Progressive Corporation EPS Growth Not Reflected in Share Price
Giverny Capital Asset Management's Q2 2026 investor letter highlights that The Progressive Corporation (PGR) continues to grow earnings per share at healthy rates, with a 7% EPS increase in the first half of 2026, yet its stock price dropped 4% over the same period. The firm notes that while auto insurance rates are declining after years of inflation, Progressive's growth is slowing but still positive. Giverny Capital added to its position in June and noted that Progressive has resumed share buybacks for the first time in years. The article also mentions that 82 hedge fund portfolios held PGR at the end of Q1 2026, unchanged from the previous quarter. The broader market context shows the S&P 500 rose 10.2% in H1 2026, but 210 stocks lost value, indicating market anomalies. The article concludes by suggesting certain AI stocks may offer greater upside potential.
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