Susan Patricia Griffith, President and CEO of Progressive Corp (NYSE:PGR), a prominent insurance company with a market capitalization of $139.8 billion, recently sold 11,021 shares of the company's common stock. The shares were sold at an average price of $243.29 per share, amounting to a total transaction value of approximately $2.68 million. This sale was executed on January 22, 2025, as part of a pre-established 10b5-1 trading plan. According to InvestingPro analysis, Progressive currently trades near its Fair Value, with the company showing impressive revenue growth of 22.7% over the last twelve months.
Additionally, on January 21, Griffith disposed of 8,960 shares to cover tax obligations related to the vesting of restricted stock units, at a price of $243.34 per share, totaling approximately $2.18 million. Following these transactions, Griffith holds 473,736 shares directly, along with indirect holdings through various trusts and plans. InvestingPro data reveals Progressive maintains strong financial health with a "GREAT" overall score, and has consistently paid dividends for 16 consecutive years. Subscribers can access 10+ additional ProTips and comprehensive analysis in the Pro Research Report.
In other recent news, Progressive Corp. experienced significant growth in November, with net premiums written increasing by 18% to reach $5.56 billion. Net premiums earned also rose by 19% to $6.04 billion, and the company's net income surged by 48% to $1.01 billion. Progressive's earnings per share grew from $1.15 to $1.71 and their combined ratio, a key profitability measure, improved from 91.1% to 85.6%.
Progressive's stock recently received an upgrade from Raymond (NSE:RYMD) James, moving from Market Perform to Outperform. This upgrade was based on the company's impressive growth prospects and value creation capabilities. However, BMO Capital trimmed its price target for Progressive from $273 to $267, despite maintaining an Outperform rating on the stock.
Concerns about the impact of recent wildfires on the insurance sector have led to a decline in insurance stocks, including Progressive. J.P. Morgan analysts warn that industry losses could surpass $20 billion, more than doubling initial estimates. This has led to a sell-off in insurance company shares, including those of Progressive.
These are the recent developments for Progressive Corp.
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