[Form 4] Progressive Corporation Insider Trading Activity
On July 11, 2025, Progressive Corporation (PGR) Personal Lines President Patrick K. Callahan filed a Form 4 disclosing routine, dividend-equivalent equity accruals. The executive automatically acquired 6.882 Restricted Stock Units (RSUs) and 37.334 Deferred Compensation Units, each exchangeable 1-for-1 into Progressive common shares. Because the units were received through plan-based dividend reinvestment, the transactions were priced at $0 and involve no cash outlay.
Following the transactions, Callahan鈥檚 derivative holdings rise to 16,994.018 RSUs and 92,276.537 deferred units; no open-market purchases or sales of common stock were reported. The filing therefore represents a minor, administrative increase in the officer鈥檚 long-term equity exposure, without signaling a directional view on Progressive鈥檚 valuation.
Il 11 luglio 2025, Patrick K. Callahan, Presidente delle Linee Personali di Progressive Corporation (PGR), ha presentato un Modulo 4 per comunicare l'accredito di azioni equivalenti a dividendi. L'esecutivo ha acquisito automaticamente 6.882 Unit脿 Azionarie Vincolate (RSU) e 37.334 Unit脿 di Compensazione Differita, ciascuna convertibile 1 a 1 in azioni ordinarie di Progressive. Poich茅 le unit脿 sono state ottenute tramite il reinvestimento dei dividendi previsto dal piano, le transazioni sono state valorizzate a $0 e non hanno comportato alcuna spesa in contanti.
Dopo queste operazioni, le partecipazioni derivative di Callahan salgono a 16.994,018 RSU e 92.276,537 unit脿 differite; non sono state segnalate compravendite sul mercato aperto di azioni ordinarie. Pertanto, la comunicazione rappresenta un aumento amministrativo e marginale dell鈥檈sposizione azionaria a lungo termine dell鈥檃mministratore, senza indicare una posizione direzionale sul valore di Progressive.
El 11 de julio de 2025, Patrick K. Callahan, presidente de L铆neas Personales de Progressive Corporation (PGR), present贸 un Formulario 4 revelando la acumulaci贸n rutinaria de acciones equivalentes a dividendos. El ejecutivo adquiri贸 autom谩ticamente 6.882 Unidades de Acciones Restringidas (RSUs) y 37.334 Unidades de Compensaci贸n Diferida, cada una intercambiable 1 a 1 por acciones comunes de Progressive. Debido a que las unidades se recibieron mediante la reinversi贸n de dividendos seg煤n el plan, las transacciones se valoraron en $0 y no implicaron desembolso en efectivo.
Tras las operaciones, las participaciones derivadas de Callahan aumentan a 16.994,018 RSUs y 92.276,537 unidades diferidas; no se reportaron compras o ventas en el mercado abierto de acciones comunes. Por lo tanto, la presentaci贸n representa un incremento administrativo menor en la exposici贸n accionaria a largo plazo del ejecutivo, sin se帽alar una visi贸n direccional sobre la valoraci贸n de Progressive.
2025雲� 7鞗� 11鞚�, Progressive Corporation(PGR) 臧滌澑 氤错棙 攵�氍� 靷灔 韺姼毽� K. 旖滊澕頃�鞚� 鞝曣赴鞝侅澑 氚半嫻旮� 靸侂嫻 欤检嫕 鞝侂鞚� 瓿店皽頃橂姅 Form 4毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 鞛勳洂鞚� 鞛愲彊鞙茧 6.882臧滌潣 鞝滍暅 欤检嫕 雼渼(RSU)鞕赌 37.334臧滌潣 鞚挫棸 氤挫儊 雼渼毳� 旆摑頄堨溂氅�, 臧侁皝 Progressive 氤错喌欤� 1欤检櫠� 1雽�1搿� 甑愴櫂 臧�電ロ暕雼堧嫟. 鞚� 雼渼霌れ潃 氚半嫻旮� 鞛埇鞛� 瓿勴殟鞚� 韱淀暣 旆摑霅橃柎 瓯半灅 臧�瓴╈潃 $0鞚措┌ 順勱笀 歆�於滌澊 氚滌儩頃橃 鞎婌晿鞀惦媹雼�.
瓯半灅 頉� 旖滊澕頃滌潣 韺岇儩 氤挫湢霟夓潃 16,994.018 RSU鞕赌 92,276.537 鞚挫棸 雼渼搿� 歃濌皜頄堨溂氅�, 瓿店皽 鞁滌灔鞐愳劀 氤错喌欤� 毵るГ電� 氤搓碃霅橃 鞎婌晿鞀惦媹雼�. 霐半澕靹� 鞚措矆 鞝滌稖鞚� 鞛勳洂鞚� 鞛リ赴 欤检嫕 氤挫湢毳� 靻岉彮 頄夓爼鞝侅溂搿� 歃濌皜鞁滍偍 瓴冹溂搿�, Progressive鞚� 臧�旃橃棎 雽�頃� 氚╉枼靹� 鞁犿樃電� 鞎勲嫏雼堧嫟.
Le 11 juillet 2025, Patrick K. Callahan, pr茅sident des lignes personnelles chez Progressive Corporation (PGR), a d茅pos茅 un formulaire 4 r茅v茅lant des attributions d鈥檃ctions 茅quivalentes 脿 des dividendes. Le dirigeant a automatiquement acquis 6 882 unit茅s d鈥檃ctions restreintes (RSU) et 37 334 unit茅s de compensation diff茅r茅e, chacune 茅changeable 1 pour 1 contre des actions ordinaires de Progressive. 脡tant donn茅 que ces unit茅s ont 茅t茅 re莽ues via un plan de r茅investissement des dividendes, les transactions ont 茅t茅 valoris茅es 脿 0 $ et n鈥檕nt entra卯n茅 aucune sortie de tr茅sorerie.
脌 la suite de ces op茅rations, les avoirs d茅riv茅s de M. Callahan s鈥櫭﹍猫vent 脿 16 994,018 RSU et 92 276,537 unit茅s diff茅r茅es ; aucune transaction d鈥檃chat ou de vente d鈥檃ctions ordinaires sur le march茅 ouvert n鈥檃 茅t茅 signal茅e. Ce d茅p么t repr茅sente donc une augmentation administrative mineure de l鈥檈xposition 脿 long terme en actions du dirigeant, sans indiquer de position directionnelle sur la valorisation de Progressive.
Am 11. Juli 2025 reichte Patrick K. Callahan, Pr盲sident der Privatkundensparte von Progressive Corporation (PGR), ein Formular 4 ein, in dem routinem盲脽ige, dividenden盲quivalente Aktiengutschriften offengelegt wurden. Der Manager erwarb automatisch 6.882 Restricted Stock Units (RSUs) und 37.334 Deferred Compensation Units, die jeweils 1:1 gegen Progressive-Stammaktien eingetauscht werden k枚nnen. Da die Einheiten durch eine planbasierte Dividendenreinvestition erhalten wurden, erfolgte die Bewertung der Transaktionen zu $0 und es entstand kein Bargeldaufwand.
Nach den Transaktionen erh枚ht sich Callahans Derivatebestand auf 16.994,018 RSUs und 92.276,537 Deferred Units; offene Markttransaktionen mit Stammaktien wurden nicht gemeldet. Die Meldung stellt somit eine geringf眉gige, administrative Erh枚hung der langfristigen Aktienexponierung des Managers dar, ohne eine richtungsweisende Einsch盲tzung zur Bewertung von Progressive zu signalisieren.
- None.
- None.
Insights
TL;DR: Routine dividend-equivalent accrual; immaterial to PGR valuation and capital structure.
The Form 4 reflects automatic reinvestment of quarterly dividends into derivative equity units under existing compensation plans. With fewer than 45 total units added, the dollar impact is negligible relative to Progressive鈥檚 ~586 million outstanding shares. No buying or selling of common shares occurred, so market supply/demand dynamics are unaffected. Investors should view the filing as administrative rather than indicative of insider sentiment.
TL;DR: Filing signals compliance and alignment, but scale too small to matter financially.
The transaction demonstrates ongoing alignment of management incentives with shareholders through equity-based compensation and dividend reinvestment. That said, the acquired units represent far less than 0.01% of total insider holdings and do not alter control considerations. Governance takeaway: standard practice, no red flags.
Il 11 luglio 2025, Patrick K. Callahan, Presidente delle Linee Personali di Progressive Corporation (PGR), ha presentato un Modulo 4 per comunicare l'accredito di azioni equivalenti a dividendi. L'esecutivo ha acquisito automaticamente 6.882 Unit脿 Azionarie Vincolate (RSU) e 37.334 Unit脿 di Compensazione Differita, ciascuna convertibile 1 a 1 in azioni ordinarie di Progressive. Poich茅 le unit脿 sono state ottenute tramite il reinvestimento dei dividendi previsto dal piano, le transazioni sono state valorizzate a $0 e non hanno comportato alcuna spesa in contanti.
Dopo queste operazioni, le partecipazioni derivative di Callahan salgono a 16.994,018 RSU e 92.276,537 unit脿 differite; non sono state segnalate compravendite sul mercato aperto di azioni ordinarie. Pertanto, la comunicazione rappresenta un aumento amministrativo e marginale dell鈥檈sposizione azionaria a lungo termine dell鈥檃mministratore, senza indicare una posizione direzionale sul valore di Progressive.
El 11 de julio de 2025, Patrick K. Callahan, presidente de L铆neas Personales de Progressive Corporation (PGR), present贸 un Formulario 4 revelando la acumulaci贸n rutinaria de acciones equivalentes a dividendos. El ejecutivo adquiri贸 autom谩ticamente 6.882 Unidades de Acciones Restringidas (RSUs) y 37.334 Unidades de Compensaci贸n Diferida, cada una intercambiable 1 a 1 por acciones comunes de Progressive. Debido a que las unidades se recibieron mediante la reinversi贸n de dividendos seg煤n el plan, las transacciones se valoraron en $0 y no implicaron desembolso en efectivo.
Tras las operaciones, las participaciones derivadas de Callahan aumentan a 16.994,018 RSUs y 92.276,537 unidades diferidas; no se reportaron compras o ventas en el mercado abierto de acciones comunes. Por lo tanto, la presentaci贸n representa un incremento administrativo menor en la exposici贸n accionaria a largo plazo del ejecutivo, sin se帽alar una visi贸n direccional sobre la valoraci贸n de Progressive.
2025雲� 7鞗� 11鞚�, Progressive Corporation(PGR) 臧滌澑 氤错棙 攵�氍� 靷灔 韺姼毽� K. 旖滊澕頃�鞚� 鞝曣赴鞝侅澑 氚半嫻旮� 靸侂嫻 欤检嫕 鞝侂鞚� 瓿店皽頃橂姅 Form 4毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 鞛勳洂鞚� 鞛愲彊鞙茧 6.882臧滌潣 鞝滍暅 欤检嫕 雼渼(RSU)鞕赌 37.334臧滌潣 鞚挫棸 氤挫儊 雼渼毳� 旆摑頄堨溂氅�, 臧侁皝 Progressive 氤错喌欤� 1欤检櫠� 1雽�1搿� 甑愴櫂 臧�電ロ暕雼堧嫟. 鞚� 雼渼霌れ潃 氚半嫻旮� 鞛埇鞛� 瓿勴殟鞚� 韱淀暣 旆摑霅橃柎 瓯半灅 臧�瓴╈潃 $0鞚措┌ 順勱笀 歆�於滌澊 氚滌儩頃橃 鞎婌晿鞀惦媹雼�.
瓯半灅 頉� 旖滊澕頃滌潣 韺岇儩 氤挫湢霟夓潃 16,994.018 RSU鞕赌 92,276.537 鞚挫棸 雼渼搿� 歃濌皜頄堨溂氅�, 瓿店皽 鞁滌灔鞐愳劀 氤错喌欤� 毵るГ電� 氤搓碃霅橃 鞎婌晿鞀惦媹雼�. 霐半澕靹� 鞚措矆 鞝滌稖鞚� 鞛勳洂鞚� 鞛リ赴 欤检嫕 氤挫湢毳� 靻岉彮 頄夓爼鞝侅溂搿� 歃濌皜鞁滍偍 瓴冹溂搿�, Progressive鞚� 臧�旃橃棎 雽�頃� 氚╉枼靹� 鞁犿樃電� 鞎勲嫏雼堧嫟.
Le 11 juillet 2025, Patrick K. Callahan, pr茅sident des lignes personnelles chez Progressive Corporation (PGR), a d茅pos茅 un formulaire 4 r茅v茅lant des attributions d鈥檃ctions 茅quivalentes 脿 des dividendes. Le dirigeant a automatiquement acquis 6 882 unit茅s d鈥檃ctions restreintes (RSU) et 37 334 unit茅s de compensation diff茅r茅e, chacune 茅changeable 1 pour 1 contre des actions ordinaires de Progressive. 脡tant donn茅 que ces unit茅s ont 茅t茅 re莽ues via un plan de r茅investissement des dividendes, les transactions ont 茅t茅 valoris茅es 脿 0 $ et n鈥檕nt entra卯n茅 aucune sortie de tr茅sorerie.
脌 la suite de ces op茅rations, les avoirs d茅riv茅s de M. Callahan s鈥櫭﹍猫vent 脿 16 994,018 RSU et 92 276,537 unit茅s diff茅r茅es ; aucune transaction d鈥檃chat ou de vente d鈥檃ctions ordinaires sur le march茅 ouvert n鈥檃 茅t茅 signal茅e. Ce d茅p么t repr茅sente donc une augmentation administrative mineure de l鈥檈xposition 脿 long terme en actions du dirigeant, sans indiquer de position directionnelle sur la valorisation de Progressive.
Am 11. Juli 2025 reichte Patrick K. Callahan, Pr盲sident der Privatkundensparte von Progressive Corporation (PGR), ein Formular 4 ein, in dem routinem盲脽ige, dividenden盲quivalente Aktiengutschriften offengelegt wurden. Der Manager erwarb automatisch 6.882 Restricted Stock Units (RSUs) und 37.334 Deferred Compensation Units, die jeweils 1:1 gegen Progressive-Stammaktien eingetauscht werden k枚nnen. Da die Einheiten durch eine planbasierte Dividendenreinvestition erhalten wurden, erfolgte die Bewertung der Transaktionen zu $0 und es entstand kein Bargeldaufwand.
Nach den Transaktionen erh枚ht sich Callahans Derivatebestand auf 16.994,018 RSUs und 92.276,537 Deferred Units; offene Markttransaktionen mit Stammaktien wurden nicht gemeldet. Die Meldung stellt somit eine geringf眉gige, administrative Erh枚hung der langfristigen Aktienexponierung des Managers dar, ohne eine richtungsweisende Einsch盲tzung zur Bewertung von Progressive zu signalisieren.
FAQ
What did Progressive's Patrick K. Callahan acquire on July 11, 2025?
Were any Progressive (PGR) common shares sold in this Form 4?
How many derivative units does Callahan now hold?
Did the transaction involve cash?
Is this Form 4 impactful for Progressive investors?
