Form 4: Progressive Corp Executive Steven Broz Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Steven Broz, Chief Information Officer of Progressive Corp, sold 6,122 shares of common stock at a price of $235.19 per share on August 19, 2024, under a pre-arranged 10b5-1 trading plan.
Summary
- On August 19, 2024, Steven Broz, the Chief Information Officer of Progressive Corp, sold 6,122 shares of the company's common stock.
- The sale was executed at a price of $235.19 per share.
- Following the transaction, Broz directly owns 32,316.283 shares of Progressive Corp.
- The transaction was conducted under a 10b5-1 trading plan adopted on January 26, 2024.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing related to an executive stock sale under a pre-arranged trading plan. It doesn't inherently convey positive or negative sentiment.
Industry Context
Executive stock sales are a common occurrence and are often part of personal financial planning. The use of a 10b5-1 trading plan allows insiders to sell shares at predetermined times and prices, avoiding accusations of insider trading.
Stakeholder Impact
- The sale of shares by a high-ranking executive could be perceived negatively by some shareholders, although the existence of a 10b5-1 plan mitigates this concern.
Key Dates
| Date | Description |
|---|---|
| 01/26/2024 | Date of adoption of the 10b5-1 trading plan |
| 08/19/2024 | Date of stock sale transaction |
| 08/20/2024 | Date of Form 4 filing |
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