Reasons for the Surge of The Progressive Corporation (PGR)

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Class Y) returned -1.8% compared to a -4.7% decline for the Russell Midcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Madison Mid Cap Fund highlighted stocks like The Progressive Corporation (NYSE:PGR) in the third quarter 2023 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On October 16, 2023, The Progressive Corporation (NYSE:PGR) stock closed at $157.05 per share. One-month return of The Progressive Corporation (NYSE:PGR) was 10.69%, and its shares gained 31.13% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $92.247 billion.

Madison Mid Cap Fund made the following comment about The Progressive Corporation (NYSE:PGR) in its Q3 2023 investor letter:

“In the third quarter, the top five contributors were Arch Capital Group, Arista Networks, Liberty Broadband, CDW, and The Progressive Corporation (NYSE:PGR). Progressive performed well in the quarter as its combined ratio showed signs of reverting to more normalized levels while maintaining solid policy growth.”

The Progressive Corporation (NYSE:PGR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of second quarter which was 64 in the previous quarter.

We discussed The Progressive Corporation (NYSE:PGR) in another article and shared Artisan Global Opportunities Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.