Susan Patricia Griffith, President and CEO of Progressive Corp. (NYSE:PGR), recently sold 9,066 shares of the company's common stock, according to a recent SEC filing. Progressive, a prominent player in the insurance industry with a market capitalization of $141 billion, has demonstrated strong performance with a 50% stock price gain over the past year. According to InvestingPro data, the company maintains a "GREAT" financial health score. The shares were sold at a price of $242.10 each, amounting to a total transaction value of approximately $2.19 million. This transaction was conducted as part of a pre-arranged 10b5-1 trading plan established in February 2024. Following this sale, Griffith retains direct ownership of 473,735.787 shares. Additionally, she holds shares indirectly through various trusts and plans. With impressive revenue growth of 23% and trading slightly below its Fair Value, Progressive shows strong fundamentals. Discover more insights and 12 additional ProTips about Progressive on InvestingPro, including detailed valuation metrics and growth forecasts in the comprehensive Pro Research Report.
In other recent news, Progressive Corp. reported strong financial results with a 22.67% revenue growth and a 55.54% return over the past year. The insurance company's net premiums written and earned in November increased by 18%, reaching $5.56 billion. Net income surged by 48% to $1.01 billion, while earnings per share (EPS) grew from $1.15 to $1.71. The company's combined ratio, a key profitability measure, improved from 91.1% to 85.6%.
Raymond (NS:RYMD) James upgraded Progressive's stock rating from Market Perform to Outperform, due to the company's growth prospects and value creation capabilities. The firm expects Progressive to lead in policy-in-force (PIF) growth and achieve better-than-target combined ratios in the near term.
On the other hand, BMO Capital maintained its Outperform rating on Progressive, despite trimming its price target to $267 from $273. The firm's EPS estimates for the years 2024, 2025, and 2026 reflect a mixed picture, with the 2024 estimate increasing by 10% and the 2026 estimate seeing a 2% reduction.
In other company news, fellow insurance companies GEICO and Travelers (NYSE:TRV) faced fines totaling $11.3 million for inadequate cybersecurity measures. These are the recent developments in Progressive Corp. and the broader insurance industry.
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