Stifel Financial Corp Invests $1.05 Million in PROG Holdings, Inc. (NYSE:PRG)

Stifel Financial Corp bought a new stake in PROG Holdings, Inc. (NYSE:PRG) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 21,570 shares of the company’s stock, valued at approximately $1,046,000. Stifel Financial Corp owned about 0.05% of PROG at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PRG. FMR LLC increased its position in shares of PROG by 1.3% during the third quarter. FMR LLC now owns 2,430,318 shares of the company’s stock worth $117,846,000 after buying an additional 30,030 shares during the period. D. E. Shaw & Co. Inc. raised its position in shares of PROG by 0.8% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock worth $31,076,000 after acquiring an additional 6,803 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of PROG by 14.1% in the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock valued at $23,746,000 after purchasing an additional 84,497 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of PROG during the 3rd quarter valued at about $19,079,000. Finally, Diversify Wealth Management LLC acquired a new stake in PROG during the second quarter worth approximately $8,794,000. Institutional investors and hedge funds own 97.92% of the company’s stock.

Insider Activity at PROG

In related news, CFO Brian Garner sold 15,484 shares of PROG stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $48.27, for a total transaction of $747,412.68. Following the sale, the chief financial officer now directly owns 92,236 shares in the company, valued at approximately $4,452,231.72. This trade represents a 14.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Curtis Linn Doman sold 62,815 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $48.75, for a total value of $3,062,231.25. Following the completion of the transaction, the director now owns 174,524 shares of the company’s stock, valued at $8,508,045. This trade represents a 26.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 119,207 shares of company stock valued at $5,759,152 over the last ninety days. Corporate insiders own 2.74% of the company’s stock.

Wall Street Analysts Forecast Growth

PRG has been the topic of several recent analyst reports. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research note on Thursday, October 24th. Stephens assumed coverage on shares of PROG in a research note on Wednesday, November 13th. They set an “overweight” rating and a $60.00 target price on the stock. TD Cowen raised shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th. KeyCorp increased their price objective on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group boosted their target price on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $53.83.

PROG Trading Down 0.9 %

PRG opened at $41.73 on Tuesday. The firm has a market capitalization of $1.73 billion, a PE ratio of 11.56 and a beta of 2.15. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. PROG Holdings, Inc. has a fifty-two week low of $27.84 and a fifty-two week high of $50.28. The company’s 50-day moving average is $46.46 and its 200 day moving average is $43.25.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The company had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same quarter last year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, research analysts predict that PROG Holdings, Inc. will post 3.36 earnings per share for the current fiscal year.

PROG Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 annualized dividend and a dividend yield of 1.15%. PROG’s dividend payout ratio is currently 13.30%.

About PROG

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.