PROG Holdings, Inc. (NYSE:PRG) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp decreased its position in PROG Holdings, Inc. (NYSE:PRG) by 10.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,863 shares of the company’s stock after selling 783 shares during the quarter. Mackenzie Financial Corp’s holdings in PROG were worth $238,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Breach Inlet Capital Management LLC acquired a new position in PROG in the fourth quarter worth $12,572,000. Wellington Management Group LLP raised its position in PROG by 16.1% in the fourth quarter. Wellington Management Group LLP now owns 200,253 shares of the company’s stock worth $6,190,000 after acquiring an additional 27,826 shares in the last quarter. Vanguard Group Inc. raised its holdings in PROG by 1.9% during 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 during the period. Quadrature Capital Ltd acquired a new stake in PROG during the 4th quarter worth about $363,000. Finally, DGS Capital Management LLC raised its holdings in PROG by 11.9% during the 1st quarter. DGS Capital Management LLC now owns 46,398 shares of the company’s stock worth $1,598,000 after buying an additional 4,920 shares during the period. Institutional investors and hedge funds own 97.92% of the company’s stock.

PROG Price Performance

PROG stock opened at $47.73 on Tuesday. 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 12-month low of $26.39 and a 12-month high of $50.28. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 19.48 and a beta of 2.11. The business’s 50-day simple moving average is $45.55 and its 200 day simple moving average is $38.52.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, beating 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 business had revenue of $592.16 million for the quarter, compared to analysts’ expectations of $573.23 million. During the same quarter in the previous year, the business posted $0.92 EPS. PROG’s revenue for the quarter was down .1% on a year-over-year basis. As a group, research analysts anticipate that PROG Holdings, Inc. will post 3.34 earnings per share for the current year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend was Tuesday, August 20th. PROG’s dividend payout ratio (DPR) is 19.59%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PRG. KeyCorp upped their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Loop Capital raised PROG from a “hold” rating to a “buy” rating and upped their target price for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. Jefferies Financial Group upped their target price on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Finally, TD Cowen increased their price objective on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.40.

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.