The Progressive Co. (NYSE:PGR) Announces Quarterly Dividend of $0.10

The Progressive Co. (NYSE:PGR) announced a quarterly dividend on Friday, May 10th, Zacks reports. Shareholders of record on Wednesday, July 3rd will be given a dividend of 0.10 per share by the insurance provider on Friday, July 12th. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd.

Progressive has a payout ratio of 3.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Progressive to earn $12.19 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 3.3%.

Progressive Stock Performance

PGR opened at $207.71 on Monday. Progressive has a 52-week low of $111.41 and a 52-week high of $217.77. The firm has a market capitalization of $121.66 billion, a PE ratio of 21.26, a PEG ratio of 0.80 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The business’s 50-day simple moving average is $209.49 and its 200 day simple moving average is $193.84.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 earnings per share. As a group, sell-side analysts expect that Progressive will post 11.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PGR. Piper Sandler restated an “overweight” rating and set a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. Keefe, Bruyette & Woods upped their price objective on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. The Goldman Sachs Group increased their price target on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. BMO Capital Markets reissued an “outperform” rating and set a $235.00 price objective on shares of Progressive in a report on Monday, June 17th. Finally, JPMorgan Chase & Co. increased their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $216.81.

Insider Activity at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares in the company, valued at $828,485.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the sale, the insider now owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at $828,485.91. The disclosure for this sale can be found here. Insiders sold a total of 24,518 shares of company stock worth $5,055,674 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.