Progressive’s chief technique officer sells shares value $164,870

Andrew J. Quigg, Chief Technique Officer at Progressive Corp (NYSE:PGR), a $141 billion insurance coverage big with “GREAT” monetary well being based on InvestingPro, just lately bought 681 shares of the corporate’s frequent inventory. The shares have been bought at a median value of $242.10 every, amounting to a complete transaction worth of $164,870. Following this sale, Quigg holds roughly 33,612 shares. The transaction was executed below a 10b5-1 buying and selling plan, which had been adopted on January 25, 2024. With the inventory buying and selling close to its Honest Worth and 15 analysts revising earnings upward, InvestingPro subscribers can entry complete insider buying and selling evaluation and 12 extra ProTips about Progressive’s outlook.

In different current information, Progressive Corp. has been the focus of varied analyst experiences, with each Raymond (NS:RYMD) James and BMO Capital sustaining an Outperform ranking. Raymond James, citing a constructive outlook on the corporate’s progress prospects, upgraded Progressive’s inventory from Market Carry out to Outperform. BMO Capital, regardless of trimming its value goal from $273 to $267, held onto its Outperform ranking, adjusting its earnings per share (EPS) estimates for Progressive for the years 2024, 2025, and 2026.

The insurance coverage firm demonstrated spectacular momentum, with 12 analysts revising their earnings estimates upward. Progressive’s income progress within the final twelve months was 22.67%, and it witnessed a 55.54% return over the previous 12 months. In November, Progressive reported sturdy progress, with an 18% improve in internet premiums written, reaching $5.56 billion, and internet premiums earned rose to $6.04 billion, up 19% from the earlier 12 months. The corporate’s internet revenue surged by 48% to $1.01 billion, whereas earnings per share (EPS) grew from $1.15 to $1.71.

Progressive’s mixed ratio improved from 91.1% to 85.6%, indicating a extra worthwhile interval. The corporate additionally noticed progress throughout varied strains of insurance policies in pressure (PIF). The entire private auto section noticed a 21% improve year-over-year, with company auto insurance policies rising by 17% and direct auto insurance policies by 25%. The entire variety of private strains insurance policies rose by 18%, industrial strains by 4%, and property enterprise by 14%, contributing to a companywide whole progress of 17%.

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