These are top 10 stocks traded on the Robinhood UK platform in July
John P. Sauerland, Vice President and Chief Financial Officer of Progressive Corp (NYSE:PGR), a prominent insurance industry player with a market capitalization of $166.6 billion, executed a substantial stock sale as disclosed in a recent SEC filing. On February 28, Sauerland sold 10,000 shares of Progressive Corp common stock at an average price of $279.94 per share, totaling approximately $2.8 million. This transaction was conducted under a 10b5-1 trading plan that Sauerland adopted on August 22, 2024. The sale comes as Progressive’s stock trades near its 52-week high, with a remarkable 53% return over the past year. According to InvestingPro analysis, the stock’s RSI indicates overbought conditions, while 13 analysts have recently revised their earnings expectations upward. Following this sale, Sauerland holds 269,566.069 shares directly and an additional 13,572.097 shares indirectly through a 401(k) plan. Get access to more exclusive insights and 15 additional ProTips for Progressive Corp with InvestingPro, including detailed valuation metrics and comprehensive financial health analysis.
In other recent news, Progressive Corporation reported a significant 18% increase in net premiums written for January, rising from $5.496 billion to $6.481 billion, and a 22% increase in net premiums earned, climbing from $5.386 billion to $6.586 billion. The company’s net income also jumped 59% to $1.117 billion, with earnings per share surging 61% to $1.90. Additionally, Progressive’s combined ratio improved by 3.2 points to 84.1, indicating enhanced profitability. BMO Capital Markets raised its price target for Progressive to $282, citing strong margins and a reacceleration in policies in force growth, while maintaining an Outperform rating. Goldman Sachs also maintained its Buy rating with a $290 target, following Progressive’s January operating earnings per share of $1.75, which exceeded their estimate. The firm’s underwriting performance showed a significant beat, including a 250 basis point outperformance in the catastrophe loss ratio. In terms of policies in force, Progressive experienced growth across all categories, with a total increase of 18% companywide. Despite these positive developments, J.P. Morgan analysts have highlighted potential concerns for the insurance sector due to increased wildfire losses in California, though Progressive’s exposure was less than initially anticipated.
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