John P. Sauerland, Vice President and Chief Financial Officer of Progressive Corp (NYSE:PGR), a $154 billion market cap insurance giant with a GREAT financial health rating according to InvestingPro, recently sold 10,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at an average price of $268.09 each, resulting in a total transaction value of approximately $2.68 million. This transaction was executed under a 10b5-1 trading plan, which Sauerland adopted on August 22, 2024. Following this sale, Sauerland retains direct ownership of 292,958.359 shares of Progressive. Additionally, he holds 13,321.803 shares indirectly through a 401(k) plan. The stock has shown remarkable strength, trading near its 52-week high with a 63% return over the past year. Access 12 more exclusive insights and detailed valuation analysis through InvestingPro's comprehensive research report.
In other recent news, Progressive Corp. experienced a boost in its October 2024 earnings per share results, surpassing average estimates, as reported by BofA Securities, which also increased Progressive's share target to $335 from $331. The company reported a 19% increase in net premiums written and earned for October 2024, compared to the same period last year. Progressive Corp. added nearly 1.6 million policies in the third quarter of 2024, bringing the year's total to approximately 4.2 million. Meanwhile, BMO (TSX:BMO) Capital maintained its optimistic stance on Progressive Corp., reiterating an Outperform rating, but adjusted its growth projections for Progressive's personal auto policies in force for the fourth quarter from a 5% increase to a 3.8% rise.
In other recent developments, GEICO and Travelers (NYSE:TRV) were fined a total of $11.3 million by the New York Attorney General and the Department of Financial Services for inadequate cybersecurity measures. The breaches compromised the personal data of over 120,000 New Yorkers, prompting both companies to enhance their cybersecurity protocols.
These recent developments highlight the evolving landscape of the insurance industry as companies adapt to changes in market conditions, regulatory environments, and technological advancements.
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