The Progressive Corporation (NYSE:PGR) Shares to Pay Quarterly Dividend of $0.10

Key Points

• Progressive declared a quarterly dividend of $0.10 per share, payable October 9 to shareholders of record October 1. The dividend equates to $0.40 annually and a 0.2% yield, with an exceptionally low 2.5% payout ratio.
• Progressive reported quarterly earnings of $5.67 per share, beating consensus estimates of $4.64, while revenue reached $23.61 billion versus expectations of $19.49 billion.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $234.89, with seven Buy, thirteen Hold, and two Sell ratings.

The Progressive Corporation (NYSE:PGR - Get Free Report) declared a quarterly dividend on Friday, August 7th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share by the insurance provider on Friday, October 9th. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st.

Progressive has raised its dividend by an average of 0.1%annually over the last three years. Progressive has a dividend payout ratio of 2.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Progressive to earn $16.17 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 2.5%.

Progressive Trading Up 1.9%

Shares of Progressive stock opened at $209.37 on Tuesday. Progressive has a fifty-two week low of $189.20 and a fifty-two week high of $248.17. The business's fifty day moving average is $214.24 and its two-hundred day moving average is $208.38. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market cap of $121.72 billion, a PE ratio of 10.50, a P/E/G ratio of 2.63 and a beta of 0.27.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.40 earnings per share. Analysts anticipate that Progressive will post 17.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Bank of America decreased their price target on Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research note on Thursday, July 16th. HSBC increased their price objective on shares of Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a report on Monday, July 6th. BMO Capital Markets reissued a "market perform" rating on shares of Progressive in a research report on Monday, September 21st. Wells Fargo & Company boosted their target price on shares of Progressive from $198.00 to $201.00 and gave the company an "underweight" rating in a report on Thursday, August 20th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $245.00 price target on shares of Progressive in a research report on Monday, September 21st. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $234.89.

Progressive Company Profile

Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.

The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.

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