Progressive Ends Variable Dividends; Plans Quarterly Payouts
December 12 2018 - 9:21AM
Dow Jones News
By Colin Kellaher
Progressive Corp. (PGR) on Wednesday said it is ending its
policy of paying a variable annual dividend and will shift to
regular quarterly payouts next year.
The Mayfield Village, Ohio, insurance provider said its board is
initially targeting a quarterly dividend of 10 cents, but noted the
ultimate amount hasn't been of determined.
Progressive said the board also will consider declaring an
additional dividend at least annually.
Progressive currently pays a variable annual dividend based on
its annual financial results. The company said it will pay its
final variable dividend in February, with the amount to be
determined based on its 2018 results.
Progressive earlier this year paid a dividend of $1.1247 based
on 2017's earnings.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 12, 2018 09:06 ET (14:06 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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