Progressive Corp’s claims president sells shares value $402,612

John Jo Murphy, the Claims President at Progressive Corp (NYSE:PGR), a outstanding participant within the insurance coverage business with a market capitalization of $141 billion and robust returns over the previous decade, has lately bought a portion of his holdings within the firm. In response to a Type 4 submitting with the Securities and Trade Fee, Murphy disposed of 1,663 shares at a median worth of $242.10 per share, amounting to a complete transaction worth of $402,612. This sale was executed beneath a 10b5-1 buying and selling plan, which was adopted on Could 16, 2024. In response to InvestingPro information, Progressive’s inventory has delivered a formidable 50% return over the previous 12 months, whereas 15 analysts have lately revised their earnings expectations upward. Following this transaction, Murphy retains possession of 45,288.504 shares straight, and a further 14,877.518 shares not directly by a 401(okay) plan. InvestingPro subscribers can entry 10+ extra unique insights about Progressive’s monetary well being, valuation metrics, and progress prospects by the great Professional Analysis Report.

In different latest information, Progressive Corp. showcased a formidable monetary efficiency with a 22.67% income progress within the final twelve months and a 55.54% return over the previous 12 months. The corporate skilled sturdy progress in November, with an 18% improve in internet premiums written, reaching $5.56 billion. Web premiums earned additionally rose to $6.04 billion, up 19% from the earlier 12 months. Web revenue surged by 48% to $1.01 billion, whereas earnings per share (EPS) grew from $1.15 to $1.71.

Raymond (NS:RYMD) James upgraded Progressive’s inventory score from Market Carry out to Outperform, citing the corporate’s progress prospects and worth creation capabilities. The agency anticipates Progressive to steer in policy-in-force (PIF) progress and obtain better-than-target mixed ratios within the close to time period. BMO Capital additionally maintained its Outperform score on Progressive, regardless of trimming its worth goal and making slight changes to its EPS estimates for 2024, 2025, and 2026.

In different firm information, Progressive’s mixed ratio, a key profitability measure, improved from 91.1% to 85.6%. The whole private auto insurance policies elevated by 21%, with company auto insurance policies up 17% and direct auto insurance policies up 25%. The whole variety of particular traces insurance policies grew by 9%, and the entire Private Traces insurance policies elevated by 18%. The Industrial Traces and Property enterprise segments additionally skilled progress, rising by 4% and 14%, respectively. These are the latest developments for Progressive Corp.

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