Piper Sandler Maintains Their Buy Rating on Progressive (PGR)


Piper Sandler analyst Edward Shields maintained a Buy rating on Progressive (PGR) today and set a price target of $83.00. The company’s shares closed last Monday at $75.21.

According to TipRanks.com, Shields is ranked #1700 out of 6217 analysts.

Progressive has an analyst consensus of Moderate Buy, with a price target consensus of $85.44, implying a 9.9% upside from current levels. In a report issued on March 30, Credit Suisse also maintained a Buy rating on the stock with a $79.00 price target.

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Based on Progressive’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $10.73 billion and net profit of $1.07 billion. In comparison, last year the company earned revenue of $8.03 billion and had a net profit of $265 million.

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity. The Personal Lines segment includes agency and direct businesses. The Commercial Lines segment writes primary liability and physical damage insurance for automobiles and trucks owned and operated predominately by small business in the auto, for-hire transportation, contractor, for-hire specialty, tow, and for-hire livery markets. The Property segment covers residential property insurance for homeowners, other property owners, and renters. The Other Indemnity segment manages run-off businesses. The company was founded in 1965 and is headquartered in Mayfield Village, OH.

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