CIO Steven Broz Sells Progressive Corp (PGR) Stock

As reported in a recent SEC filing, Chief Information Officer Steven Broz of Progressive Corp (NYSE:PGR) sold 3,050 shares of the company’s stock on June 24, 2024. Following the transaction, the insider now owns 32,453,256 shares of the company’s stock.

Progressive Corp, a leading insurance company, provides insurance for cars, trucks, motorcycles, boats, recreational vehicles and homes. It is one of the largest auto insurers in the United States.

Over the last year, Steven Broz sold a total of 10,411 shares of Progressive Corp and made no stock purchases. This recent transaction is part of a broader trend seen at the company, where there have been 27 insider sales and no insider purchases over the past year.

On the day of the transaction, Progressive Corp shares were trading at $209.81. The company has a market capitalization of approximately $120.54 billion. The stock’s price-to-earnings ratio is 21.07, which is higher than both the industry median of 11.43 and the company’s historical median.

The stock has an estimated GF of $168.48, which indicates that at $209.81, Progressive Corp is considered moderately overvalued, with a price-to-GF ratio of 1.25.

GF is calculated based on historical multiples such as price-to-earnings ratio, price-to-sales ratio, price-to-book ratio and cash flow from price to free, along with a GuruFocus adjustment factor based on the company’s past returns and growth and estimates of future business performance prepared by Morningstar analysts.

This insider selling may be of interest to investors tracking insider behavior as an indicator of the stock’s potential health, particularly in the context of the company’s valuation and market trends.

This article, generated by GuruFocus, is intended to provide general insights and is not tailored financial advice. Our commentary is based on historical data and analyst forecasts, is based on an unbiased methodology and is not intended to serve as detailed investment guidance. It does not formulate a recommendation to purchase or sell any shares and does not take into account individual investment goals or financial situation. Our goal is to deliver long-term, fundamental, data-driven analysis. Please note that our analysis may not reflect the latest price-sensitive company announcements or qualitative information. GuruFocus has no position in the stocks mentioned herein.

This article first appeared on GuruFocus.