Rhumbline Advisers Trims Holdings in PROG Holdings, Inc. (NYSE:PRG)

Rhumbline Advisers reduced its stake in PROG Holdings, Inc. (NYSE:PRG) by 0.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 125,453 shares of the company’s stock after selling 1,128 shares during the quarter. Rhumbline Advisers owned approximately 0.30% of PROG worth $5,302,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Stifel Financial Corp purchased a new position in PROG during the third quarter worth about $1,046,000. Moran Wealth Management LLC acquired a new stake in shares of PROG during the 3rd quarter worth approximately $3,084,000. Atom Investors LP purchased a new stake in shares of PROG during the 3rd quarter valued at approximately $4,979,000. FMR LLC lifted its holdings in PROG by 1.3% in the third quarter. FMR LLC now owns 2,430,318 shares of the company’s stock valued at $117,846,000 after acquiring an additional 30,030 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in PROG in the third quarter valued at approximately $1,972,000. 97.92% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at PROG

In other PROG news, Director Caroline Sio-Chin Sheu bought 1,650 shares of PROG stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average cost of $28.01 per share, with a total value of $46,216.50. Following the acquisition, the director now directly owns 18,291 shares of the company’s stock, valued at $512,330.91. The trade was a 9.92 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas C. Curling bought 10,000 shares of PROG stock in a transaction dated Friday, February 21st. The shares were bought at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the transaction, the director now directly owns 45,913 shares of the company’s stock, valued at $1,371,880.44. This represents a 27.85 % increase in their position. The disclosure for this purchase can be found here. 2.74% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on PRG. Jefferies Financial Group cut PROG from a “buy” rating to a “hold” rating and lowered their price target for the stock from $58.00 to $29.00 in a report on Wednesday. TD Cowen raised shares of PROG to a “strong-buy” rating in a research report on Friday, November 29th. Finally, Stephens reiterated an “overweight” rating and set a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

PROG Stock Performance

PRG opened at $27.97 on Friday. PROG Holdings, Inc. has a twelve month low of $27.61 and a twelve month high of $50.28. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.16 billion, a PE ratio of 6.16 and a beta of 2.18. The business’s 50 day moving average is $40.57 and its 200-day moving average is $44.46.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. PROG had a return on equity of 24.25% and a net margin of 8.01%. The firm had revenue of $623.30 million for the quarter, compared to analysts’ expectations of $612.67 million. During the same quarter last year, the business posted $0.72 EPS. PROG’s revenue was up 7.9% on a year-over-year basis. On average, analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.86%. This is a boost from PROG’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, March 13th. PROG’s dividend payout ratio is currently 10.57%.

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.