PROG (NYSE:PRG) Price Target Raised to $58.00 at Jefferies Financial Group

PROG (NYSE:PRG) had its price objective lifted by analysts at Jefferies Financial Group from $50.00 to $58.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 21.52% from the company’s previous close.

PRG has been the topic of a number of other reports. TD Cowen raised their price target on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. KeyCorp raised their price target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. BTIG Research assumed coverage on PROG in a report on Friday, June 7th. They issued a “neutral” rating on the stock. Finally, Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $55.00 in a report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.40.

PROG Price Performance

Shares of PRG traded down $0.76 during trading hours on Tuesday, reaching $47.73. 88,053 shares of the company traded hands, compared to its average volume of 419,960. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $2.06 billion, a PE ratio of 19.48 and a beta of 2.11. PROG has a fifty-two week low of $26.39 and a fifty-two week high of $50.28. The stock has a fifty day simple moving average of $45.05 and a 200 day simple moving average of $38.11.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The firm had revenue of $592.16 million for the quarter, compared to analyst estimates of $573.23 million. During the same period last year, the company earned $0.92 EPS. The firm’s quarterly revenue was down .1% on a year-over-year basis. As a group, research analysts predict that PROG will post 3.34 EPS for the current fiscal year.

Institutional Investors Weigh In On PROG

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in PROG by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock valued at $174,278,000 after purchasing an additional 105,101 shares in the last quarter. Vulcan Value Partners LLC grew its stake in PROG by 6.5% during the 4th quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock valued at $31,573,000 after purchasing an additional 62,255 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in PROG by 0.8% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock valued at $31,076,000 after purchasing an additional 6,803 shares in the last quarter. American Century Companies Inc. grew its stake in PROG by 14.1% during the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock valued at $23,746,000 after purchasing an additional 84,497 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake in PROG by 2.3% during the 1st quarter. Clearbridge Investments LLC now owns 440,814 shares of the company’s stock valued at $15,182,000 after purchasing an additional 9,807 shares in the last quarter. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

PROG Company 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.