Palisade Capital Management LP Cuts Holdings in PROG Holdings, Inc. (NYSE:PRG)

Palisade Capital Management LP trimmed its holdings in shares of PROG Holdings, Inc. (NYSE:PRG) by 7.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 628,581 shares of the company’s stock after selling 51,850 shares during the period. Palisade Capital Management LP owned about 1.41% of PROG worth $19,429,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Blue Trust Inc. acquired a new stake in shares of PROG in the 4th quarter worth approximately $27,000. Acadian Asset Management LLC acquired a new stake in shares of PROG in the 3rd quarter worth approximately $33,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of PROG in the 3rd quarter worth approximately $103,000. Meeder Asset Management Inc. acquired a new stake in shares of PROG in the 4th quarter worth approximately $169,000. Finally, Diversified Trust Co grew its holdings in shares of PROG by 6.2% in the 4th quarter. Diversified Trust Co now owns 6,760 shares of the company’s stock worth $209,000 after acquiring an additional 397 shares during the period. 97.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Loop Capital upped their price target on PROG from $31.00 to $35.00 and gave the stock a “hold” rating in a report on Thursday, April 25th. BTIG Research began coverage on PROG in a report on Friday, June 7th. They set a “neutral” rating on the stock. Finally, TD Cowen increased their target price on PROG from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Two equities research 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.60.

PROG Stock Down 1.6 %

Shares of NYSE PRG opened at $34.48 on Friday. PROG Holdings, Inc. has a 1 year low of $26.39 and a 1 year high of $44.81. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 14.07 and a beta of 2.12. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.83 and a current ratio of 3.91. The stock’s 50-day simple moving average is $34.65 and its 200-day simple moving average is $32.39.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. The business had revenue of $641.87 million during the quarter, compared to the consensus estimate of $632.24 million. PROG had a return on equity of 26.67% and a net margin of 4.71%. As a group, equities analysts anticipate that PROG Holdings, Inc. will post 3 earnings per share for the current fiscal year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Investors 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 dividend on an annualized basis and a yield of 1.39%. PROG’s dividend payout ratio (DPR) is 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.