Progressive Corp. increased its buyback authorization to 15 million shares and declared its regular quarterly dividend of 2.5 cents, payable June 30 to shareholders of record June 13.
In a press release Friday, the insurance company said it had about 7.2 million shares remaining under its 1996 stock repurchase plan. Progressive has about 218.2 million shares outstanding.
Progressive also named Vice President Thomas King to the additional post of treasurer.
The company acted on a number of other issues at its annual shareholder meeting, including increasing the number of authorized shares from 300 million to 600 million.
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