PROG (NYSE:PRG) Lifted to “Buy” at Loop Capital

Loop Capital upgraded shares of PROG (NYSE:PRG) from a hold rating to a buy rating in a research note published on Monday morning, MarketBeat Ratings reports. They currently have $55.00 target price on the stock, up from their previous target price of $41.00.

Several other research analysts have also recently commented on PRG. KeyCorp boosted their target price on PROG from $44.00 to $46.00 and gave the stock an overweight rating in a research note on Thursday, July 25th. BTIG Research started coverage on PROG in a research note on Friday, June 7th. They set a neutral rating for the company. Finally, TD Cowen upped their price objective on PROG from $40.00 to $47.00 and gave the stock a buy rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $45.40.

PROG Trading Up 1.5 %

PRG opened at $46.08 on Monday. PROG has a 12 month low of $26.39 and a 12 month high of $46.50. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 18.81 and a beta of 2.09. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. The business has a fifty day moving average price of $37.89 and a 200 day moving average price of $35.01.

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

PROG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 1.04%. PROG’s dividend payout ratio is currently 19.59%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 DIFC Ltd acquired a new position in shares of PROG during the 2nd quarter worth about $47,000. DekaBank Deutsche Girozentrale purchased a new position in PROG during the 1st quarter worth approximately $59,000. Blue Trust Inc. increased its position in PROG by 2,015.1% during the second quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $68,000 after buying an additional 1,874 shares during the period. nVerses Capital LLC purchased a new stake in PROG in the second quarter valued at approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of PROG in the second quarter valued at approximately $88,000. 97.92% of the stock is owned by institutional investors and hedge funds.

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.