Victory Capital Management Inc. Lowers Stake in PROG Holdings, Inc. (NYSE:PRG)

Victory Capital Management Inc. reduced its position in PROG Holdings, Inc. (NYSE:PRG) by 20.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,794 shares of the company’s stock after selling 10,041 shares during the quarter. Victory Capital Management Inc. owned approximately 0.10% of PROG worth $1,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of PROG by 72.0% in the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after acquiring an additional 337 shares in the last quarter. Diversified Trust Co raised its stake in PROG by 7.1% during the 3rd quarter. Diversified Trust Co now owns 7,849 shares of the company’s stock valued at $381,000 after purchasing an additional 520 shares during the period. Inspire Advisors LLC lifted its holdings in PROG by 4.2% in the 3rd quarter. Inspire Advisors LLC now owns 12,884 shares of the company’s stock worth $625,000 after purchasing an additional 525 shares in the last quarter. Whittier Trust Co. bought a new position in PROG in the 3rd quarter worth approximately $26,000. Finally, Financial Management Professionals Inc. purchased a new stake in PROG during the 3rd quarter valued at approximately $33,000. 97.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PRG shares. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Thursday, October 24th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price objective for the company from $41.00 to $55.00 in a research report on Monday, August 19th. KeyCorp boosted their target price on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Stephens began coverage on PROG in a research note on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price objective on the stock. Finally, Jefferies Financial Group increased their target price on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.83.

PROG Trading Up 2.4 %

PRG stock opened at $47.43 on Monday. The firm’s fifty day simple moving average is $47.09 and its two-hundred day simple moving average is $41.78. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 13.14 and a beta of 2.11. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $50.28.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The business had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. During the same quarter last year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. As a group, analysts anticipate that PROG Holdings, Inc. will post 3.35 earnings per share for the current year.

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a yield of 1.01%. PROG’s payout ratio is 13.30%.

Insider Transactions at PROG

In other PROG news, VP George M. Sewell sold 3,500 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $48.88, for a total value of $171,080.00. Following the completion of the transaction, the vice president now directly owns 12,639 shares in the company, valued at approximately $617,794.32. The trade was a 21.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael Todd King sold 1,500 shares of the business’s 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 in the company, valued at approximately $1,738,688.49. This trade represents a 3.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,207 shares of company stock worth $5,759,152. 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.