Progressive (NYSE:PGR – Get Free Report) released its earnings results on Wednesday. The insurance provider reported $4.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.35 by $0.02, Briefing.com reports. Progressive had a net margin of 12.84% and a return on equity of 32.92%. During the same period in the prior year, the business posted $4.45 earnings per share.
Progressive Trading Up 1.1%
Shares of PGR stock opened at $222.81 on Wednesday. Progressive has a 1 year low of $189.20 and a 1 year high of $241.01. The firm’s fifty day simple moving average is $214.72 and its 200 day simple moving average is $209.19. The firm has a market capitalization of $129.53 billion, a P/E ratio of 11.17, a price-to-earnings-growth ratio of 2.39 and a beta of 0.25. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.
Progressive Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a $0.10 dividend. The ex-dividend date was Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.
Analyst Upgrades and Downgrades
Check Out Our Latest Stock Report on PGR
Insider Activity
In other Progressive news, CEO Susan Griffith sold 37,338 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the sale, the chief executive officer directly owned 485,438 shares of the company’s stock, valued at $106,553,641. This represents a 7.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Murphy sold 8,124 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares in the company, valued at $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 106,782 shares of company stock worth $22,965,332. Corporate insiders own 0.32% of the company’s stock.
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.
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