Loading...

Progressive

NYSE:PGR
Snowflake Description

Outstanding track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PGR
NYSE
$45B
Market Cap
  1. Home
  2. US
  3. Insurance
Company description

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. The last earnings update was 19 days ago. More info.


Add to Portfolio Compare Print
PGR Share Price and Events
7 Day Returns
7.1%
NYSE:PGR
0.7%
US Insurance
-0.7%
US Market
1 Year Returns
26%
NYSE:PGR
7.1%
US Insurance
3%
US Market
PGR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Progressive (PGR) 7.1% 3.6% 8.2% 26% 135.6% 209.6%
US Insurance 0.7% 1.6% 6% 7.1% 32.7% 45.5%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • PGR outperformed the Insurance industry which returned 7.1% over the past year.
  • PGR outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
PGR
Industry
5yr Volatility vs Market

PGR Value

 Is Progressive undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Progressive to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Progressive.

NYSE:PGR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 10 analysts.
= Stable Book Value * Return on Equity
= $27.95 * 22.7%
$6.35
Book Value of Equity per Share Weighted future Book Value estimates from 8 analysts. $27.95
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PGR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.734 (1 + (1- 21%) (10.17%))
0.862
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.862 * 5.96%)
7.86%

Discounted Cash Flow Calculation for NYSE:PGR using Excess Returns Model Model

The calculations below outline how an intrinsic value for Progressive is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:PGR Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (22.7% – 7.86%) * $27.95)
$4.15
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $4.15 / (7.86% - 2.73%)
$80.87
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $27.95 + $80.87
$108.83
NYSE:PGR Discount to Share Price
Calculation Result
Value per share (USD) From above. $108.83
Current discount Discount to share price of $77.72
= -1 x ($77.72 - $108.83) / $108.83
28.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Progressive is available for.
Intrinsic value
29%
Share price is $77.72 vs Future cash flow value of $108.83
Current Discount Checks
For Progressive to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Progressive's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Progressive's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Progressive's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Progressive's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PGR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $5.06
NYSE:PGR Share Price ** NYSE (2019-05-17) in USD $77.72
United States of America Insurance Industry PE Ratio Median Figure of 90 Publicly-Listed Insurance Companies 16.69x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Progressive.

NYSE:PGR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PGR Share Price ÷ EPS (both in USD)

= 77.72 ÷ 5.06

15.36x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Progressive is good value based on earnings compared to the US Insurance industry average.
  • Progressive is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Progressive's expected growth come at a high price?
Raw Data
NYSE:PGR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.36x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
0.3%per year
United States of America Insurance Industry PEG Ratio Median Figure of 67 Publicly-Listed Insurance Companies 1.6x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:PGR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.36x ÷ 0.3%

45.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Progressive is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Progressive's assets?
Raw Data
NYSE:PGR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $19.89
NYSE:PGR Share Price * NYSE (2019-05-17) in USD $77.72
United States of America Insurance Industry PB Ratio Median Figure of 119 Publicly-Listed Insurance Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:PGR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PGR Share Price ÷ Book Value per Share (both in USD)

= 77.72 ÷ 19.89

3.91x

* Primary Listing of Progressive.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Progressive is overvalued based on assets compared to the US Insurance industry average.
X
Value checks
We assess Progressive's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Progressive has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PGR Future Performance

 How is Progressive expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Progressive expected to grow at an attractive rate?
  • Progressive's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Progressive's earnings growth is positive but not above the United States of America market average.
  • Progressive's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PGR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PGR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 0.3%
NYSE:PGR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 10.5%
United States of America Insurance Industry Earnings Growth Rate Market Cap Weighted Average 9.6%
United States of America Insurance Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PGR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PGR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 45,088 3,573 1
2020-12-31 41,514 3,202 7
2019-12-31 37,256 3,435 7
NYSE:PGR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 33,824 6,406 2,949
2018-12-31 31,955 6,285 2,594
2018-09-30 31,041 5,735 2,912
2018-06-30 29,337 5,218 2,215
2018-03-31 27,924 4,400 1,885
2017-12-31 26,816 3,757 1,592
2017-09-30 25,823 3,680 1,399
2017-06-30 24,967 3,184 1,374
2017-03-31 24,181 3,018 1,197
2016-12-31 23,417 2,733 1,031
2016-09-30 22,690 2,408 978
2016-06-30 22,029 2,434 1,058

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Progressive's earnings are expected to grow by 0.3% yearly, however this is not considered high growth (20% yearly).
  • Progressive's revenue is expected to grow by 10.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PGR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Progressive Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PGR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 5.85 5.85 5.85 1.00
2020-12-31 5.44 6.20 4.70 10.00
2019-12-31 5.69 6.14 5.14 9.00
NYSE:PGR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 5.06
2018-12-31 4.45
2018-09-30 5.00
2018-06-30 3.81
2018-03-31 3.24
2017-12-31 2.74
2017-09-30 2.41
2017-06-30 2.37
2017-03-31 2.06
2016-12-31 1.77
2016-09-30 1.68
2016-06-30 1.81

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Progressive is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Progressive's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Progressive has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PGR Past Performance

  How has Progressive performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Progressive's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Progressive's year on year earnings growth rate has been positive over the past 5 years.
  • Progressive's 1-year earnings growth exceeds its 5-year average (56.5% vs 19%)
  • Progressive's earnings growth has exceeded the US Insurance industry average in the past year (56.5% vs 6.6%).
Earnings and Revenue History
Progressive's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Progressive Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PGR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 33,824.40 2,948.80
2018-12-31 31,954.70 2,593.90
2018-09-30 31,041.00 2,912.30
2018-06-30 29,337.00 2,214.60
2018-03-31 27,924.30 1,884.70
2017-12-31 26,816.10 1,592.20
2017-09-30 25,823.10 1,399.10
2017-06-30 24,967.30 1,373.80
2017-03-31 24,180.60 1,197.10
2016-12-31 23,417.40 1,031.00
2016-09-30 22,689.80 978.20
2016-06-30 22,029.40 1,057.80
2016-03-31 21,494.60 1,230.20
2015-12-31 20,831.90 1,267.60
2015-09-30 20,608.70 1,307.40
2015-06-30 20,105.90 1,325.20
2015-03-31 19,563.80 1,255.30
2014-12-31 19,377.30 1,281.00
2014-09-30 18,820.50 1,210.60
2014-06-30 18,573.90 1,146.90
2014-03-31 18,427.60 1,178.10
2013-12-31 18,156.40 1,165.40
2013-09-30 17,888.40 1,114.70
2013-06-30 17,788.70 1,159.30
2013-03-31 17,379.70 953.30
2012-12-31 17,070.30 902.30
2012-09-30 16,918.30 909.90
2012-06-30 16,304.70 783.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Progressive has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Progressive used its assets more efficiently than the US Insurance industry average last year based on Return on Assets.
  • Progressive has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Progressive's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Progressive has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PGR Health

 How is Progressive's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Progressive's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Progressive's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Progressive's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Progressive's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Progressive Company Filings, last reported 1 month ago.

NYSE:PGR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 12,331.90 4,616.80 2,742.70
2018-12-31 11,036.30 4,404.90 1,865.40
2018-09-30 12,076.20 3,859.90 2,931.60
2018-06-30 11,219.00 3,859.50 3,386.00
2018-03-31 10,837.40 3,859.20 3,242.50
2017-12-31 9,788.50 3,306.30 3,134.40
2017-09-30 9,787.60 3,312.20 4,536.40
2017-06-30 9,493.30 3,383.40 3,890.70
2017-03-31 9,017.10 3,111.70 3,259.30
2016-12-31 8,440.80 3,148.20 3,784.40
2016-09-30 8,567.20 3,166.90 6,019.60
2016-06-30 8,302.30 2,692.00 5,301.10
2016-03-31 8,027.30 2,720.30 4,036.80
2015-12-31 7,754.30 2,707.90 2,396.10
2015-09-30 7,904.90 2,720.60 2,326.50
2015-06-30 7,793.20 2,739.00 1,933.10
2015-03-31 7,201.90 2,560.10 2,368.50
2014-12-31 6,928.60 2,164.70 2,257.40
2014-09-30 6,935.30 2,164.30 2,761.70
2014-06-30 6,789.20 2,208.00 3,244.80
2014-03-31 6,438.60 1,861.30 1,969.60
2013-12-31 6,189.50 1,860.90 1,347.70
2013-09-30 6,792.60 2,010.60 1,247.00
2013-06-30 6,523.90 2,063.90 1,655.00
2013-03-31 6,389.80 2,151.30 2,431.90
2012-12-31 6,007.00 2,158.60 2,169.10
2012-09-30 6,554.60 2,164.30 2,586.30
2012-06-30 6,286.60 2,154.30 1,844.70
  • Progressive's level of debt (37.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (29% vs 37.4% today).
  • Debt is well covered by operating cash flow (138.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 22.6x coverage).
X
Financial health checks
We assess Progressive's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Progressive has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PGR Dividends

 What is Progressive's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.51%
Current annual income from Progressive dividends. Estimated to be 0.61% next year.
If you bought $2,000 of Progressive shares you are expected to receive $10 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Progressive's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Progressive's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Progressive before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PGR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
United States of America Insurance Industry Average Dividend Yield Market Cap Weighted Average of 80 Stocks 2.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PGR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.63 5.00
2020-12-31 0.46 6.00
2019-12-31 0.36 6.00
NYSE:PGR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-15 0.400 0.515
2019-05-01 2.514 3.385
2019-04-16 2.514 3.302
2019-01-23 2.514 3.543
2018-02-27 1.125 1.779
2018-01-24 1.125 2.053
2017-01-25 0.681 1.509
2016-01-27 0.888 2.692
2015-03-02 0.686 2.335
2015-01-28 0.686 2.585
2013-12-12 1.493 5.935
2013-02-26 0.285 1.101
2013-01-18 0.285 1.218
2012-08-02 0.407 1.922
2012-07-12 0.407 2.059
2012-01-19 0.407 1.889
2011-03-01 0.399 2.035
2011-01-20 0.399 1.984
2010-03-01 0.161 0.811
2010-01-20 0.161 0.955
2009-11-09 0.000 0.000
2009-10-14 0.000 0.000
2009-08-10 0.000 0.000
2009-07-10 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Progressive is not paying a notable dividend for United States of America, therefore no need to check if the payments are stable.
  • Progressive is not paying a notable dividend for United States of America, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Progressive's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Progressive's dividends as it is not paying a notable one for United States of America.
Future Payout to shareholders
  • No need to calculate the sustainability of Progressive's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Progressive's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Progressive afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Progressive has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PGR Management

 What is the CEO of Progressive's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tricia Griffith
COMPENSATION $14,172,925
AGE 54
TENURE AS CEO 2.8 years
CEO Bio

Ms. Susan Patricia Griffith, also known as Tricia, has been the Chief Executive Officer and President of Progressive Corp. since July 1, 2016. Ms. Griffith serves as Director at Federal Express Corporation since August 2018. Ms. Griffith served as the Chief Operating Officer of Personal Lines at Progressive Corp. from April 1, 2015 to July 1, 2016 and its Vice President from May 2015 to July 1, 2016. She served as the President of Customer Operations at Progressive Corp. since April 2014 until April 1, 2015. Ms. Griffith served as the Chief Human Resource Officer of Progressive Corp. from April 2002 to March 2008 and served as its Claims Group President since March 2008 where, she oversaw all Human Resources systems, policies and practices, including staffing, compensation practices, benefits, HR development, employee relations, HR data management and employee wellness. She served as Process Manager for Claims Central Services of Progressive Corporation from January 2001 to April 2002, Regional Claims Consultant from December 1999 to December 2000, Regional Claims and Sales Manager of Pennsylvania from December 1998 to December 1999. Ms. Griffith joined Progressive as a Claims Representative in 1988. She has extensive executive and managerial experience in an industry that emphasizes distinctive advertising and marketing campaigns. She has executive and managerial experience at a company that relies heavily on its ability to adapt to change, innovate, develop, and implement new applications and other technologies. She has been a Director of Progressive Corp. since July 1, 2016. Ms. Griffith has been a Director of FedEx Corporation since March 12, 2018. She served as a Director of The Children’s Place Retail Stores, Inc. since October 2012 until July 1, 2016. Ms. Griffith was named one of FORTUNE magazine’s “Most Powerful Women in Business” in 2016 and 2017. She has a Bachelor's Degree from Illinois State University and is a graduate of the Wharton School of Business’s Advanced Management Program.

CEO Compensation
  • Tricia's compensation has increased by more than 20% in the past year.
  • Tricia's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Progressive management team in years:

3.6
Average Tenure
55
Average Age
  • The tenure for the Progressive management team is about average.
Management Team

Tricia Griffith

TITLE
President
COMPENSATION
$14M
AGE
54
TENURE
2.8 yrs

John Sauerland

TITLE
VP & CFO
COMPENSATION
$7M
AGE
54
TENURE
4.1 yrs

Bill Cody

TITLE
Chief Investment Officer
COMPENSATION
$3M
AGE
56
TENURE
16.3 yrs

Jeff Charney

TITLE
Chief Marketing Officer
COMPENSATION
$2M
AGE
59
TENURE
8.5 yrs

John Barbagallo

TITLE
President of Commercial Lines
COMPENSATION
$3M
AGE
59
TENURE
4 yrs

Mariann Marshall

TITLE
VP, Chief Accounting Officer & Assistant Secretary
AGE
56
TENURE
0.3 yrs

Steven Broz

TITLE
Chief Information Officer
AGE
48
TENURE
3.3 yrs

Julia Hornack

TITLE
Investor Relations Contact
TENURE
4.3 yrs

Daniel Mascaro

TITLE
VP, Chief Legal Officer & Secretary
AGE
55
TENURE
2.2 yrs

Lori Niederst

TITLE
Chief Human Resource Officer
AGE
45
TENURE
2.5 yrs
Board of Directors Tenure

Average tenure and age of the Progressive board of directors in years:

5.6
Average Tenure
64.5
Average Age
  • The tenure for the Progressive board of directors is about average.
Board of Directors

Lawton Fitt

TITLE
Chairperson
COMPENSATION
$440K
AGE
65
TENURE
1 yrs

Tricia Griffith

TITLE
President
COMPENSATION
$14M
AGE
54
TENURE
2.8 yrs

Chuck Davis

TITLE
Independent Director
COMPENSATION
$285K
AGE
70
TENURE
23.1 yrs

Patrick Nettles

TITLE
Independent Director
COMPENSATION
$295K
AGE
75
TENURE
14.6 yrs

Roger Farah

TITLE
Independent Director
COMPENSATION
$300K
AGE
65
TENURE
10.9 yrs

Jeff Kelly

TITLE
Independent Director
COMPENSATION
$270K
AGE
65
TENURE
6.6 yrs

Stuart Burgdoerfer

TITLE
Independent Director
COMPENSATION
$270K
AGE
55
TENURE
9.4 yrs

Barbara Snyder

TITLE
Independent Director
COMPENSATION
$260K
AGE
63
TENURE
4.6 yrs

Phil Bleser

TITLE
Independent Director
COMPENSATION
$275K
AGE
64
TENURE
1.8 yrs

Pam Craig

TITLE
Director
COMPENSATION
$260K
AGE
61
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • Progressive insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
03. May 19 Sell Kahina Van Dyke Individual 01. May 19 01. May 19 -1,715 $78.49 $-134,610
01. May 19 Sell M. Charney Individual 29. Apr 19 29. Apr 19 -7,202 $76.61 $-551,745
18. Apr 19 Sell John Murphy Individual 17. Apr 19 17. Apr 19 -8,000 $76.63 $-613,040
18. Apr 19 Sell M. Charney Individual 17. Apr 19 17. Apr 19 -10,000 $76.59 $-765,900
05. Mar 19 Sell Daniel Mascaro Individual 01. Mar 19 01. Mar 19 -6,000 $72.91 $-437,460
05. Mar 19 Sell Michael Sieger Individual 01. Mar 19 01. Mar 19 -7,500 $73.22 $-549,150
05. Mar 19 Sell William Cody Individual 01. Mar 19 01. Mar 19 -50,000 $72.93 $-3,646,500
05. Mar 19 Sell Steven Broz Individual 01. Mar 19 01. Mar 19 -2,500 $72.93 $-182,325
12. Feb 19 Buy Barbara Snyder Individual 11. Feb 19 11. Feb 19 292 $67.34 $19,691
01. Feb 19 Sell M. Charney Individual 30. Jan 19 31. Jan 19 -18,000 $67.00 $-1,198,500
21. Aug 18 Sell William Cody Individual 20. Aug 18 20. Aug 18 -50,000 $66.90 $-3,345,000
20. Jul 18 Sell Steven Broz Individual 19. Jul 18 19. Jul 18 -2,300 $59.88 $-137,724
19. Jul 18 Sell John Murphy Individual 18. Jul 18 18. Jul 18 -7,503 $60.28 $-452,296
X
Management checks
We assess Progressive's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Progressive has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PGR News

Simply Wall St News

Are Insiders Selling The Progressive Corporation (NYSE:PGR) Stock?

So we'll take a look at whether insiders have been buying or selling shares in The Progressive Corporation (NYSE:PGR). … That means that an insider was selling shares at slightly below the current price (US$75.56). … As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation

Simply Wall St -

Here's Why I Think Progressive (NYSE:PGR) Is An Interesting Stock

How Quickly Is Progressive Increasing Earnings Per Share. … Careful consideration of revenue growth and earnings before interest and taxation (EBIT) margins can help inform a view on the sustainability of the recent profit growth. … Progressive shareholders can take confidence from the fact that EBIT margins are up from 9.2% to 12%, and revenue is growing.

Simply Wall St -

The Progressive Corporation (NYSE:PGR): What We Can Expect From This Growth Stock

Based on The Progressive Corporation's (NYSE:PGR) earnings update in December 2018,. … as a 21% increase in profits is expected in the upcoming year, … the past 5-year average growth rate of 16%

Simply Wall St -

Only 3 Days Left To Cash In On The Progressive Corporation (NYSE:PGR) Dividend

On the 15 April 2019, The Progressive Corporation (NYSE:PGR) will be paying shareholders an upcoming dividend amount of US$0.10 per share. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:? … Is its earnings sufficient to payout dividend at the current rate

Simply Wall St -

What Kind Of Investor Owns Most Of The Progressive Corporation (NYSE:PGR)?

A look at the shareholders of The Progressive Corporation (NYSE:PGR) can tell us which group is most powerful. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Companies that have been privatized tend to have low insider ownership.

Simply Wall St -

Is Progressive's (NYSE:PGR) Share Price Gain Of 209% Well Earned?

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Progressive achieved compound earnings per share (EPS) growth of 18% per year. … This EPS growth is lower than the 25% average annual increase in the share price.

Simply Wall St -

The Progressive Corporation (NYSE:PGR) Is Trading At A 16.83% Discount Right Now

PGR operates in the insurance industry, which has characteristics that make it unique compared to other sectors. … Understanding these differences is crucial when it comes to putting a value on the insurance stock. … For example, insurance companies are required to hold more capital to reduce the risk to shareholders.

Simply Wall St -

What Do Analysts Think About The Progressive Corporation's (NYSE:PGR) Growth?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … The Progressive Corporation's (NYSE:PGR) latest earnings update in December 2018a

Simply Wall St -

Have Insiders Been Selling The Progressive Corporation (NYSE:PGR) Shares This Year?

So shareholders might well want to know whether insiders have been buying or selling shares in The Progressive Corporation (NYSE:PGR). … So we know that an insider sold shares at around the present share price of US$65.30 … We generally tread carefully if insiders have been selling on market, even if they sold slightly above the current price.

Simply Wall St -

Should You Worry About The Progressive Corporation's (NYSE:PGR) CEO Pay Cheque?

First, this article will compare CEO compensation with compensation at other large companies. … Then we'll look at a snap shot of the business growth. … How Does Tricia Griffith's Compensation Compare With Similar Sized Companies?

Simply Wall St -

PGR Company Info

Description

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles. This segment’s products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, watercrafts, and snowmobiles. The company’s Commercial Lines segment provides primary liability, physical damage, and other auto-related insurance for autos, vans, pick-up trucks, and dump trucks used by small businesses; tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses, and non-fleet long-haul operators; dump trucks, log trucks, and garbage trucks used by dirt, sand and gravel, logging, and coal-type businesses; tow trucks and wreckers used in towing services and gas/service station businesses; and non-fleet taxis, black-car services, and airport taxis. Its Property segment provides residential property insurance for homes, condos, manufactured homes, and renters, as well as offers personal umbrella insurance, and primary and excess flood insurance. The company also offers policy issuance and claims adjusting services; home, condominium, renters, and other insurance; and general liability and business owner’s policies, and workers’ compensation insurance. In addition, it offers reinsurance services. The Progressive Corporation sells its products and services through independent insurance agencies, as well as directly on Internet, and mobile devices, and over the phone. The company was founded in 1937 and is headquartered in Mayfield Village, Ohio.

Details
Name: The Progressive Corporation
PGR
Exchange: NYSE
Founded: 1937
$45,387,376,686
583,985,804
Website: http://www.progressive.com
Address: The Progressive Corporation
6300 Wilson Mills Road,
Mayfield Village,
Ohio, 44143,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PGR Common Shares New York Stock Exchange US USD 12. Oct 1972
DB PGV Common Shares Deutsche Boerse AG DE EUR 12. Oct 1972
LSE 0KOC Common Shares London Stock Exchange GB USD 12. Oct 1972
BMV PGR * Common Shares Bolsa Mexicana de Valores MX MXN 12. Oct 1972
Number of employees
Current staff
Staff numbers
37,346
Progressive employees.
Industry
Property and Casualty Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:39
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.