Connor Clark & Lunn Investment Management Ltd. Makes New Investment in PROG Holdings, Inc. (NYSE:PRG)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in PROG Holdings, Inc. (NYSE:PRG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,421 shares of the company’s stock, valued at approximately $505,000.

Other large investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new stake in PROG in the third quarter valued at approximately $19,079,000. Diversify Wealth Management LLC purchased a new position in PROG during the 2nd quarter worth $8,794,000. Fourth Sail Capital LP acquired a new position in PROG in the second quarter valued at $5,500,000. Millennium Management LLC raised its holdings in shares of PROG by 497.6% in the second quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after buying an additional 133,972 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of PROG by 14.1% during the second quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock worth $23,746,000 after buying an additional 84,497 shares during the period. 97.92% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, CFO Brian Garner sold 5,000 shares of PROG stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $49.29, for a total transaction of $246,450.00. Following the completion of the sale, the chief financial officer now directly owns 107,720 shares in the company, valued at $5,309,518.80. The trade was a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steven A. Michaels sold 27,324 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.19, for a total value of $1,289,419.56. Following the completion of the transaction, the chief executive officer now owns 409,209 shares of the company’s stock, valued at $19,310,572.71. This trade represents a 6.26 % 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 valued at $5,759,152. 2.74% of the stock is owned by insiders.

PROG Trading Up 0.9 %

NYSE:PRG opened at $48.66 on Friday. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 13.48 and a beta of 2.11. PROG Holdings, Inc. has a 1 year low of $26.62 and a 1 year high of $50.28. The stock has a fifty day moving average price of $47.15 and a two-hundred day moving average price of $42.15. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating 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 firm had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same quarter last year, the business earned $0.90 earnings per share. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that PROG Holdings, Inc. will post 3.35 earnings per share for the current fiscal year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG’s dividend payout ratio is currently 13.30%.

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.