Marshall Mariann Wojtkun, the Chief Accounting Officer of Progressive Corp (NYSE:PGR), a prominent insurance company with a market capitalization of $139.56 billion, recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On January 22, Wojtkun sold 585 shares of Progressive Corp at a price of $243.29 per share, totaling approximately $142,324. According to InvestingPro analysis, the company maintains a GREAT financial health score, with strong profitability metrics and consistent dividend payments for 16 consecutive years.
In addition to the sales, Wojtkun engaged in other transactions. On January 21, restricted stock units were converted into 868.025 common shares with no cash consideration involved. Additionally, 282 shares were disposed of at a price of $243.34 per share, amounting to a total of $68,621.
Following these transactions, Wojtkun holds 3,982.57 shares directly. Indirectly, through a 401(k) plan, 8,354.991 shares are held. These transactions were conducted as part of a pre-established 10b5-1 trading plan, which was adopted on August 19, 2024.
In other recent news, Progressive Corp. experienced significant growth in November, with an 18% increase in net premiums written, reaching $5.56 billion. Net premiums earned also rose to $6.04 billion, up 19% from the previous year. The company's net income surged by 48% to $1.01 billion, while earnings per share (EPS) grew from $1.15 to $1.71. Progressive's combined ratio, a key profitability measure, improved from 91.1% to 85.6%.
Meanwhile, the insurance sector faces potential losses due to recent wildfires as suggested by J.P. Morgan analysts. Allstate (NYSE:ALL), Travelers (NYSE:TRV), and Chubb (NYSE:CB), in particular, may be heavily impacted due to their exposure to the California homeowners' market. The analysts' revised projection suggests that insured losses could surpass $20 billion if the fires continue unabated.
On the analyst front, Raymond (NSE:RYMD) James upgraded Progressive's stock rating from Market Perform to Outperform, citing the company's growth prospects and value creation capabilities. BMO Capital also maintained its Outperform rating on Progressive, despite trimming its price target to $267 from $273, following a rebound in Progressive's performance. These are recent developments in the insurance sector.
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