The Progressive Corporation (PGR) To Go Ex-Dividend on January 2nd

The Progressive Corporation (NYSE:PGR) declared a quarterly dividend on Friday, December 5th. Stockholders of record on Friday, January 2nd will be given a dividend of 0.10 per share by the insurance provider on Thursday, January 8th. This represents a c) dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Friday, January 2nd.

Progressive has decreased its dividend payment by an average of 0.2%annually over the last three years. Progressive has a dividend payout ratio of 2.5% meaning its dividend is sufficiently covered by earnings. 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

NYSE PGR traded down $0.89 on Wednesday, hitting $229.09. 173,928 shares of the stock traded hands, compared to its average volume of 3,235,698. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29. The business’s fifty day moving average is $222.86 and its two-hundred day moving average is $238.44. Progressive has a 12 month low of $199.90 and a 12 month high of $292.99. The firm has a market capitalization of $134.34 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.27 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the previous year, the company posted $3.58 EPS. As a group, equities analysts anticipate that Progressive will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the sale, the insider owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. The trade was a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 9,034 shares of company stock valued at $2,047,481. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several large investors have recently made changes to their positions in the business. Davis Capital Management purchased a new stake in shares of Progressive in the third quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new position in Progressive in the second quarter worth about $33,000. Ransom Advisory Ltd purchased a new stake in shares of Progressive during the first quarter valued at approximately $35,000. Howard Hughes Medical Institute bought a new stake in shares of Progressive during the second quarter valued at approximately $34,000. Finally, Ameriflex Group Inc. raised its holdings in 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 acquiring an additional 65 shares during the last quarter. 85.34% of the stock is currently 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.