Consider the arithmetic ballet performed by Prentiss Smith & Company in the third quarter of 2025-a Progressive (PGR +0.01%) share acquisition of 17,537 units, a transactional waltz valued at $4.32 million. The numbers pirouette: 17,537 shares at $246.33 apiece (a mean calculated through fiscal chiaroscuro), swelling their trove to 23,094 shares worth $5.70 million. A portfolio’s heartbeat measured in decimal places.
The Geometry of Purchase
On October 20, 2025, the SEC’s Form 13-F received a confession: Prentiss Smith had courted Progressive’s equity during its brief sulk. The filing-a parchment of intention-revealed a transaction of particular arithmetic elegance. One might imagine the fund’s quants as Borgesian archivists, cataloging securities in a library of endless decimal expansions.
Cartography of Holdings
Progressive now constitutes 3.22% of reportable equity holdings, a cartographic shift in Prentiss Smith’s investment topography. Their top five holdings post-filing form a constellation: Alphabet (5.8% AUM), Microsoft (5.6%), Cisco (5.4%), Gorman-Rupp (4.5%), and Johnson & Johnson (4.4%)-each ticker a star in a celestial map of capital allocation.
Valuation Vignettes
| Metric | Value |
|---|---|
| Revenue (TTM) | $85.17 billion |
| Net Income (TTM) | $10.71 billion |
| Dividend Yield | 2.23% |
| Price (Oct 17, 2025) | $225.61 |
Corporate Portrait in Oil and Algorithm
Progressive, that insurer of American automobilia and domiciles, operates as a clockwork orange of fiscal alchemy. It transmutes premiums into profit with a combined ratio of 86%-a figure that haunts the industry’s average like a specter in a Dostoevsky fever dream (97-100%). Its revenue growth, a decade-long crescendo of 14% quarterly increases, has quadrupled the coffers since 2015.
Market Mosaic
Observe the stock’s trajectory: a sixfold ascent in ten years, followed by a 24% retreat from its zenith. The S&P 500, meanwhile, languishes 24 percentage points behind-a tortoise to Progressive’s capricious hare. Yet herein lies the trader’s riddle: does the recent sell-off unveil a labyrinthine opportunity, or merely a Minotaur’s lair?
Lexicon of the Initiated
13F reportable assets: Those securities whose disclosure becomes a quarterly sonnet to the SEC.
Combined ratio: An insurer’s Prometheus chained to an 86% rock.
Multi-channel distribution: Selling risk through prisms of direct and agency channels.
A final note: Progressive’s double-digit growth and profitability, its Sisyphean hauling of revenue against macroeconomic avalanches, suggests the recent dip may be less a cliff than a trampoline. But traders, those Nabokovian “spiders of pattern and prophecy,” must weigh arithmetic against alchemy. 🎯
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2025-10-22 00:26