Ritholtz Wealth Management Sells 7,197 Shares of PROG Holdings, Inc. (NYSE:PRG)

Ritholtz Wealth Management trimmed its position in PROG Holdings, Inc. (NYSE:PRG) by 38.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,504 shares of the company’s stock after selling 7,197 shares during the period. Ritholtz Wealth Management’s holdings in PROG were worth $399,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in PROG by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock valued at $174,278,000 after buying an additional 105,101 shares in the last quarter. Vulcan Value Partners LLC increased its position in PROG by 6.5% in the 4th quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock valued at $31,573,000 after buying an additional 62,255 shares in the last quarter. Clearbridge Investments LLC increased its holdings in PROG by 2.3% during the 1st quarter. Clearbridge Investments LLC now owns 440,814 shares of the company’s stock worth $15,182,000 after purchasing an additional 9,807 shares in the last quarter. Norges Bank bought a new stake in PROG during the 4th quarter worth approximately $12,666,000. Finally, Breach Inlet Capital Management LLC bought a new stake in PROG during the 4th quarter worth approximately $12,572,000. 97.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRG. TD Cowen boosted their price objective on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. BTIG Research began coverage on PROG in a report on Friday, June 7th. They set a “neutral” rating for the company. Loop Capital raised PROG from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Finally, KeyCorp boosted their price objective on PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.40.

PROG Stock Down 2.1 %

PRG opened at $46.19 on Friday. The stock has a market cap of $1.99 billion, a PE ratio of 18.85 and a beta of 2.09. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. PROG Holdings, Inc. has a 52 week low of $26.39 and a 52 week high of $47.85. The business’s fifty day simple moving average is $40.42 and its 200 day simple moving average is $36.10.

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

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.04%. PROG’s dividend payout ratio is currently 19.59%.

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.