Yahoo Finance Here’s Why Progressive (PGR) was 31% Up in Q1
The London Company, an investment management company, released “The London Company Large Cap Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During 1Q, U.S. stocks made significant gains due to steady economic growth, decreasing inflation, and a slightly weaker labor market, increasing the likelihood of a soft landing. The fund gained 8.3% (8.2%, net) during the quarter compared to a 10.3% rise in the Russell 1000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
The London Company Large Cap Strategy featured stocks like The Progressive Corporation (NYSE:PGR) in the first quarter 2024 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On May 2, 2024, The Progressive Corporation (NYSE:PGR) stock closed at $209.03 per share. One-month return of The Progressive Corporation (NYSE:PGR) was -0.93%, and its shares gained 61.39% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $122.427 billion.
The London Company Large Cap Strategy stated the following regarding The Progressive Corporation (NYSE:PGR) in its first quarter 2024 investor letter:
"The Progressive Corporation (NYSE:PGR) - PGR was up 31% during 1Q as it continues to report better margins and faster growth compared to the industry. PGR's policy in force (PIF) delivered positive growth, and it achieved necessary pricing actions with existing customers. Profitability remains better than peers as PGR has been successful at lowering ad spending while growing its mix of preferred customers. PGR's underwriting risk segmentation continues to be a competitive advantage as it has delivered industry-leading accident frequency results."
A team of accountants in a boardroom, discussing strategic moves of an insurance company.
The Progressive Corporation (NYSE:PGR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Progressive Corporation (NYSE:PGR) was held by 79 hedge fund portfolios, compared to 63 in the previous quarter, according to our database.
We previously discussed The Progressive Corporation (NYSE:PGR) in another article, where we shared Madison Investors Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
