PROG’s (PRG) Overweight Rating Reaffirmed at Stephens

Stephens restated their overweight rating on shares of PROG (NYSE:PRG) in a report published on Thursday morning,Benzinga reports. The brokerage currently has a $60.00 price target on the stock.

Other analysts also recently issued reports about the company. Jefferies Financial Group upped their price objective on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. TD Cowen upgraded PROG to a “strong-buy” rating in a research note on Friday, November 29th. KeyCorp lifted their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Thursday, October 24th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $53.83.

PROG Price Performance

Shares of NYSE:PRG opened at $42.30 on Thursday. The business has a fifty day simple moving average of $45.61 and a 200-day simple moving average of $43.58. PROG has a 52 week low of $27.84 and a 52 week high of $50.28. The company has a market cap of $1.76 billion, a P/E ratio of 11.72 and a beta of 2.15. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The company had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. During the same quarter in the prior year, the company posted $0.90 EPS. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. Equities research analysts forecast that PROG will post 3.36 EPS for the current year.

PROG Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were issued a $0.12 dividend. The ex-dividend date was Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.13%. PROG’s dividend payout ratio (DPR) is presently 13.30%.

Insider Activity at PROG

In other PROG news, CEO Steven A. Michaels sold 27,324 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the completion of the transaction, the chief executive officer now owns 409,209 shares in the company, valued at approximately $19,310,572.71. The trade was a 6.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Todd King sold 1,500 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the transaction, the insider now directly owns 37,017 shares in the company, valued at $1,738,688.49. This trade represents a 3.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,207 shares of company stock worth $5,759,152 in the last ninety days. 2.74% of the stock is owned by insiders.

Institutional Trading of PROG

A number of hedge funds and other institutional investors have recently modified their holdings of PRG. Whittier Trust Co. purchased a new position in PROG in the 3rd quarter worth about $26,000. Financial Management Professionals Inc. purchased a new position in shares of PROG in the third quarter worth approximately $33,000. GAMMA Investing LLC increased its position in shares of PROG by 72.0% in the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock worth $39,000 after acquiring an additional 337 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of PROG during the second quarter valued at approximately $47,000. Finally, Quarry LP lifted its position in shares of PROG by 162.9% in the 3rd quarter. Quarry LP now owns 1,517 shares of the company’s stock valued at $74,000 after acquiring an additional 940 shares in the last quarter. Institutional investors own 97.92% of the company’s stock.

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.