Assenagon Asset Management S.A. Sells 290,977 Shares of PROG Holdings, Inc. (NYSE:PRG)

Assenagon Asset Management S.A. cut its stake in PROG Holdings, Inc. (NYSE:PRG) by 74.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,478 shares of the company’s stock after selling 290,977 shares during the period. Assenagon Asset Management S.A. owned 0.25% of PROG worth $4,331,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Stifel Financial Corp bought a new stake in PROG in the third quarter valued at approximately $1,046,000. Moran Wealth Management LLC bought a new position in shares of PROG during the 3rd quarter worth approximately $3,084,000. Atom Investors LP bought a new position in shares of PROG during the 3rd quarter worth approximately $4,979,000. FMR LLC boosted its holdings in shares of PROG by 1.3% during the 3rd 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 in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of PROG during the 3rd quarter worth approximately $1,972,000. 97.92% of the stock is currently owned by institutional investors.

PROG Trading Up 0.4 %

NYSE PRG opened at $43.07 on Tuesday. The firm has a market capitalization of $1.79 billion, a P/E ratio of 11.93 and a beta of 2.17. The business has a fifty day simple moving average of $44.92 and a 200 day simple moving average of $44.23. PROG Holdings, Inc. has a 12 month low of $27.84 and a 12 month high of $50.28. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94.

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

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Tuesday, November 19th. PROG’s dividend payout ratio is presently 13.30%.

Wall Street Analyst Weigh In

PRG has been the topic of a number of recent research reports. Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a report on Thursday, October 24th. Stephens reiterated an “overweight” rating and issued a $60.00 target price on shares of PROG in a report on Thursday, January 2nd. TD Cowen upgraded PROG to a “strong-buy” rating in a report on Friday, November 29th. Finally, Jefferies Financial Group increased their target price on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. One research 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. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $53.83.

Insider Activity

In other news, CFO Brian Garner sold 15,484 shares of the firm’s 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 completion of the sale, the chief financial officer now directly owns 92,236 shares of the company’s stock, valued at $4,452,231.72. This trade represents a 14.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Todd King sold 1,500 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $46.97, for a total value of $70,455.00. Following the transaction, the insider now owns 37,017 shares of the company’s stock, valued at $1,738,688.49. The trade was a 3.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 119,207 shares of company stock valued at $5,759,152 in the last ninety days. 2.74% of the stock is currently owned by insiders.

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.