Brokerages Set PROG Holdings, Inc. (NYSE:PRG) Target Price at $42.60

Shares of PROG Holdings, Inc. (NYSE:PRG) have received an average rating of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $42.60.

A number of research firms recently issued reports on PRG. KeyCorp upped their price objective on shares of PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Loop Capital upped their price objective on shares of PROG from $35.00 to $41.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. BTIG Research began coverage on shares of PROG in a research report on Friday, June 7th. They set a “neutral” rating for the company. Finally, TD Cowen upped their price objective on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th.

Institutional Investors Weigh In On PROG

Large investors have recently modified their holdings of the company. Jupiter Asset Management Ltd. increased its position in shares of PROG by 83.6% during the first quarter. Jupiter Asset Management Ltd. now owns 260,713 shares of the company’s stock worth $8,979,000 after buying an additional 118,698 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of PROG by 45.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 63,994 shares of the company’s stock worth $2,199,000 after buying an additional 19,924 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of PROG by 218.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 66,542 shares of the company’s stock worth $2,057,000 after buying an additional 45,631 shares during the period. Sei Investments Co. acquired a new stake in shares of PROG during the first quarter worth $815,000. Finally, Vanguard Group Inc. increased its position in shares of PROG by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock worth $174,278,000 after buying an additional 105,101 shares during the period. 97.92% of the stock is currently owned by institutional investors and hedge funds.

PROG Stock Performance

Shares of PROG stock opened at $45.07 on Friday. The company has a 50 day moving average of $36.00 and a 200-day moving average of $33.78. PROG has a 1-year low of $26.39 and a 1-year high of $46.40. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. The company has a market cap of $1.95 billion, a PE ratio of 18.40 and a beta of 2.10.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company had revenue of $592.16 million during the quarter, compared to the consensus estimate of $573.23 million. During the same quarter in the prior year, the firm posted $0.92 EPS. The firm’s quarterly revenue was down .1% on a year-over-year basis. As a group, equities research analysts forecast that PROG will post 3.34 earnings per share for the current fiscal year.

PROG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Shareholders of record on Tuesday, May 28th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.07%. The ex-dividend date was Friday, May 24th. PROG’s dividend payout ratio (DPR) is currently 19.59%.

About PROG

PROG Holdings, Inc (NYSE:PRG) is a financial technology holding company based in Salt Lake City, Utah with three business segments: Progressive Leasing, which offers lease-to-own transactions primarily to credit-challenged consumers through e-commerce and point-of-sale retail partners, via online, mobile, and in-store solutions; Vive Financial, which provides consumers who may not qualify for traditional prime lending with a variety of second-look, revolving credit products through private label and branded credit cards; and Four Technologies, which provides consumers of all credit backgrounds Buy Now, Pay Later (BNPL) options through four interest-free installments via its platform, Four.