Progressive Announces Dividend Information and 2021 Annual Meeting Record Date

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) declared a quarterly dividend of $0.10 per share and an annual common share dividend of $4.50 per share, totaling $4.60 per share payable on January 15, 2021. The record date for this dividend is January 8, 2021, with an ex-dividend date of January 7, 2021. Additionally, a dividend of $26.875 per Series B Preferred Share, totaling $13.4 million, will be paid on March 15, 2021. The Board aims to maintain the quarterly dividend at $0.10 for 2021.

Positive

• Quarterly dividend of $0.10 per share affirming financial stability.
• Annual common share dividend of $4.50 reflects strong capital position.

Negative

• Potential dependency on dividends could affect cash reserves.

MAYFIELD VILLAGE, OHIO, Dec. 04, 2020 (GLOBE NEWSWIRE) -- The Board of Directors of The Progressive Corporation (NYSE:PGR) today declared a quarterly common share dividend, in the amount of $0.10 per share and an annual common share dividend, in the amount of $4.50 per share. The aggregate common share dividend of $4.60 per share is payable January 15, 2021, to shareholders of record at the close of business on January 8, 2021 (ex-dividend date of January 7, 2021). The Board is expected to continue to target the quarterly dividend to be approximately $0.10 per common share for 2021. The 2020 annual dividend amount was determined by the Board based on our capital position, existing capital resources, and expected current and future capital needs.

In addition, the Board declared a dividend on our outstanding Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares in the amount of $26.875 per Series B Share, or $13.4 million in the aggregate. The dividend, which is based on the annual rate of 5.375% of the stated amount of $1,000 per Series B Share, will be paid on March 15, 2021, to shareholders of record at the close of business on March 1, 2021.

The Board also set the close of business on March 12, 2021, as the record date for the determination of shareholders entitled to notice of, and to vote at, Progressive’s Annual Meeting of Shareholders, which will be held on May 7, 2021.

About Progressive
The Progressive Group of Insurance Companies makes it easy to understand, buy and use auto insurance. Progressive offers choices so consumers can reach us whenever, wherever and however it’s most convenient - online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers. 

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price^®, Snapshot^®, and HomeQuote Explorer^®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.

Company Contact:
Douglas S. Constantine
(440) 910-3563

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com

FAQ

What is the dividend amount declared by Progressive Corporation for 2021?

Progressive Corporation declared a quarterly dividend of $0.10 per share and an annual dividend of $4.50 per share.

When will the dividend be paid to shareholders of Progressive Corporation?

The dividends will be paid on January 15, 2021, for common shares and March 15, 2021, for Series B Preferred Shares.

What is the ex-dividend date for Progressive Corporation's common share dividend?

The ex-dividend date is January 7, 2021.

What is the total annual common share dividend for Progressive Corporation?

The total annual common share dividend for Progressive Corporation is $4.60 per share.

When is Progressive Corporation's Annual Meeting of Shareholders scheduled?

The Annual Meeting of Shareholders is scheduled for May 7, 2021.