PROG Holdings, Inc. (NYSE:PRG) Receives Consensus Recommendation of “Buy” from Analysts

PROG Holdings, Inc. (NYSE:PRG) has earned an average rating of “Buy” from the seven research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $53.83.

A number of research firms recently issued reports on PRG. Stephens restated an “overweight” rating and set a $60.00 price target on shares of PROG in a research note on Thursday, January 2nd. Jefferies Financial Group raised their target price on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a research report on Friday, November 29th. Finally, Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a research report on Thursday, October 24th.

PROG Trading Up 0.4 %

Shares of PROG stock opened at $43.07 on Friday. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. The company has a fifty day simple moving average of $45.01 and a 200-day simple moving average of $44.02. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 11.93 and a beta of 2.17. PROG has a 12-month low of $27.84 and a 12-month high of $50.28.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm posted $0.90 earnings per share. PROG’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, equities analysts forecast that PROG will post 3.36 EPS for the current fiscal year.

PROG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 1.11%. PROG’s dividend payout ratio is currently 13.30%.

Insider Transactions at PROG

In related news, VP George M. Sewell sold 3,500 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $48.88, for a total transaction of $171,080.00. Following the completion of the transaction, the vice president now directly owns 12,639 shares of the company’s stock, valued at $617,794.32. This represents a 21.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael Todd King sold 1,500 shares of PROG stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 37,017 shares in the company, valued at $1,738,688.49. This represents a 3.89 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,207 shares of company stock worth $5,759,152. Company insiders own 2.74% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new stake in shares of PROG during the 3rd quarter worth $19,079,000. Millennium Management LLC boosted its holdings in PROG by 497.6% during the second quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock worth $5,580,000 after buying an additional 133,972 shares in the last quarter. Walleye Capital LLC grew its position in PROG by 476.7% during the third quarter. Walleye Capital LLC now owns 150,495 shares of the company’s stock worth $7,298,000 after buying an additional 124,397 shares during the period. State Street Corp increased its holdings in PROG by 6.9% in the third quarter. State Street Corp now owns 1,776,377 shares of the company’s stock valued at $86,137,000 after buying an additional 114,498 shares in the last quarter. Finally, Atom Investors LP acquired a new stake in shares of PROG during the 3rd quarter valued at approximately $4,979,000. Hedge funds and other 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.