PROG Holdings, Inc. (NYSE:PRG) Stake Reduced by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. cut its stake in PROG Holdings, Inc. (NYSE:PRG) by 3.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 937,372 shares of the company’s stock after selling 30,925 shares during the period. Charles Schwab Investment Management Inc. owned 2.26% of PROG worth $39,613,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PRG. Smartleaf Asset Management LLC increased its holdings in shares of PROG by 141.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock worth $51,000 after acquiring an additional 707 shares during the period. Proficio Capital Partners LLC bought a new position in PROG in the 4th quarter worth about $527,000. Los Angeles Capital Management LLC increased its stake in shares of PROG by 14.6% in the fourth quarter. Los Angeles Capital Management LLC now owns 46,614 shares of the company’s stock valued at $1,970,000 after purchasing an additional 5,944 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of PROG by 9.9% during the fourth quarter. Bank of New York Mellon Corp now owns 377,448 shares of the company’s stock valued at $15,951,000 after buying an additional 34,020 shares during the last quarter. Finally, Hudson Edge Investment Partners Inc. boosted its position in shares of PROG by 80.1% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 17,006 shares of the company’s stock worth $719,000 after buying an additional 7,562 shares during the period. 97.92% of the stock is currently owned by institutional investors.

Insider Buying and Selling at PROG

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

PROG Stock Up 2.1 %

PRG opened at $26.73 on Friday. The stock’s fifty day moving average is $37.30 and its 200-day moving average is $43.14. PROG Holdings, Inc. has a one year low of $26.02 and a one year high of $50.28. The company has a market capitalization of $1.09 billion, a PE ratio of 5.89 and a beta of 2.14. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24.

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

PROG Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th will be given a $0.13 dividend. This is a positive change from PROG’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.52 annualized dividend and a yield of 1.95%. PROG’s payout ratio is 10.57%.

Wall Street Analyst Weigh In

PRG has been the topic of several analyst reports. Stephens restated an “overweight” rating and issued a $60.00 target price on shares of PROG in a research report on Thursday, January 2nd. TD Cowen raised PROG to a “strong-buy” rating in a report on Friday, November 29th. Finally, Jefferies Financial Group downgraded shares of PROG from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $58.00 to $29.00 in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, PROG currently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

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.