Progressive Corp chief information officer sells shares for $351,985

Steven Broz, Chief Information Officer at Progressive Corp (NYSE:PGR), recently sold 1,267 shares of the company’s common stock. The shares were sold at a price of $277.81 each, totaling approximately $351,985. Following this transaction, Broz holds 28,887.695 shares directly. The transaction comes as Progressive, a $162 billion market cap insurance giant, maintains strong financial performance with a 20.7% revenue growth over the last twelve months. According to InvestingPro analysis, the company’s stock currently trades at a P/E ratio of 18.7. The sale was conducted under a 10b5-1 trading plan, which Broz adopted on January 30, 2025. Progressive’s stock has demonstrated robust performance, delivering a 38.6% return over the past year. InvestingPro data reveals 11 additional key insights about Progressive’s financial health and market position, available in the comprehensive Pro Research Report, which provides deep-dive analysis of what really matters for informed investment decisions.

In other recent news, The Progressive Corporation reported strong financial results for April 2025, with net premiums written increasing by 11% to $6.837 billion and net premiums earned rising 19% to $6.641 billion. The company’s net income more than doubled to $986 million, marking a 134% increase from the previous year, and earnings per share rose to $1.68 from $0.72. In their Q1 2025 earnings call, Progressive revealed that revenue exceeded expectations at $22.21 billion, although earnings per share fell short of forecasts, coming in at $4.37 compared to the projected $4.74.

Additionally, Progressive renewed its share repurchase program, authorizing the buyback of up to 25 million common shares and declared a quarterly dividend of $0.10 per share. The company also held its Annual Meeting of Shareholders, where eleven directors were elected, and the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2025 was ratified. Analysts from Keefe, Bruyette & Woods maintained a Market Perform rating on Progressive with a price target of $288, reflecting the company’s outperformance in April and the anticipated market conditions.

Keefe analysts revised their earnings per share estimates for Progressive upwards, indicating confidence in the company’s financial prospects despite predicting a slowdown in premium growth. Progressive’s Board of Directors’ decision to renew the share repurchase program highlights its commitment to delivering shareholder value, while the company’s performance continues to be closely monitored by analysts and investors alike.

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