On May 15, 2024, Steven Broz, the Chief Information Officer of Progressive Corp (PGR, Financial), executed a sale of 7,361 shares of the company. The transaction was filed on the same day with the SEC. Following this transaction, the insider's total sales over the past year amount to 8,287 shares, with no recorded purchases.
Progressive Corp (PGR, Financial) is a well-known insurance company, primarily engaged in providing insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. It is one of the largest auto insurers in the United States.
The shares were sold at a price of $207.25, valuing the transaction at approximately $1,525,446.25. This sale occurred when the stock's market cap was approximately $121.25 billion, reflecting a significant size within the insurance industry.
Regarding valuation metrics, Progressive Corp currently has a price-earnings ratio of 21.19, which is above both the industry median of 12.1 and the company's historical median. This indicates a higher valuation compared to both its peers and its own past. The GF Value, an intrinsic value estimate from GuruFocus, is set at $165.88, suggesting that the stock is modestly overvalued with a price-to-GF-Value ratio of 1.25.
The insider transaction history for Progressive Corp shows a trend of more sales than purchases among insiders over the past year, with 24 insider sells and no insider buys recorded.
The GF Value, calculated considering historical multiples such as price-earnings ratio, price-sales ratio, price-book ratio, and price-to-free cash flow, along with a GuruFocus adjustment factor and future business performance estimates, supports the current valuation assessment.
This insider sale might interest investors tracking insider behaviors as an indicator of confidence levels concerning the company's current valuation and future prospects.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
