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

The Progressive Co. (NYSE:PGR) announced a quarterly dividend on Friday, May 10th, Zacks reports. Investors 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 dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd.

Progressive has a dividend payout ratio of 3.3% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Down 1.7 %

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

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the previous year, the business earned $0.65 earnings per share. The firm’s revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Progressive will post 11.27 EPS for the current year.

Insiders Place Their Bets

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction dated Monday, June 17th. The shares were 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 of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progressive news, insider Steven Broz sold 3,050 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction dated 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 directly owns 3,981 shares in the company, valued at approximately $828,485.91. The disclosure for this sale can be found here. Insiders have sold a total of 24,518 shares of company stock valued at $5,055,674 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research reports. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. Jefferies Financial Group boosted their target price on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Wells Fargo & Company boosted their target price on shares of Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Finally, Morgan Stanley decreased their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and an average price target of $216.81.

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.