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

Financial News Live · Aug 10, 2022 05:11

The Progressive Co. (NYSE:PGR – Get Rating) announced a quarterly dividend on Tuesday, August 9th, Wall Street Journal reports. Stockholders of record on Friday, October 7th will be given a dividend of 0.10 per share by the insurance provider on Friday, October 14th. This represents a $0.40 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Thursday, October 6th.

Progressive has decreased its dividend by an average of 8.9% per year over the last three years. Progressive has a payout ratio of 6.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Progressive to earn $6.48 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 6.2%.

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Progressive Trading Up 1.0 %

Shares of PGR traded up $1.17 during trading hours on Tuesday, hitting $119.66. 1,555,537 shares of the stock were exchanged, compared to its average volume of 2,907,301. Progressive has a fifty-two week low of $89.35 and a fifty-two week high of $122.24. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40. The business has a 50-day moving average of $115.25 and a 200-day moving average of $112.04. The firm has a market capitalization of $69.99 billion, a P/E ratio of 85.49, a price-to-earnings-growth ratio of 1.51 and a beta of 0.45.

Progressive announced that its board has approved a share repurchase program on Wednesday, May 18th that authorizes the company to repurchase 25,000,000 shares. This repurchase authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Insider Activity at Progressive

In related news, insider Daniel P. Mascaro sold 558 shares of the firm's stock in a transaction dated Tuesday, May 24th. The shares were sold at an average price of $112.94, for a total transaction of $63,020.52. Following the transaction, the insider now directly owns 38,887 shares of the company's stock, valued at $4,391,897.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Covestor Ltd raised its position in Progressive by 32.1% in the first quarter. Covestor Ltd now owns 975 shares of the insurance provider's stock worth $111,000 after acquiring an additional 237 shares during the period. EP Wealth Advisors LLC bought a new stake in Progressive in the first quarter worth about $210,000. Brighton Jones LLC bought a new stake in Progressive in the first quarter worth about $226,000. KB Financial Partners LLC raised its position in Progressive by 9.3% in the first quarter. KB Financial Partners LLC now owns 2,535 shares of the insurance provider's stock worth $289,000 after acquiring an additional 216 shares during the period. Finally, Graham Capital Management L.P. bought a new stake in Progressive in the first quarter worth about $345,000. 83.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research reports. Credit Suisse Group initiated coverage on shares of Progressive in a report on Thursday, April 28th. They issued a "neutral" rating and a $124.00 price target for the company. Barclays raised their price target on shares of Progressive from $88.00 to $90.00 and gave the stock an "underweight" rating in a report on Thursday, May 19th. Jefferies Financial Group raised their price target on shares of Progressive from $106.00 to $125.00 and gave the stock a "hold" rating in a report on Tuesday, July 12th. Morgan Stanley raised their price target on shares of Progressive from $115.00 to $121.00 and gave the stock an "equal weight" rating in a report on Monday, July 18th. Finally, Piper Sandler cut shares of Progressive from a "neutral" rating to an "underweight" rating and reduced their price objective for the company from $113.00 to $100.00 in a report on Monday, April 18th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $111.93.

Progressive Company Profile

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.