15.5%. The bottom line rebounded from the year-ago loss of $1.10 per share.
The company’s performance in the quarter reflects solid underwriting income, lower catastrophe losses, average renewal pure price increase and lower loss and loss expenses.
Behind the Headlines
Total revenues of $1.3 billion increased 10.9% from the year-ago quarter’s figure, primarily due to higher net premiums written, net premiums earned and net investment income earned. The top line beat the Zacks Consensus Estimate by 0.9%.
On a year-over-year basis, net premiums written (NPW) increased 5% to $1.3 billion. Average renewal pure price expanded 80 basis points year over year to 9.9%. The figure matched our estimate.
Net investment income increased 18% year over year to $101 million.
Net catastrophe losses of $79.9 million were narrower than the year-ago loss of $90.5 million. Non-catastrophe property loss and loss expenses were $173.2 million, narrower than the year-ago loss of $185.5 million.
The combined ratio of 96.1 improved 1590 basis points year over year, driven by lower unfavorable prior year casualty reserve development, net catastrophe losses, and non-catastrophe property losses. The Zacks Consensus Estimate was 98. Our estimate was 99.1.
Total expenses declined 4.6% year over year to $1.2 billion, primarily due to lower loss and loss expense incurred. The figure matched our estimate.
Segmental Results
Standard Commercial Lines’ NPW was up 6% year over year to $1 billion. The premium growth reflected average renewal pure price increases of 8.9% and lower retention of 83%. Our estimate was $997.4 million.
The combined ratio improved 1600 basis points (bps) to 102.8. The Zacks Consensus Estimate was 99 and our estimate was 100.8.
Standard Personal Lines’ NPW decreased 5% year over year to $110.5 million due to deliberate profit improvement actions. New business decreased 41%, while renewal pure price was 19% and retention was 79%. The figure was lower than our estimate of $136.2 million.
The combined ratio improved 2650 bps on a year-over-year basis to 91.6. The Zacks Consensus Estimate was pegged at 110, while our estimate was 117.3.
Excess & Surplus Lines’ NPW was up 9% year over year to $160.2 million, driven by average renewal pure price increases of 9.3%. Our estimate was $190.2 million.
The combined ratio improved 480 bps to 89.8. The Zacks Consensus Estimate was pegged at 86, while our estimate was 77.7.
Financial Update
Selective Insurance exited the second quarter of 2025 with total assets of $14.5 billion, 7% above the level at December 2024 end.
Long-term debt of $902.7 million surged 78% from the 2024 end level. Debt-to-total capitalization deteriorated 710 bps to 21.1% from the 2024 end level.
As of June 30, 2025, adjusted book value per share was $54.48, up 5% year over year.
Operating return on common equity was 10.3% versus negative 9.6% in the year-ago quarter.
Share Repurchase and Dividend Update
Selective Insurance did not repurchase any shares but had $56.1 million remaining under authorization as of June 30, 2025.
The board of directors authorized a quarterly cash dividend of 38 cents per share. The dividend will be paid out on Sept. 2 to shareholders of record at the close of business on Aug. 15, 2025.
2025 Guidance
SIGI estimates a GAAP combined ratio of 97% to 98%, a 100-basis point deterioration from the level guided earlier. It also includes net catastrophe losses of 6 points.
Selective Insurance estimates an after-tax net investment income of $415 million, up from the prior guidance of $405 million.
The overall effective tax rate is expected to be around 21.5%. Weighted average shares were 61.5 million on a fully diluted basis.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
VGM Scores
Currently, Selective Insurance has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Selective Insurance has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry Player
Selective Insurance is part of the Zacks Insurance - Property and Casualty industry. Over the past month, Progressive (PGR), a stock from the same industry, has gained 0.6%. The company reported its results for the quarter ended June 2025 more than a month ago.
Progressive reported revenues of $21.62 billion in the last reported quarter, representing a year-over-year change of +18.4%. EPS of $4.88 for the same period compares with $2.65 a year ago.
For the current quarter, Progressive is expected to post earnings of $3.92 per share, indicating a change of +9.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +4.2% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #2 (Buy) for Progressive. Also, the stock has a VGM Score of A.
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Why Is Selective Insurance (SIGI) Up 4.2% Since Last Earnings Report?

Shares of The Travelers Companies, Inc. TRV closed at $274.92 on Thursday, near its 52-week high of $277.83. This proximity underscores investor confidence. It has the ingredients for further price appreciation. The stock is trading above the 50-day and 200-day simple moving averages (SMA) of $262.90 and $256.73, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
Travelers has a solid surprise history. The insurer has a solid track record of beating earnings estimates in each of the last four quarters, with the average being 89.97%.
Image Source: Zacks Investment Research
TRV is an Outperformer
Shares of Travelers have gained 23.9% in the past year, outperforming its industry, the Finance sector, and the Zacks S&P 500 composite’s growth of 7.4%, 16% and 14.3%, respectively.
Image Source: Zacks Investment Research
TRV Shares are Expensive
Its shares are trading at a premium to the Zacks Property and Casualty Insurance industry. Its price-to-book value of 2.1X is higher than the industry average of 1.53X.
The company has a Value Score of B. This style score helps find the most attractive value stocks.
Shares of other insurers like The Allstate Corporation ALL, Arch Capital Group Ltd. ACGL, and The Progressive Corporation PGR are also trading at a multiple higher than the industry average.
TRV’s Growth Projection Encourages
The Zacks Consensus Estimate for Travelers’ 2025 revenues is pegged at $48.86 billion, implying a year-over-year improvement of 5.1%.
The consensus estimate for 2026 earnings per share and revenues indicates an increase of 15.3% and 4.8%, respectively, from the corresponding 2025 estimates.
Optimist Analyst Sentiment on TRV
Four of the 14 analysts covering the stock have raised estimates for both 2025 and 2026 over the past 30 days. Thus, the Zacks Consensus Estimate for 2025 and 2026 earnings has moved up 5.1% and 1.9%, respectively, in the past 30 days.
Image Source: Zacks Investment Research
Average Target Price for TRV Suggests Upside
Based on short-term price targets offered by 21 analysts, the Zacks average price target is $293.86 per share. The average suggests a potential 7.1% upside from the last closing price.
Image Source: Zacks Investment Research
Travelers’ Favorable Return on Capital
Return on equity (ROE) for the trailing 12 months was 18.69%, which compared favorably with the industry’s 7.6%. This reflects its efficiency in utilizing shareholders’ funds. Sustained operational excellence helped generate double-digit core ROE in nine out of the last 10 years. Travelers aims to generate mid-teens core ROE over time.
Also, return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame. This reflects TRV’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 10.8%, better than the industry average of 5.9%.
Factors Favoring Travelers
Travelers is poised for growth, driven by solid retention rates, favorable pricing, an uptick in new business, and positive renewal premium trends. The company’s broad product portfolio, covering nine distinct lines of business, provides extensive coverage options.
Continued execution of strategic growth initiatives, combined with stable market environments, is expected to support the expansion of TRV’s auto, homeowners, and commercial insurance segments. To solidify its competitive advantage in the Bond & Specialty segment, it plans to launch products in 2025.
Higher returns from the non-fixed income portfolio have been driving investment income over the last four years amid a low-interest-rate environment. The insurer expects investment income of about $770 million after tax in the third quarter and $805 million after tax in the fourth quarter of 2025. The company expects that the $100 billion investment portfolio should continue generating a higher level of predictable and reliable net investment income.
Net margin has improved 170 basis points over the last two years on prudent underwriting.
Travelers has a conservative balance sheet among its peers. The insurer remains focused on keeping the debt-to-capital ratio between 15 and 25 and has been increasing its book value for the past 10 years. TRV had $4.3 billion remaining under repurchase authorization at the second-quarter 2025 end.
Final Take on TRV
Travelers’ strong presence in auto, homeowners, and commercial U.S. property-casualty insurance provides a solid foundation for future growth. An impressive history of inorganic expansion strengthens its position. Continued momentum in renewal rate improvements, high retention levels, and increased new business, supported by a well-diversified portfolio and solid capital strength, is likely to sustain its earnings growth.
Travelers has been hiking dividends for the last 21 years. Its dividend yield of 1.7% appears attractive compared with the industry average of 0.2%, making it an attractive pick for yield-seeking investors. Its VGM Score of B instills confidence.
Given the premium valuation, it is better to stay cautious about this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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TRV Stock Near 52-Week High: A Signal for Investors to Hold Tight?

The Progressive Corporation PGR, one of the largest U.S. auto insurers, is relatively well-positioned to manage tariff-related challenges under the Trump administration, leveraging its operational strengths while facing certain risks.
Tariff impositions are likely to have wide economic repercussions, including higher input costs, supply-chain disruptions and rising inflation. For the insurance industry, these pressures could translate into greater claims severity and increased operating expenses. Specifically, higher automobile and parts prices may elevate vehicle repair and replacement costs—a critical claims driver for property and casualty (P&C) insurers. Additionally, rising car prices could dampen new policy volumes, underscoring the need to maintain a balance between disciplined underwriting and prudent cost management.
Progressive’s digital-first strategy provides a competitive advantage in this setting. The company has integrated telematics, advanced data analytics, and machine learning to enable faster insights and dynamic pricing. Its flagship Snapshot program improves personal auto risk assessment, while Smart Haul and Snapshot ProView offer commercial customers value-added services that promote safer driving and reduce losses. These innovations help offset rising claims costs tied to expensive vehicle repairs.
Furthermore, Progressive benefits from a diversified portfolio spanning auto, home and commercial lines. Its portfolio offers some insulation against concentrated tariff-related risks in any one segment.
Although tariff-driven headwinds could put pressure on claims costs and demand, Progressive’s scale, innovative capabilities and disciplined execution increase its resilience. The insurer appears well-equipped to withstand near-term volatility, though sustained tariff impacts would require continued vigilance in pricing, underwriting and expense control.
What About PGR’s Peers?
Tariff imposition by the Trump administration is likely to raise costs and weigh on investment income, challenging Travelers Companies’ TRV and Allstate Corporation’s ALL profitability. Yet Travelers’ and Allstate’s diversified portfolio and prudent underwriting provide stability.
By applying advanced analytics, leveraging capital strength and executing prudent pricing, Travelers is strategically positioned to withstand tariff pressure while ensuring long-term competitiveness.
By utilizing technology, maintaining pricing flexibility and relying on strong capital reserves, Allstate is equipped to navigate tariff pressure while safeguarding resilience and competitive strength.
PGR’s Price Performance
Shares of PGR have gained 3.9% year to date, underperforming the industry.
Image Source: Zacks Investment Research
PGR’s Expensive Valuation
PGR trades at a price-to-book value ratio of 4.48, above the industry average of 1.53. But it carries a Value Score of B.
Image Source: Zacks Investment Research
Estimates for PGR Witness Northward Movement
The Zacks Consensus Estimate for PGR’s third-quarter and fourth-quarter 2025 EPS has moved up 1.3% and 0.2%, respectively, over the past 30 days. The same for full-year 2025 and 2026 has increased 1% and 0.7%, respectively.
Image Source: Zacks Investment Research
The consensus estimates for PGR’s 2025 revenues and EPS indicate year-over-year increases. While the consensus estimate for 2026 revenues indicates a year-over-year increase, the same for EPS indicates a year-over-year decline.
PGR stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Will Progressive's Resilience Be Tested by Trump's Tariff Imposition?

Berkshire Hathaway Inc. (BRK.B) boasts an impressive acquisition portfolio. This conglomerate, with Warren Buffett at its helm, targets businesses with durable earnings power, strong returns on equity with modest debt and skilled management—acquired only at sensible valuations. This consistent framework, followed for decades, has shaped Berkshire’s identity. While ownership shifts to Berkshire, the subsidiaries continue operating autonomously, preserving their organizational culture and operational agility.
Berkshire follows two acquisition paths: transformative large-scale deals and smaller bolt-on purchases integrated into existing subsidiaries. Its landmark acquisitions such as Burlington Northern Santa Fe (BNSF) and Berkshire Hathaway Energy (BHE) have substantially lifted its earnings power, while bolt-on acquisitions like Clayton Homes and HomeServices of America have steadily compounded value.
The acquisition of Pilot Travel Centers broadened Berkshire’s presence in transportation and fuel retailing, complementing its railroad and energy holdings. In insurance, deals like Alleghany strengthened underwriting capacity and float, the low-cost funding source that underpins much of Berkshire’s investment strategy. As insurance operations expand, so too does the float available to finance new opportunities.
These acquisitions have collectively fueled Berkshire’s growth by adding resilient cash-generating businesses, diversifying income streams and expanding its investment base. With more than $300 billion in liquidity, Berkshire is well-positioned to deploy capital when markets dislocate. Acquisitions remain central to compounding shareholder value over the long term.
What About BRK.B’s Competitors?
Progressive Corporation’s PGR acquisition strategy focuses on building scale, technology, and distribution while reinforcing its insurance portfolio. Progressive pursues disciplined, selective deals that deliver strategic value and complement its core strengths. Through targeted acquisitions, Progressive enhances efficiency and customer reach, ensuring long-term competitiveness in a dynamic insurance landscape.
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Travelers Companies’ TRV acquisition strategy emphasizes reinforcing core insurance strengths while expanding into complementary markets. Travelers seeks disciplined acquisitions that enhance underwriting, technology and distribution capabilities. With a focus on sustainable shareholder value, Travelers carefully evaluates opportunities that bolster its competitive edge while maintaining a conservative balance sheet..
BRK.B’s Price Performance
Shares of BRK.B have gained 7.6% year to date, outperforming the industry.
Image Source: Zacks Investment Research
BRK.B’s Expensive Valuation
BRK.B trades at a price-to-book value ratio of 1.57, above the industry average of 1.53. It carries a Value Score of D.
Image Source: Zacks Investment Research
No Estimate Movement for BRK.B
The Zacks Consensus Estimate for BRK.B’s third-quarter and fourth-quarter 2025 EPS has witnessed no movement over the past 30 days. The consensus estimate for full-year 2025 and 2026 EPS has also witnessed no movement over the past 30 days.
Image Source: Zacks Investment Research
The consensus estimates for BRK.B’s 2025 and 2026 revenues indicate year-over-year increases. While the consensus estimate for BRK.B’s 2025 EPS indicates a decline, the same for 2026 suggests an increase.
BRK.B stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Berkshire's Strategic Acquisitions: A Driver of Long-Term Growth?

The Progressive Corporation PGR reported solid July 2025 results, wherein the top and bottom lines increased year over year. Net premiums written improved 11%, driven by the strong performance of operating businesses. Combined ratio — the percentage of premiums paid out as claims and expenses — improved 270 basis points (bps) from the prior-year quarter to 85.3.
PGR is one of the country’s largest auto insurance groups, the largest seller of motorcycle and boat policies, the market leader in commercial auto insurance and one of the top 15 homeowners carriers based on premiums written. This insurer is set to deliver steady profitability, given its solid market presence, a convincing portfolio of products and services, and underwriting and operational expertise.
Sneak Peek Into PGR’s July Results
PGR’s July 2025 earnings per share of $1.85 improved 34% year over year. Operating revenues increased 15.5% to $7.4 billion.
Policies in force were solid in the Personal Lines segment, increasing 15% from the year-ago month to 36.4 million. Special Lines improved 8% to 6.9 million. In the Personal Auto segment, Direct Auto increased 19% year over year to 15.4 million, whereas Agency Auto grew 15% to 10.5 million. The Property business had 3.6 million policies in force, up 7%.
Progressive’s Commercial Auto segment rose 7% to 1.2 million.
What’s Driving Progressive?
Being a leading auto insurer, PGR has a compelling product portfolio, which, coupled with prudent underwriting, helps it maintain healthy policies in force and a solid retention ratio. This, in turn, drives better premiums. Policy life expectancy (PLE), a measure of customer retention, has improved in the last few years across all business lines. Distinctive new auto insurance options, along with competitive pricing, should help sustain improvement in PLE.
As part of its growth strategy, Progressive is prioritizing auto bundles, lowering exposure to risky properties and increasing segmentation through product rollouts. The company remains focused on increasing the share of auto and home bundled households, investing in mobile applications, and rolling out products in a larger number of states.
Progressive relies on technology to streamline operations, improve customer service and offer competitive pricing. The insurance company is heavily investing in digital transformation and AI.
The company’s solid cash flow ensures continuous investment in growth initiatives, including digitalization to improve margins. PGR has been enhancing its book value and lowering leverage, banking on operational expertise. Though its leverage compares unfavorably with the industry average, the times interest earned outperforms the industry.
Progressive, one of the leading auto insurers in the U.S., benefits from a diversified product portfolio and disciplined underwriting practices, which underpin strong policy retention and premium growth. Policy life expectancy (PLE), a key measure of customer loyalty, has steadily improved across all business lines, supported by innovative offerings and competitive pricing that continue to strengthen customer relationships.
Progressive is seen as a leader in product, service and distribution innovation, especially in the Personal Auto segment. Rate increase, higher new personal auto applications, driven by higher advertising spend, an increase in non-rate actions to drive growth and a strong independent agents' network continue to drive the performance of Personal Auto. The Personal Auto segment thus remains a long-term growth driver for Progressive, fueling both premium volume and profitability.
Aligned with its growth strategy, Progressive is prioritizing bundled products, carefully reducing exposure to high-risk properties, and leveraging segmentation through tailored product rollouts. Initiatives to expand auto-home bundled households, increase mobile app engagement and broaden product availability across additional states are further strengthening its competitive position.
Technology is central to Progressive’s model, enabling operational efficiency, enhanced customer service and sustained pricing advantages. The company continues to invest significantly in digital transformation and AI, supported by strong operating cash flows that fund these initiatives and improve margins. At the same time, Progressive is enhancing book value and gradually lowering leverage. Although leverage levels remain above industry averages, its superior times-interest-earned ratio underscores robust debt-servicing ability and financial resilience.
Optimistic Analyst Sentiment on PGR
The Zacks Consensus Estimate for 2025 earnings has moved 1.3% higher, whereas the same for 2026 has moved 0.8% north in the same time frame.
Image Source: Zacks Investment Research
Progressive’s Growth Story
The Zacks Consensus Estimate for Progressive’s 2025 earnings is pegged at $17.48 per share, indicating an increase of 24.4% from the year-ago reported figure on 16.5% higher revenues of $87.5 billion. The consensus estimate for 2026 earnings is pegged at $16.62 per share, indicating a year-over-year decrease of 4.9% on 9.9% higher revenues of $96.1 billion.
The long-term earnings growth rate is pegged at 9.7%, better than the industry average of 7%. It has a Growth Story B.
PGR’s YTD Performance
Shares of Progressive have gained 5.5% year to date, underperforming the industry’s increase of 6.5%, the Finance sector’s rise of 10.6% and the Zacks S&P 500 composite’s gain of 8.9% in the said time frame..
Progressive vs. Industry, Sector, S&P 500
Image Source: Zacks Investment Research
Progressive shares are trading above the 50-day moving average, indicating a bullish trend.
Shares of Allstate Corporation ALL and Travelers Companies TRV, two other auto insurers, have gained 10.8% and 13.9%, respectively, in the said time frame.
Travelers holds a leading position in the U.S. auto, homeowners, and commercial property-casualty insurance markets. Its solid market standing and well-executed growth strategies are set to support ongoing expansion across both personal and commercial segments. The company is well-positioned for long-term growth, driven by high customer retention, strategic pricing improvements, rising new business volumes and positive momentum in renewal premiums.
Allstate is refining its strategy by focusing on its core strengths and exiting underperforming segments. The company projects growth in total Property-Liability policies in force this year, supported by higher auto insurance renewal rates and steady increases in new business. Backed by rising premium income, a growing protection services division and continued operational streamlining, Allstate is well-positioned to achieve sustained long-term growth.
Average Target Price for PGR Suggests Solid Upside
Based on short-term price targets offered by 20 analysts, the Zacks average price target is $291.70 per share. The average suggests a potential 16.4% upside from the last closing price.
Image Source: Zacks Investment Research
PGR Shares Are Expensive
PGR is currently expensive. It is trading at a P/B multiple of 4.54, higher than the industry average of 1.62. Given its market-leading presence, growth prospects, rising estimates and better return on invested capital, its premium valuation is justified.
Image Source: Zacks Investment Research
Progressive’s Favorable Return on Capital
Return on equity for the trailing 12 months was 35.4%, comparing favorably with the industry’s 7.7%. This reflects its efficiency in utilizing shareholders’ funds.
Image Source: Zacks Investment Research
Also, return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame. This reflects PGR’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 21.9%, better than the industry average of 5.9%.
Image Source: Zacks Investment Research
What Should You Do With PGR Stock?
Progressive’s leadership position, better pricing and prudent underwriting standards should drive its shares. Optimistic growth projections, positive analyst sentiment, an impressive dividend history and a VGM Score of B instill confidence in PGR.
Thus, despite the premium valuation, this Zacks Rank #2 (Buy) stock stands a fair chance to be investors’ favorite and, therefore, is worth adding to their portfolios. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Progressive Posts Impressive July Results: Time to Buy the Stock?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Invesco S&P 500 Quality ETF (Symbol: SPHQ) where we have detected an approximate $84.6 million dollar outflow -- that's a 0.6% decrease week over week (from 206,020,000 to 204,850,000). Among the largest underlying components of SPHQ, in trading today Automatic Data Processing Inc. (Symbol: ADP) is up about 0.7%, Progressive Corp. (Symbol: PGR) is up about 1.6%, and 3M Co (Symbol: MMM) is lower by about 0.4%. For a complete list of holdings, visit the SPHQ Holdings page » The chart below shows the one year price performance of SPHQ, versus its 200 day moving average:
Looking at the chart above, SPHQ's low point in its 52 week range is $57.67 per share, with $72.9849 as the 52 week high point — that compares with a last trade of $72.38. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Stock Options Channel
SSLJ YTD Return
ETFs Holding STFC
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Notable ETF Outflow Detected - SPHQ, ADP, PGR, MMM

(RTTNews) - The Progressive Corporation (PGR) reported that its July net income was $1.09 billion compared to $814 million, prior year. Earnings per share was $1.85 compared to $1.38.
For the month ended July 31, 2025, net premiums written was $7.06 billion, an increase of 11% from prior year. Net premiums earned was $6.99 billion, up 15%. Total revenues were $7.52 billion, for the month.
The Progressive Corporation plans to release August results on September 17, 2025.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Progressive Corp. July Net Income Rises

It has been about a month since the last earnings report for Progressive (PGR). Shares have added about 1.5% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Progressive due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Progressive's Q2 Earnings and Revenues Beat on Higher Premiums
The Progressive Corporation’s second-quarter 2025 earnings per share of $4.88 beat the Zacks Consensus Estimate by 10.1%. The bottom line increased 84.1% year over year.
Behind the Headlines
Net premiums written were $20 billion in the quarter, up 12% from $17.9 billion a year ago. Net premiums earned grew 18% to $20.3 billion. The reported figure surpassed the Zacks Consensus Estimate of $20.1 billion.
Operating revenues increased 19.5% year over year to $42.2 billion, driven by 19% higher net premiums earned, a 29.3% increase in net investment income, an 18.9% rise in fees and 28% higher service revenues. The top line beat the Zacks Consensus Estimate by 96.4%.
Total expenses increased 15.1% to $35.2 billion, attributable to 12% higher losses and loss adjustment expenses, a 17% increase in policy acquisition costs, a 31.5% surge in other underwriting expenses, and a 23.6% rise in service expenses.
Net realized gain on securities was $387 million versus a loss of $127 million in the year-ago quarter. Combined ratio — the percentage of premiums paid out as claims and expenses — improved 570 basis points (bps) from the prior-year quarter’s level to 86.2.
June Policies in Force
Policies in force were solid in the Personal Lines segment, increasing 16% from the year-ago month’s figure to 36.1 million. Special Lines improved 9% to 6.8 million. In the Personal Auto segment, Agency Auto increased 16% year over year to 10.4 million, while Direct Auto jumped 21% to 15.2 million.
Progressive’s Commercial Auto segment policies rose 6% year over year to 1.2 million. The Property business had 3.6 million policies in force, up 8%.
Financial Update
Progressive’s book value per share was $55.62 as of June 30, 2025, up 39.5% from $39.85 as of June 30, 2024. Return on equity in June 2025 was 43.6%, up from 40.2% reported in the year-ago period. The total debt-to-total capital ratio improved 530 bps to 17.5.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in fresh estimates.
VGM Scores
At this time, Progressive has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of B on the value side, putting it in the top 40% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Progressive has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
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Why Is Progressive (PGR) Up 1.5% Since Last Earnings Report?

Key Points
Legendary investor Warren Buffett is stepping down as Berkshire Hathaway CEO at the end of 2025.
Berkshire is down by 11% since Buffett’s surprise announcement.
Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) reached an all-time high in early May. Then, Warren Buffett shocked the investing world at Berkshire's annual meeting by announcing his intention to step down from the CEO role at the end of the year.
Since his announcement, Berkshire stock is down by about 11%. Is this a justified decline because the "Buffett premium" is going away, or does this represent an opportunity to buy shares at a discount? Here's what you need to know.
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Not much is changing
First of all, Warren Buffett will turn 95 years old on Aug. 30. Is it really that much of a surprise that he isn't going to be running Berkshire for much longer? It just seems far-fetched that the market was pricing in a more than 10% premium on the hopes Buffett would continue to defy the odds and work into his late 90s. And to be honest, I feel that there's value in an orderly succession plan like this, as opposed to expecting Buffett to simply stay at the reins until he can't do it anymore.
It's also important to point out that on Jan. 1, 2026, the first day Buffett won't be CEO, not much is going to change from a day-to-day perspective. Berkshire's 60-plus subsidiary businesses largely operate with little or no oversight already. Greg Abel, who will take over as CEO, already oversees all non-insurance operations, and Ajit Jain is Berkshire's insurance head.
The biggest immediate changes will be that different people will be in control of the company's stock portfolio, and Abel will have power over Berkshire's $344 billion cash hoard. However, portfolio managers Ted Weschler and Todd Combs have been managing more of Berkshire's investments as the years have progressed.
If anything, Berkshire should be worth more now
From a business perspective, it's tough to make the argument that Berkshire's intrinsic value is lower than it was on May 1 before Buffett made his announcement.
There are three major components of Berkshire Hathaway's business -- the cash stockpile, the operating businesses, and the stock portfolio.
First, the cash is about $3 billion lower than it was at the end of the first quarter, but that represents about 0.3% of Berkshire's market value. And in the second quarter earnings report, there was no cause for concern about the operating businesses -- in fact, everything besides insurance underwriting profits (which are lumpy over time) grew nicely.
That leaves the stock portfolio. Consider Berkshire's top stock positions and how they've performed in the months since Buffett's announcement:
Company (Ticker Symbol)
Total Return Since May 1
These are all of Berkshire's stock positions with a market value of $10 billion or more and represent nearly three-fourths of the entire stock portfolio. And the average return from this group is positive-12% since Buffett announced his retirement. It's fair to say that since Buffett made his announcement, the stock portfolio has gained tens of billions of dollars in market value.
The bottom line
To be completely fair, there's an argument to be made against buying Berkshire. For one thing, management didn't buy back any shares in the second quarter, despite the plunge after Buffett's announcement, which could suggest leadership still thinks the stock isn't a compelling value.
Plus, Berkshire's operating businesses aren't bad, but they aren't exactly industry standouts in many cases. For example, GEICO recently lost its No. 2 auto insurance market share to Progressive (NYSE: PGR), and Berkshire's management has acknowledged it has fallen behind when it comes to technology.
Having said that, Berkshire is still designed to be an incredible long-term compounding machine, and a new person in the CEO office, who has essentially been Buffett's understudy for years, doesn't change that. Berkshire is already one of my largest investments, and has been for some time, but I'm likely to add shares if this price level persists.
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American Express is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Matt Frankel has positions in American Express, Bank of America, and Berkshire Hathaway. The Motley Fool has positions in and recommends Apple, Berkshire Hathaway, Chevron, Moody's, and Progressive. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Should You Buy Berkshire Hathaway Stock, Even Though It's Down 10% Since Warren Buffett Announced He's Retiring as CEO?

CNA Financial Corporation CNA has been trading above its 50-day and 200-day simple moving average (SMA), signaling a short-term bullish trend. Its share price as of Tuesday was $47.52, down 9.2% from its 52-week high of $52.36.
The 50-day SMA is a key indicator for traders and analysts to identify support and resistance levels. It is considered particularly important as this is the first marker of an uptrend or downtrend.
CNA’s Price Performance
Shares of CNA Financial have lost 1% over the year, underperforming its industry, the sector, and the Zacks S&P 500 Composite’s growth of 7.9%, 19% and 18.1%, respectively, in the same time frame.
The insurer has a market capitalization of $12.9 billion. The average volume of shares traded in the last three months was 0.5 million.
Image Source: Zacks Investment Research
CNA Shares Are Affordable
CNA Financialshares are trading at a discount compared to the Zacks Property and Casualty Insurance industry. Its forward price-to-book value of 1.21X is lower than the industry average of 1.42X. The insurer has a Value Score of B.
However, shares of other property and casualty (P&C) insurers like The Allstate Corporation ALL, Arch Capital Group Ltd. ACGL and The Progressive Corporation PGR are trading at a multiple higher than the industry average.
Image Source: Zacks Investment Research
Projections For CNA
The Zacks Consensus Estimate for 2025 revenues is pegged at $13.4 billion, implying a year-over-year improvement of 5.4%. The consensus estimate for CNA Financial’s current-year earnings is pegged at $4.39 per share, down 9.1% from the year-ago reported figure.
CNA beat earnings estimates in three of the past four quarters, with an average surprise of 8.8%. The consensus estimate for 2026 earnings per share and revenues indicates an increase of 8.4% and 3.5%, respectively, from the corresponding 2025 estimates.
Upward Estimate Revision
The Zacks Consensus Estimate has been revised upward for 2025 2026 over the past 30 days. For 2025, earnings have moved up 4.3% in the past 30 days, while those for 2026 have moved up 1.1% in the same time frame.
Image Source: Zacks Investment Research
Average Target Price for CNA Suggests Upside
Based on short-term price targets offered by two analysts, the Zacks average price target is $49 per share. The average indicates a potential 3.5% upside from the last closing price.
Image Source: Zacks Investment Research
Key Points to Note for CNA
CNA Financial has consistently reported growth in gross premiums written across all segments. This momentum is expected to continue, supported by a strong product portfolio, improved retention, favorable pricing and positive performance. The company has also achieved substantial improvement in the combined ratio of its property and casualty business in recent years, reflecting stronger underwriting profitability.
The company’s fixed-income strategy, with its largest allocations in diversified investment-grade corporates and highly rated municipal securities, is expected to support solid investment results. In the second quarter, net investment income rose 7.1% year over year to $662 million, driven by higher income from fixed-income securities on a larger invested asset base and favorable reinvestment rates, along with strong returns from limited partnerships and common stocks.
While CNA Financial has sustained growth in gross premiums written across all segments and continues to deliver strong investment results, the company is not without challenges. As a P&C insurer, it remains vulnerable to catastrophe losses from natural disasters and other weather-related events, an inherent risk that can add volatility to results.
Additionally, rising expenses in recent years, largely from higher net incurred claims, benefits, and amortization of deferred acquisition costs, have weighed on profitability. In the second quarter, total claims, benefits, and expenses increased 7.1% year over year to $3.3 billion, reflecting these upward cost pressures.
Conclusion
Overall, CNA Financial benefits from steady premium growth, healthier underwriting margins, and robust investment income. However, persistent exposure to catastrophe losses and a sustained rise in claims and expense levels continue to weigh on profitability. It is therefore wise to adopt a wait-and-see approach on this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Index	Bulls	Bears
Confidence		—
Support		—
Cash flows		—

	S/L 5%RUB 236.75	S/L 10%RUB 224.29	S/L 15%RUB 211.83
Day	0.01%	0.00%	0.00%
Week	7.87%	0.03%	0.00%
Month	39.10%	7.80%	0.66%

Progressive Corporation (The)

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