PROG (NYSE:PRG) Cut to Hold at Zacks Research

PROG (NYSE:PRG) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday, Zacks reports.

Several other brokerages have also recently issued reports on PRG. B. Riley Financial raised their target price on shares of PROG from $57.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Loop Capital lowered shares of PROG from a “buy” rating to a “hold” rating and set a $48.00 price target on the stock. in a report on Wednesday, July 1st. Wall Street Zen downgraded PROG from a “strong-buy” rating to a “buy” rating in a research report on Sunday, September 6th. Jefferies Financial Group upgraded PROG from a “hold” rating to a “buy” rating and lifted their price objective for the company from $33.00 to $60.00 in a research note on Wednesday, July 8th. Finally, TD Cowen boosted their price objective on PROG from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, PROG presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.44.

PROG Price Performance

Shares of NYSE:PRG opened at $31.46 on Monday. PROG has a twelve month low of $25.80 and a twelve month high of $47.73. The company’s 50 day moving average is $39.51 and its 200 day moving average is $36.90. The company has a current ratio of 4.03, a quick ratio of 2.29 and a debt-to-equity ratio of 1.10. The company has a market cap of $1.25 billion, a PE ratio of 8.69 and a beta of 1.76.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, July 29th. The fintech holding company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.24. PROG had a net margin of 5.57% and a return on equity of 21.88%. The company had revenue of $719.72 million during the quarter, compared to analyst estimates of $713.50 million. PROG has set its Q3 2026 guidance at 1.000-1.200 EPS and its FY 2026 guidance at 4.750-5.000 EPS. On average, sell-side analysts forecast that PROG will post 4.93 EPS for the current year.

Insiders Place Their Bets

In other news, insider Michael King sold 1,070 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $46.00, for a total transaction of $49,220.00. Following the sale, the insider directly owned 60,825 shares of the company’s stock, valued at $2,797,950. This represents a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO George M. Sewell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $45.53, for a total value of $91,060.00. Following the sale, the chief accounting officer owned 28,385 shares in the company, valued at $1,292,369.05. This trade represents a 6.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,000 shares of company stock valued at $183,060 in the last ninety days. 3.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PROG

A number of hedge funds have recently bought and sold shares of PRG. First Trust Advisors LP increased its position in shares of PROG by 588.0% in the first quarter. First Trust Advisors LP now owns 840,029 shares of the fintech holding company’s stock valued at $24,100,000 after buying an additional 717,932 shares in the last quarter. Breach Inlet Capital Management LLC lifted its position in shares of PROG by 22.4% during the 4th quarter. Breach Inlet Capital Management LLC now owns 762,847 shares of the fintech holding company’s stock valued at $22,496,000 after buying an additional 139,398 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of PROG by 12.5% during the 2nd quarter. Wellington Management Group LLP now owns 697,324 shares of the fintech holding company’s stock valued at $32,502,000 after buying an additional 77,291 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in PROG in the 2nd quarter valued at $31,229,000. Finally, Ancora Advisors LLC acquired a new stake in PROG in the 2nd quarter valued at $22,288,000. Hedge funds and other institutional investors own 97.92% of the company’s stock.

PROG Company Profile

PROG Holdings, Inc is a financial technology company that provides consumer financing and lease-to-own solutions through its Progressive Leasing business. The company helps consumers obtain merchandise from participating retailers through flexible payment arrangements, including customers who may not qualify for traditional credit.

Progressive Leasing supports in-store, online and omnichannel transactions for products such as furniture, appliances, electronics, mattresses, jewelry and other household goods.