The Progressive Corporation (PGR) to Distribute Quarterly Dividend of $0.10 on July 10th

The Progressive Corporation (NYSE:PGR) declared a quarterly dividend on Friday, May 8th. Stockholders of record on Thursday, July 2nd will be given a dividend of 0.10 per share by the insurance provider on Friday, July 10th. This represents a c) annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd.

Progressive has raised its dividend payment 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 research analysts expect Progressive to earn $16.48 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 2.4%.

Progressive Stock Performance

PGR stock opened at $219.13 on Tuesday. The firm has a 50-day simple moving average of $202.17 and a two-hundred day simple moving average of $206.72. Progressive has a one year low of $189.20 and a one year high of $267.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a market cap of $128.05 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 6.81 and a beta of 0.28.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.37 earnings per share. On average, equities analysts forecast that Progressive will post 17.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,157 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bogart Wealth LLC raised its stake in shares of Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares in the last quarter. Bard Associates Inc. bought a new stake in Progressive in the 4th quarter valued at $27,000. Dagco Inc. acquired a new stake in Progressive in the 4th quarter valued at $28,000. HHM Wealth Advisors LLC increased its holdings in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. acquired a new stake in shares of Progressive in the 4th quarter valued at approximately $29,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.