PROG (NYSE:PRG) Stock Price Down 5.4% – Should You Sell?

PROG Holdings, Inc. (NYSE:PRG)’s stock price fell 5.4% on Friday . The stock traded as low as $44.50 and last traded at $44.56. 147,391 shares were traded during trading, a decline of 64% from the average session volume of 405,127 shares. The stock had previously closed at $47.11.

Analysts Set New Price Targets

A number of research firms have recently commented on PRG. Stephens initiated coverage on shares of PROG in a report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price target on the stock. TD Cowen upgraded PROG to a “strong-buy” rating in a report on Friday, November 29th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $55.00 in a report on Monday, August 19th. KeyCorp increased their price target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group upped their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $53.83.

PROG Price Performance

The firm has a market capitalization of $1.83 billion, a P/E ratio of 12.39 and a beta of 2.15. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. The stock’s fifty day simple moving average is $47.04 and its 200 day simple moving average is $42.88.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. The company had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. PROG’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 earnings per share. On average, equities research analysts predict that PROG Holdings, Inc. will post 3.36 EPS for the current year.

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Tuesday, November 19th. PROG’s dividend payout ratio is currently 13.30%.

Insiders Place Their Bets

In other news, CFO Brian Garner sold 5,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $49.29, for a total value of $246,450.00. Following the transaction, the chief financial officer now directly owns 107,720 shares of the company’s stock, valued at approximately $5,309,518.80. This represents a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven A. Michaels sold 27,324 shares of PROG stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.19, for a total value of $1,289,419.56. Following the sale, the chief executive officer now directly owns 409,209 shares of the company’s stock, valued at $19,310,572.71. This trade represents a 6.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,207 shares of company stock valued at $5,759,152. 2.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. FMR LLC boosted its position in PROG by 1.3% in the 3rd quarter. FMR LLC now owns 2,430,318 shares of the company’s stock worth $117,846,000 after purchasing an additional 30,030 shares in the last quarter. State Street Corp boosted its holdings in PROG by 6.9% during the third quarter. State Street Corp now owns 1,776,377 shares of the company’s stock worth $86,137,000 after buying an additional 114,498 shares in the last quarter. D. E. Shaw & Co. Inc. grew its position in PROG by 0.8% during the second quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock valued at $31,076,000 after buying an additional 6,803 shares during the period. American Century Companies Inc. increased its holdings in PROG by 14.1% in the second quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock valued at $23,746,000 after buying an additional 84,497 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of PROG by 1.6% in the third quarter. Wellington Management Group LLP now owns 414,305 shares of the company’s stock worth $20,090,000 after acquiring an additional 6,517 shares during the period. Hedge funds and other institutional investors own 97.92% of the company’s stock.

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.