Victory Capital Management Inc. Decreases Position in PROG Holdings, Inc. (NYSE:PRG)

Victory Capital Management Inc. lessened its holdings in PROG Holdings, Inc. (NYSE:PRG) by 10.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 35,757 shares of the company’s stock after selling 4,037 shares during the period. Victory Capital Management Inc. owned approximately 0.09% of PROG worth $1,511,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRG. Natixis Advisors LLC raised its holdings in shares of PROG by 4.8% in the 3rd quarter. Natixis Advisors LLC now owns 14,661 shares of the company’s stock valued at $711,000 after purchasing an additional 675 shares in the last quarter. MAI Capital Management raised its holdings in shares of PROG by 146.1% in the 3rd quarter. MAI Capital Management now owns 27,846 shares of the company’s stock valued at $1,350,000 after purchasing an additional 16,531 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in shares of PROG by 47.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 10,444 shares of the company’s stock valued at $506,000 after purchasing an additional 3,384 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of PROG in the 3rd quarter valued at $505,000. Finally, Moran Wealth Management LLC acquired a new stake in shares of PROG in the 3rd quarter valued at $3,084,000. Hedge funds and other institutional investors own 97.92% of the company’s stock.

PROG Trading Down 1.8 %

Shares of PROG stock opened at $25.99 on Wednesday. PROG Holdings, Inc. has a 1 year low of $25.93 and a 1 year high of $50.28. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. The company has a market capitalization of $1.06 billion, a P/E ratio of 5.73 and a beta of 2.14. The company’s fifty day moving average is $36.66 and its two-hundred day moving average is $42.83.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share (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 company had revenue of $623.30 million for the quarter, compared to the consensus estimate of $612.67 million. During the same period last year, the firm posted $0.72 EPS. PROG’s revenue for the quarter was up 7.9% on a year-over-year basis. Analysts forecast that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th will be issued a $0.13 dividend. This is an increase 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 dividend yield of 2.00%. PROG’s payout ratio is presently 10.57%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PRG. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and reduced their price objective for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a 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 note on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $49.00.

Insider Activity

In related news, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were purchased at an average price of $28.01 per share, with a total value of $46,216.50. Following the completion of the acquisition, the director now owns 18,291 shares in the company, valued at approximately $512,330.91. This represents a 9.92 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas C. Curling bought 10,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were acquired at an average price of $29.88 per share, with a total value of $298,800.00. Following the transaction, the director now owns 45,913 shares of the company’s stock, valued at $1,371,880.44. The trade was a 27.85 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.74% 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.