Clearbridge Investments LLC Has $15.18 Million Holdings in PROG Holdings, Inc. (NYSE:PRG)

Clearbridge Investments LLC lifted its stake in PROG Holdings, Inc. (NYSE:PRG) by 2.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 440,814 shares of the company’s stock after buying an additional 9,807 shares during the period. Clearbridge Investments LLC owned about 1.02% of PROG worth $15,182,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Jupiter Asset Management Ltd. raised its holdings in shares of PROG by 83.6% in the 1st 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 in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of PROG by 218.2% in the 4th 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 in the last quarter. Vanguard Group Inc. raised its holdings in shares of PROG by 1.9% in the 4th 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 in the last quarter. Allianz Asset Management GmbH raised its holdings in shares of PROG by 31.8% in the 4th quarter. Allianz Asset Management GmbH now owns 290,107 shares of the company’s stock worth $8,967,000 after buying an additional 69,948 shares in the last quarter. Finally, Breach Inlet Capital Management LLC acquired a new position in shares of PROG in the 4th quarter worth approximately $12,572,000. 97.92% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PRG. BTIG Research assumed coverage on PROG in a report on Friday, June 7th. They issued a “neutral” rating for the company. Loop Capital raised their price target on PROG from $31.00 to $35.00 and gave the company a “hold” rating in a report on Thursday, April 25th. Finally, TD Cowen raised their price target on PROG from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $39.60.

PROG Price Performance

PRG stock traded up $7.62 during midday trading on Wednesday, reaching $42.25. 2,377,789 shares of the company’s stock traded hands, compared to its average volume of 387,577. The company has a 50-day simple moving average of $35.04 and a two-hundred day simple moving average of $33.21. PROG Holdings, Inc. has a 1-year low of $26.39 and a 1-year high of $44.81. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 17.10 and a beta of 2.10. The company has a quick ratio of 1.83, a current ratio of 3.91 and a debt-to-equity ratio of 1.01.

PROG (NYSE:PRG) last released its earnings results on Wednesday, April 24th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08. The company had revenue of $641.87 million during the quarter, compared to analysts’ expectations of $632.24 million. PROG had a return on equity of 26.67% and a net margin of 4.71%. On average, analysts anticipate that PROG Holdings, Inc. will post 2.98 earnings per share for the current year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.48 annualized dividend and a dividend yield of 1.14%. PROG’s dividend payout ratio (DPR) is currently 19.59%.

PROG 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.