Progressive Corp’s chief investment officer sells shares worth $479,391

Jonathan S. Bauer, Chief Investment Officer at Progressive Corp (NYSE:PGR), recently sold 1,696 shares of the company’s common stock. The shares were sold at a price of $282.66 each, resulting in a total transaction value of $479,391. The transaction comes as Progressive’s stock trades near its 52-week high of $292.99, with the insurance giant commanding a market capitalization of $167.6 billion. Following this sale, Bauer retains direct ownership of approximately 26,696 shares. This transaction was executed under a 10b5-1 trading plan, which Bauer adopted on November 18, 2024. The stock’s technical indicators, including RSI readings, suggest overbought conditions, according to InvestingPro, which offers 12 additional key insights about Progressive’s current market position and growth trajectory.

In other recent news, Progressive Corporation reported strong financial results for the fourth quarter of 2024, with net premiums written increasing by 21% year-over-year to $74.4 billion. The company also achieved a combined ratio of 88.8, indicating robust underwriting profitability. Analysts are closely watching Progressive’s upcoming February earnings report, with expectations of earnings per share (EPS) of $1.34, up from $1.15 the previous year. Piper Sandler has maintained an Overweight rating on Progressive, with a price target of $315, while CFRA has raised its target to $320 and Jefferies to $319, both reiterating Buy ratings. CFRA’s Catherine Seifert projects significant operating revenue growth for Progressive, driven by increased premiums and investment income. Progressive has also appointed Carl G. Joyce as the new Vice President and Chief Accounting Officer, part of an ongoing executive management restructure. These developments reflect Progressive’s strategic focus on growth, operational efficiency, and maintaining a competitive edge in the insurance industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.