Tuesday marks the last chance for investors to receive the next dividend payout from Progressive (NYSE:PGR).
What's Happening
The company announced on Friday that it would pay shareholders a quarterly dividend of $0.1 per share. On Wednesday, Progressive will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open $0.1 lower than it would have opened on any other day.
In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Wednesday. Shareholders who own PGR as of the end of Tuesday's session are eligible to receive the $0.1 dividend payout for every share that they own.
According to the company, this dividend will be paid out to shareholders on April 14, 2022. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way.
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