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The Progressive Corporation (PGR) Surged on Investors’ Confidence

Soumya Eswaran
·2 min read

Parnassus Investments, an investment management company, released the “Parnassus Value Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the Fund (Investor Shares) appreciated 10.17% outperforming the Russell 1000 Value Index’s 8.99%. Stock selection in the Information Technology and Communication Services sectors was the main contributor to the fund’s performance in the first quarter. Overweight in Financials and underweight in Real Estate also contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Parnassus Value Equity Fund highlighted stocks like The Progressive Corporation (NYSE:PGR), in the first quarter 2024 investor letter. The Progressive Corporation (NYSE:PGR) is an insurance holding company. The one-month return of The Progressive Corporation (NYSE:PGR) was -0.80%, and its shares gained 56.66% of their value over the last 52 weeks. On June 28, 2024, The Progressive Corporation (NYSE:PGR) stock closed at $207.71 per share with a market capitalization of $121.649 billion.

Parnassus Value Equity Fund stated the following regarding The Progressive Corporation (NYSE:PGR) in its first quarter 2024 investor letter:

"The Progressive Corporation (NYSE:PGR) shares appreciated as investors reacted well to the insurer’s latest financials, including higher-than-expected-growth in net premiums. The company’s consistently profitable underwriting, scale advantages and strong execution are becoming more evident to investors as it continues to gain market shares."

A team of accountants in a boardroom, discussing strategic moves of an insurance company.

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The Progressive Corporation (NYSE:PGR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 85 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of the first quarter which was 79 in the previous quarter. While we acknowledge the potential of The Progressive Corporation (NYSE:PGR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

We discussed The Progressive Corporation (NYSE:PGR) in another article and shared the list of best feminist stocks to invest in. Artisan Select Equity Fund benefited from the Progressive Corporation’s (NYSE:PGR) surge in Q1 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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