The Progressive Corporation (NYSE:PGR) to Issue Quarterly Dividend of $0.10

The Progressive Corporation (NYSE:PGR) announced a quarterly dividend on Friday, March 6th. Investors of record on Thursday, April 2nd will be paid a dividend of 0.10 per share by the insurance provider on Friday, April 10th. This represents a c) annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd.

Progressive has increased its dividend by an average of 0.1%annually over the last three years. Progressive has a dividend payout ratio of 2.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Progressive to earn $15.40 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 2.6%.

Progressive Stock Performance

Shares of Progressive stock opened at $200.98 on Tuesday. Progressive has a 12 month low of $197.92 and a 12 month high of $289.96. The firm has a market capitalization of $117.57 billion, a P/E ratio of 10.45, a P/E/G ratio of 5.74 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $205.69 and a two-hundred day simple moving average of $218.96.

Insiders Place Their Bets

In other news, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider directly owned 39,626 shares in the company, valued at $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 11,687 shares of company stock worth $2,413,044. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PGR. Davis Capital Management purchased a new stake in Progressive in the third quarter worth approximately $25,000. Bard Associates Inc. purchased a new stake in Progressive during the 4th quarter valued at $27,000. Dagco Inc. bought a new position in shares of Progressive during the 4th quarter valued at $28,000. IFC & Insurance Marketing Inc. purchased a new position in shares of Progressive in the 4th quarter worth $29,000. Finally, Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after buying an additional 65 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

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.