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%.
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.
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.
一些大型投资者最近对他们在该公司的头寸进行了调整。Covestor Ltd在第一季度将其在Progative的头寸提高了32.1%。Covestor Ltd在此期间额外收购了237股，现在拥有975股这家保险提供商的股票，价值111,000美元。EP Wealth Advisors LLC在第一季度购买了Progative的新股份，价值约21万美元。今年第一季度，布莱顿·琼斯有限责任公司购入了进取集团价值约22.6万美元的新股份。KB Financial Partners LLC在第一季度将其在Progative的头寸提高了9.3%。KB Financial Partners LLC在此期间额外购买了216股，现在拥有2535股这家保险提供商的股票，价值28.9万美元。最后，格雷厄姆资本管理公司(Graham Capital Management L.P.)在第一季度购买了进取公司价值约34.5万美元的新股份。83.68%的股票由机构投资者持有。
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
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.
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