What Makes The Progressive Corporation (PGR) a Strong Stock?

Madison Investments, an investment advisor, released its “Madison Investors Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund advanced 8.5% compared to an 8.7% return for S&P 500 Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Investors Fund highlighted stocks like The Progressive Corporation (NYSE:PGR) in the second quarter 2023 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On July 13, 2023, The Progressive Corporation (NYSE:PGR) stock closed at $114.78 per share. One-month return of The Progressive Corporation (NYSE:PGR) was 11.70%, and its shares lost 1.12% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $67.192 billion.

Madison Investors Fund made the following comment about The Progressive Corporation (NYSE:PGR) in its second quarter 2023 investor letter:

“The bottom five individual contributors for the quarter were U.S. Bancorp, The Progressive Corporation (NYSE:PGR), Analog Devices, Dollar Tree, and Danaher. At automotive insurer Progressive, profitability has taken a step back as the cost to repair vehicles continues to increase. However, we are encouraged by strong growth in policies and believe Progressive remains well ahead of peers in repricing their book of business, which should set them up nicely to continue gaining market share.”

The Progressive Corporation (NYSE:PGR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of first quarter which was 71 in the previous quarter.

We discussed The Progressive Corporation (NYSE:PGR) in another article and shared ClearBridge Large Cap Value Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.