The Progressive Corporation (NYSE:PGR) Shareholders Set to Receive $0.10 Quarterly Dividend

The Progressive Corporation (NYSE:PGR) declared a quarterly dividend on Friday, August 7th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share by the insurance provider on Friday, October 9th. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st.

Progressive has raised its dividend payment by an average of 0.1%per year over the last three years. Progressive has a dividend payout ratio of 2.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Progressive to earn $16.17 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 2.5%.

Progressive Price Performance

Shares of PGR stock opened at $209.37 on Tuesday. The firm has a fifty day moving average of $214.24 and a two-hundred day moving average of $208.38. The firm has a market cap of $121.72 billion, a P/E ratio of 10.50, a P/E/G ratio of 2.63 and a beta of 0.27. Progressive has a 1-year low of $189.20 and a 1-year high of $248.17. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the prior year, the business posted $5.40 EPS. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, research analysts anticipate that Progressive will post 17.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

PGR has been the subject of several research analyst reports. Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. William Blair reaffirmed a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Weiss Ratings upgraded Progressive from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 28th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $250.00 price target on shares of Progressive in a report on Friday, September 18th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research report on Monday, September 21st. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Progressive has an average rating of “Hold” and a consensus target price of $234.89.

About Progressive

Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.

The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.