Insider Sell: Progressive Corp's Personal Lines President Patrick Callahan Sells 29,675 Shares
Patrick Callahan, Personal Lines President of Progressive Corp (NYSE:PGR), sold 29,675 shares of the company on February 21, 2024, according to a recent SEC filing. The transaction was executed at an average price of $190.26 per share, resulting in a total value of $5,643,825.50.
Progressive Corp, headquartered in Mayfield Village, Ohio, is one of the largest providers of car insurance in the United States. The company also offers insurance for motorcycles, boats, RVs, and commercial vehicles, and provides home insurance through select companies.
Over the past year, the insider has sold a total of 29,675 shares and has not made any purchases of the stock. This latest transaction continues a trend observed over the past year, where there have been no insider buys and 28 insider sells for Progressive Corp.
On the date of the insider's recent sell, Progressive Corp's shares were trading at $190.26, giving the company a market capitalization of $112.32 billion. The price-earnings ratio stood at 29.14, which is above both the industry median of 12.18 and the company's historical median price-earnings ratio.
The stock's price-to-GF-Value ratio was 1.29, indicating that Progressive Corp was considered modestly overvalued based on its GF Value of $147.81. The GF Value is an intrinsic value estimate that takes into account historical trading multiples, a GuruFocus adjustment factor based on past returns and growth, and future business performance estimates from Morningstar analysts.
Investors and analysts often monitor insider selling as it can provide insights into an insider's perspective on the value of the company's stock. However, insider transactions are not always indicative of future stock performance and can be influenced by various factors, including personal financial needs and portfolio diversification strategies.
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.
This article first appeared on GuruFocus.
