Form 4: Progressive CIO Sells 3,105 Shares Under 10b5-1 Plan

Progressive Corp's Chief Investment Officer, Jonathan S. Bauer, sold 3,105 common shares for $204.35 each, executed under a pre-arranged 10b5-1 trading plan.

Summary

• Jonathan S. Bauer, Chief Investment Officer of Progressive Corp (PGR), reported a sale of common stock.
• The transaction involved the disposition of 3,105 shares.
• The shares were sold at a price of $204.35 per share.
• The sale occurred on January 21, 2026.
• This transaction was executed under a Rule 10b5-1 trading plan, which was adopted on August 21, 2025.
• Following the sale, Mr. Bauer directly beneficially owns 26,248.8 common shares.
• Additionally, Mr. Bauer indirectly beneficially owns 122.557 common shares through a 401(k) Plan.

Sentiment

Score: 5

Explanation: Neutral. The transaction is an insider sale, which can be seen as slightly negative, but the execution under a 10b5-1 plan mitigates concerns about it being based on new, adverse information. It's likely part of routine personal financial management.

Positives

• The sale was conducted under a pre-arranged 10b5-1 trading plan, indicating it was not based on new, non-public information and is likely part of routine personal financial management.

Negatives

• An insider sale, even if pre-planned, can sometimes be perceived negatively by the market as it reduces the insider's direct equity stake.

Industry Context

This is a routine insider transaction filing for a publicly traded insurance company. Insider sales, especially those under 10b5-1 plans, are common and generally do not reflect a change in the company's fundamental outlook, but rather personal financial planning.

Stakeholder Impact

• Shareholders: The sale reduces the direct equity stake of a key executive, which might be viewed with slight caution, though the 10b5-1 plan context suggests it is not a signal of declining confidence in the company's prospects.

Key Dates

Recommendation

While an insider sale can sometimes signal a lack of confidence, this transaction was executed under a pre-arranged 10b5-1 plan, adopted several months prior. This suggests the sale is for personal financial planning rather than a reaction to new, material information about Progressive Corp. Therefore, it does not provide a strong signal to alter an investment thesis, warranting a 'hold' recommendation based solely on this filing.

Keywords

Progressive Corp, PGR, Insider Trading, Form 4, Jonathan S. Bauer, Chief Investment Officer, Stock Sale, 10b5-1 Plan, Equity Disposition