Piper Sandler Reaffirms Their Buy Rating on Progressive (PGR)

In a report released today, Paul Newsome from Piper Sandler reiterated a Buy rating on Progressive, with a price target of $259.00.

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According to TipRanks, Newsome is a 5-star analyst with an average return of 11.4% and a 67.27% success rate. Newsome covers the Financial sector, focusing on stocks such as Arthur J Gallagher & Co, American International Group, and Accelerant Holdings Class A.

In addition to Piper Sandler, Progressive also received a Buy from Raymond James’s Gregory Peters in a report issued on February 23. However, on February 26, Morgan Stanley maintained a Sell rating on Progressive (NYSE: PGR).

Based on Progressive’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $22.51 billion and a net profit of $2.62 billion. In comparison, last year the company earned a revenue of $19.71 billion and had a net profit of $2.33 billion

Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PGR in relation to earlier this year. Last month, Maribel Pumarejo, the Chief Marketing Oficer of PGR sold 738.00 shares for a total of $149,998.50.