U.S. stocks edge higher; solid earnings season continues
Patrick K. Callahan, Personal Lines President at Progressive Corp (NYSE:PGR), a prominent insurance company with a market capitalization of $167 billion and strong recent performance (+44% over the past year), recently sold 4,669 shares of the company’s common stock. The shares were sold at a weighted average price of $279.70, amounting to a total transaction value of approximately $1.3 million. This sale was conducted under a 10b5-1 trading plan adopted by Callahan in November 2024. Following this transaction, Callahan retains ownership of 15,190.525 shares in the company. The shares were sold in multiple transactions, with prices ranging from $278.30 to $281.36. The stock is currently trading near its 52-week high of $287.49, with InvestingPro analysis indicating the company maintains a "GREAT" overall financial health score. For deeper insights into Progressive’s valuation and 13 additional key investment tips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Progressive Corporation reported a strong financial performance for the fourth quarter of 2024, with net premiums written increasing by 21% year-over-year to $74.4 billion. The company’s combined ratio improved to 88.8, reflecting strong underwriting profitability. In a strategic move, Progressive appointed Carl G. Joyce as the new Vice President and Chief Accounting Officer, effective March 2025, as part of its ongoing executive management restructure. On the analyst front, CFRA raised its price target for Progressive shares to $320, maintaining a Buy rating, citing anticipated operating revenue growth driven by increased earned premiums and investment income. Similarly, Jefferies adjusted its price target to $319, also reiterating a Buy rating, highlighting Progressive’s improved outlook for auto insurance policy growth. Progressive’s January 2025 results noted $43 million in California wildfire claims, which were lower than many competitors, showcasing effective risk management. These developments reflect Progressive’s strategic advancements and market positioning as it continues to focus on growth and profitability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.