Director Devin C. Johnson of Progressive Corp (NYSE:PGR) executed a sale of 980 shares of common stock on April 16, 2026, at a per-share price of $203.10, for total proceeds of $199,038. The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission. After the sale, Johnson is recorded as directly owning 8,621 shares of Progressive.
The trade took place near the stock’s recent market level of $204. InvestingPro analysis, cited in connection with the transaction, indicates that Progressive remains undervalued at current market levels, noting a price-to-earnings ratio of 10.35. The company is also highlighted on InvestingPro’s Most Undervalued list and is noted as having access to Pro Research Reports and more than 10 ProTips for investors seeking additional background.
Earnings and business-line performance
Progressive’s March operating earnings per share stood at $1.51, outpacing the Visible Alpha Consensus of $1.41 and exceeding Goldman Sachs’ estimate of $1.48. The company attributed the March outperformance primarily to strong results in Personal Auto and Property. Those strengths came despite a shortfall on the underlying combined ratio within the Commercial business.
Analyst actions and price-target revisions
Multiple broker-dealers and research teams have updated their views following the company’s reported results. BofA Securities raised its price target for Progressive to $312, pointing to share buybacks as part of the firm’s rationale; the bank noted that Progressive’s March result of $1.55 per share missed BofA’s own forecast of $1.62 but met or exceeded consensus figures.
BMO Capital moved its price target up to $221 while maintaining a Market Perform rating and cited productivity gains in its rationale. Evercore ISI reiterated an In Line rating with a $230 price target, calling the first-quarter results mixed: strong growth in net premiums written in auto insurance was balanced by concerns over the company’s loss ratio.
Keefe, Bruyette & Woods adjusted its price target to $208 and raised its 2026 earnings estimate, reflecting expectations of faster premium growth and higher investment income. Goldman Sachs continues to hold a Buy rating with a $216 price target and emphasized the robust auto results in March.
What the filings and analyst commentary show
The Form 4 disclosure documents the specific insider sale and the resulting ownership position for Johnson. Analyst commentary and price-target movements reflect a market parsing of the same quarterly performance data: clear upside in Personal Auto and Property results, offset by pressures in Commercial underwriting metrics such as the combined ratio and loss ratio. Investors and market observers can reference the Form 4 and the cited analyst notes to reconcile insider activity with public financial outcomes.
For investors wanting deeper proprietary analysis, Progressive’s inclusion on InvestingPro’s Most Undervalued list and the availability of Pro Research Reports and additional ProTips were cited as resources tied to the stock’s valuation context.