PROG Holdings, Inc. (NYSE:PRG) Receives Average Recommendation of “Buy” from Brokerages

Shares of PROG Holdings, Inc. (NYSE:PRG) have received an average rating of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $53.83.

A number of equities analysts recently weighed in on the company. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a report on Thursday, October 24th. Stephens reissued an “overweight” rating and set a $60.00 price objective on shares of PROG in a report on Thursday, January 2nd. Jefferies Financial Group raised their price objective on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Finally, TD Cowen raised PROG to a “strong-buy” rating in a report on Friday, November 29th.

PROG Stock Performance

NYSE:PRG opened at $43.18 on Friday. The business’s 50-day moving average price is $44.61 and its two-hundred day moving average price is $44.37. PROG has a twelve month low of $27.84 and a twelve month high of $50.28. The stock has a market cap of $1.79 billion, a P/E ratio of 11.96 and a beta of 2.17. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94.

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

PROG Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 1.11%. PROG’s payout ratio is 13.30%.

Insider Transactions at PROG

In related news, Director Curtis Linn Doman sold 62,815 shares of PROG stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $48.75, for a total transaction of $3,062,231.25. Following the sale, the director now directly owns 174,524 shares in the company, valued at $8,508,045. The trade was a 26.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Todd King sold 1,500 shares of PROG stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the sale, the insider now owns 37,017 shares in the company, valued at $1,738,688.49. This represents a 3.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 119,207 shares of company stock worth $5,759,152. 2.74% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PROG

Several hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new position in PROG during the third quarter valued at $19,079,000. Millennium Management LLC raised its stake in PROG by 497.6% during the second quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after buying an additional 133,972 shares during the last quarter. Walleye Capital LLC raised its stake in PROG by 476.7% during the third quarter. Walleye Capital LLC now owns 150,495 shares of the company’s stock valued at $7,298,000 after buying an additional 124,397 shares during the last quarter. State Street Corp raised its stake in PROG by 6.9% during the third quarter. State Street Corp now owns 1,776,377 shares of the company’s stock valued at $86,137,000 after buying an additional 114,498 shares during the last quarter. Finally, Atom Investors LP purchased a new position in PROG during the third quarter valued at $4,979,000. 97.92% of the stock is currently owned by institutional investors.

PROG Company Profile

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.