Progressive Corp executive sells over $1.9M worth of stock via Investing.com

In a recent transaction, Patrick K. Callahan, President Personal Lines of Progressive Corp (NYSE: ), sold 7,696 shares of the company’s common stock. The shares were sold at a price of $255.21 each, totaling more than $1.9 million.

The transaction, which took place on September 20, 2024, was disclosed in a regulatory filing with the Securities and Exchange Commission. After the sale, Callahan still owns 15,189,188 shares of Progressive Corp, indicating a continued investment in the company’s future.

It is noted that the sale was made pursuant to a pre-arranged 10b5-1 trading plan, which allows company insiders to set a predetermined plan for buying or selling stock at a time when they do not have material non-public information . This plan was adopted by Callahan on October 16, 2023.

Investors often monitor insider trading because it provides insight into how executives view the stock’s value and the company’s prospects. While insider sales can sometimes raise concerns among shareholders, the use of 10b5-1 plans can alleviate those concerns because transactions are planned in advance, potentially reducing market timing implications.

Progressive Corp, based in Mayfield Village, Ohio, is a well-known provider of insurance products, including auto, home and commercial insurance. The company’s shares are traded on the New York Stock Exchange under the symbol PGR.

For those interested in following the company’s insider trading, more details can be found in SEC filings. Transactions are public information and provide a window into the actions of company executives and their confidence in the health and financial trajectory of the firm.

In other recent news, Progressive Corp. has seen a number of price target increases from several firms. Goldman Sachs raised the target to $280 from $262 previously, maintaining a Buy rating, while Roth/MKM raised the target to $290.00 from $270.00. Keefe, Bruyette & Woods (KBW) also raised its price target on Progressive shares to $280 from $275, maintaining an Outperform rating. The adjustments are based on Progressive’s strong performance in August, with operating income of $1.45 per share, beating estimates.

Progressive’s August financial results also showed net income coming in at $935.3 million, with net written premiums of $6.5 billion. The company also saw significant growth in personal auto policies, up 15% to 22.4 million. Analysts at Wells Fargo, Barclays and BofA Securities also provided positive feedback on Progressive’s recent performance and growth potential.

In addition, Progressive announced leadership transitions, including the retirement of vice president and chief accounting officer Mariann Wojtkun Marshall in mid-2025 and the resignation of board member Danelle M. Barrett due to personal health reasons. These are among the recent developments surrounding Progressive Corp.

InvestingPro Insights

Progressive Corp (NYSE:PGR)’s recent insider trade has drawn attention to the company’s financial health and stock performance. In the trailing twelve months through Q2 2024, Progressive boasts a robust market capitalization of $150.72 billion, reflecting its significant presence in the insurance industry. The company’s P/E ratio, a key indicator of its valuation, is 21.91, which closely aligns with its adjusted P/E ratio of 21.97 for the same period. This valuation metric suggests a balance in how the market prices the company’s earnings.

With a Price-to-Book ratio of 6.46, Progressive is trading at a premium to book value, which could indicate market confidence in the company’s future growth prospects. This is supported by strong revenue growth of 21.33% over the trailing twelve months through Q2 2024, demonstrating the company’s ability to significantly expand its top-line numbers.

InvestingPro Tips highlights Progressive’s performance and potential areas of interest for investors. Analysts revised their earnings up for the next period, pointing to a positive outlook on the company’s financial future. Additionally, the stock’s recent movement suggests it is in overbought territory according to the Relative Strength Index (RSI), which could signal increased investor interest and potential for volatility. Interested investors can find a total of 16 InvestingPro tips that provide deeper insights at https://www.investing.com/pro/PGR.

Progressive has also maintained dividend payouts for 15 consecutive years, which may appeal to income-focused investors. The company’s ability to generate cash flows that can sufficiently cover interest payments indicates financial stability and a sound capital structure. These factors, combined with the company’s status as a prominent player in the insurance industry, provide a compelling narrative for investors to consider Progressive Corp as part of their investment portfolio.

This article was generated with support from AI and reviewed by an editor. For more information, see T&C.