The Progressive Corporation (NYSE:PGR) Announces $0.10 Quarterly Dividend

Key Points

• The Progressive Corporation declared a quarterly dividend of $0.10 per share, with a payout date set for October 10th for shareholders of record as of October 2nd.
• The company maintains a payout ratio of 2.5%, indicating the dividend is well-supported by its earnings.
• Progressive recently reported an EPS of $4.88 for the quarter, exceeding analysts' expectations and showcasing a 12.1% year-over-year revenue increase.

The Progressive Corporation (NYSE:PGR - Get Free Report) announced a quarterly dividend on Monday, August 11th, RTT News reports. Shareholders of record on Thursday, October 2nd will be given a dividend of 0.10 per share by the insurance provider on Friday, October 10th. This represents a c) dividend on an annualized basis and a yield of 0.2%.

Progressive has a payout ratio of 2.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Progressive to earn $15.40 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 2.6%.

Progressive Price Performance

Shares of NYSE:PGR traded down $1.41 during midday trading on Monday, hitting $245.11. The stock had a trading volume of 798,277 shares, compared to its average volume of 3,242,900. The company's 50-day moving average price is $256.79 and its 200-day moving average price is $266.45. The company has a market capitalization of $143.68 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. Progressive has a fifty-two week low of $220.33 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.48 EPS. As a group, equities research analysts predict that Progressive will post 14.68 EPS for the current fiscal year.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 3,191 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $795,324.84. Following the completion of the sale, the insider directly owned 37,977 shares in the company, valued at $9,465,387.48. This represents a 7.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares of the company's stock, valued at $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,250 shares of company stock worth $26,332,348. Corporate insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Nuveen LLC purchased a new position in Progressive during the first quarter valued at approximately $1,473,180,000. GQG Partners LLC increased its position in Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. GAMMA Investing LLC increased its position in Progressive by 39,285.0% in the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after purchasing an additional 3,038,303 shares during the last quarter. Capital Research Global Investors boosted its stake in Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after buying an additional 1,547,677 shares during the period. Finally, C WorldWide Group Holding A S raised its holdings in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after acquiring an additional 1,238,402 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

About Progressive

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.

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