Insider Sale: Director Philip Bleser Sells Shares of Progressive Corp (PGR)
On July 17, 2024, Philip Bleser, a Director at Progressive Corp (NYSE:PGR), executed a sale of 2,129 shares of the company. The transaction was documented in a recent SEC Filing. Following this transaction, the insider now directly owns 974 shares of the company.
Progressive Corp (NYSE:PGR) is a well-known insurance provider, primarily dealing in vehicle and commercial auto insurance, along with coverage for residential property and other specialty property-casualty insurance and related services. The company is recognized for its significant market presence and innovative insurance solutions.
Over the past year, Philip Bleser has sold a total of 2,129 shares and has not purchased any shares. This recent sale is part of a broader trend observed within Progressive Corp, where there have been 28 insider sells and no insider buys over the last year.
Shares of Progressive Corp were priced at $219.08 on the day of the sale. The company currently holds a market cap of approximately $129.74 billion. The price-earnings ratio stands at 18.96, which is above both the industry median of 11.775 and the company's historical median.
The stock's valuation, according to the GF Value, is set at $171.61, indicating a price-to-GF-Value ratio of 1.28. This suggests that Progressive Corp is currently Modestly Overvalued.
The GF Value is calculated considering historical trading multiples such as the price-earnings ratio, price-sales ratio, price-book ratio, and price-to-free cash flow, along with a GuruFocus adjustment factor based on past returns and growth, and future business performance estimates from Morningstar analysts.
This insider sale might be of interest to investors tracking insider behaviors as an indicator of confidence levels regarding 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.
This article first appeared on GuruFocus.