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John P. Sauerland, Vice President and Chief Financial Officer of Progressive Corp (NYSE:PGR), recently executed a stock sale as reported in a regulatory filing. On March 17, Sauerland sold 1,542 shares of the company’s common stock at an average price of $282.66 per share, totaling approximately $435,861. This transaction was conducted under a pre-established 10b5-1 trading plan, which Sauerland adopted on August 22, 2024. The sale comes as Progressive’s stock trades near its 52-week high of $292.99, with the stock showing strong momentum, returning 44% over the past year. According to InvestingPro analysis, the stock’s RSI suggests it’s currently in overbought territory.
Following this transaction, Sauerland holds 268,024.069 shares directly and an additional 13,572.097 shares indirectly through a 401(k) plan. Progressive Corp, based in Mayfield Village, Ohio, is a leading player in the fire, marine, and casualty insurance sector, with a market capitalization of $167.89 billion. The company has maintained dividend payments for 16 consecutive years, demonstrating consistent shareholder returns. InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report, offering deep-dive analysis of Progressive’s financial health and market position.
In other recent news, Progressive Corporation reported strong financial performance for the fourth quarter of 2024, with a notable 21% year-over-year increase in net premiums written, reaching $74.4 billion. The company’s combined ratio improved to 88.8, indicating robust underwriting profitability. Progressive is set to announce its February earnings soon, with expectations of an earnings per share increase to $1.34 from $1.15 the previous year. Analysts at Piper Sandler have maintained an Overweight rating on Progressive, citing its consistent performance and solid defensive position in the market. Meanwhile, CFRA has raised its price target for Progressive shares to $320, projecting significant operating revenue growth driven by increased premiums and investment income. Jefferies also adjusted its price target to $319, highlighting the company’s competitive pricing strategies and anticipated growth in auto insurance policies. In an executive move, Progressive appointed Carl G. Joyce as the new Vice President and Chief Accounting Officer, emphasizing the company’s commitment to financial accuracy and transparency.
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