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

by · The Cerbat Gem

The Progressive Co. (NYSE:PGR – Get Free Report) declared a quarterly dividend on Monday, December 9th,RTT News reports. Investors of record on Thursday, January 9th will be paid a dividend of 0.10 per share by the insurance provider on Thursday, January 16th. This represents a $0.40 annualized dividend and a yield of 0.17%. The ex-dividend date is Friday, January 10th.

Progressive has a payout ratio of 2.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Progressive to earn $13.79 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 2.9%.

Progressive Stock Up 1.1 %

PGR stock opened at $242.13 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The company has a 50-day moving average of $251.46 and a two-hundred day moving average of $240.94. The stock has a market capitalization of $141.84 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 0.70 and a beta of 0.41. Progressive has a 52-week low of $162.35 and a 52-week high of $270.62.

Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities research analysts anticipate that Progressive will post 13.2 EPS for the current year.

Insider Activity

In other news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,919 shares of company stock valued at $8,222,168 in the last 90 days. 0.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PGR shares. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research report on Thursday, December 26th. Morgan Stanley restated an “overweight” rating and set a $310.00 price target on shares of Progressive in a research note on Friday, December 13th. JPMorgan Chase & Co. raised their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research report on Tuesday, December 10th. Finally, Jefferies Financial Group raised their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $275.00.

Get Our Latest Analysis on PGR

Progressive Company Profile

(Get Free Report)

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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