Andrew J. Quigg, Chief Strategy Officer at Progressive Corp (NYSE:), a $141 billion insurance giant with “GREAT” financial health according to InvestingPro, recently sold 681 shares of the company’s common stock. The shares were sold at an average price of $242.10 each, amounting to a total transaction value of $164,870. Following this sale, Quigg holds approximately 33,612 shares. The transaction was executed under a 10b5-1 trading plan, which had been adopted on January 25, 2024. With the stock trading near its Fair Value and 15 analysts revising earnings upward, InvestingPro subscribers can access comprehensive insider trading analysis and 12 additional ProTips about Progressive’s outlook.
In other recent news, Progressive Corp. has been the focal point of various analyst reports, with both Raymond (NS:) James and BMO (TSX:) Capital maintaining an Outperform rating. Raymond James, citing a positive outlook on the company’s growth prospects, upgraded Progressive’s stock from Market Perform to Outperform. BMO Capital, despite trimming its price target from $273 to $267, held onto its Outperform rating, adjusting its earnings per share (EPS) estimates for Progressive for the years 2024, 2025, and 2026.
The insurance company demonstrated impressive momentum, with 12 analysts revising their earnings estimates upward. Progressive’s revenue growth in the last twelve months was 22.67%, and it witnessed a 55.54% return over the past year. In November, Progressive reported robust growth, with an 18% increase in net premiums written, reaching $5.56 billion, and net premiums earned rose to $6.04 billion, up 19% from the previous year. The company’s net income surged by 48% to $1.01 billion, while earnings per share (EPS) grew from $1.15 to $1.71.
Progressive’s combined ratio improved from 91.1% to 85.6%, indicating a more profitable period. The company also saw growth across various lines of policies in force (PIF). The total personal auto segment saw a 21% increase year-over-year, with agency auto policies growing by 17% and direct auto policies by 25%. The total number of personal lines policies rose by 18%, commercial lines by 4%, and property business by 14%, contributing to a companywide total growth of 17%.
In other company news, fellow insurance companies GEICO and Travelers (NYSE:) faced fines totaling $11.3 million for inadequate cybersecurity measures. These are the most recent developments in the insurance sector.
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