MAYFIELD VILLAGE, Ohio - The Progressive Corporation (NYSE:PGR), known for its auto insurance products and customer-centric tools like Name Your Price and Snapshot, has declared an annual dividend of $0.75 per share and a quarterly dividend of $0.10 per share.
The company said that the board's decision to set the annual dividend at $0.75 reflects the company's assessment of its capital needs, ensuring that Progressive remains well-positioned to continue its operations effectively while rewarding its shareholders.
A few key dates:
- January 18, 2024, is the ex-dividend date, which is the last day for investors to own shares and qualify for the upcoming dividend payments.
- The record date falls on January 19, 2024, determining which shareholders are eligible for the dividend distribution.
- Payment of both the annual and quarterly dividends will occur on January 26, 2024.
Moreover, Progressive has announced that shareholders recorded by March 15, 2024, will be eligible to vote at the company's Annual Meeting scheduled for May 10, 2024.
InvestingPro Insights
The Progressive Corporation (PGR) recently announced its dividend payments, underscoring the company's commitment to shareholder returns. As investors consider the implications of this announcement, several metrics and InvestingPro Tips provide a deeper understanding of the company's financial health and future prospects.
InvestingPro data highlights Progressive's substantial market capitalization of 95.35 billion USD, which supports its position as a prominent player in the insurance industry. The company's price-to-earnings (P/E) ratio stands at 35.08, reflecting investor expectations for future earnings growth, which is further supported by a low PEG ratio of 0.16 for the last twelve months as of Q3 2023. This suggests that Progressive's earnings growth may not be fully reflected in its current share price.
InvestingPro Tips indicate that Progressive's revenue growth has been accelerating, with a noteworthy 20.68% growth in revenue over the last twelve months as of Q3 2023. This growth trajectory is a positive sign for investors, as it may lead to sustained earnings and dividend payments. Moreover, the company's high return on invested capital and analysts' upward revisions of earnings for the upcoming period suggest a robust financial performance.
For subscribers interested in a comprehensive analysis, InvestingPro offers additional insights, including an assessment of Progressive's earnings quality and future net income growth. With a special Cyber Monday sale, investors can now get up to 60% off on an InvestingPro subscription. Plus, use coupon code sfy23 to get an additional 10% off a 2-year InvestingPro+ subscription. With 21 additional InvestingPro Tips available, subscribers can gain a thorough understanding of Progressive's potential and make informed investment decisions.
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