Dynamic Technology Lab Private Ltd Trims Stake in PROG Holdings, Inc. (NYSE:PRG)

Dynamic Technology Lab Private Ltd lessened its holdings in shares of PROG Holdings, Inc. (NYSE:PRG) by 64.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,090 shares of the company’s stock after selling 11,242 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in PROG were worth $295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Diversify Wealth Management LLC purchased a new position in shares of PROG in the second quarter valued at about $8,794,000. Fourth Sail Capital LP purchased a new position in PROG in the 2nd quarter worth approximately $5,500,000. Moran Wealth Management LLC bought a new position in PROG in the 3rd quarter worth approximately $3,084,000. Burney Co. grew its holdings in PROG by 24.2% during the 2nd quarter. Burney Co. now owns 86,401 shares of the company’s stock valued at $2,996,000 after buying an additional 16,810 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of PROG during the third quarter valued at approximately $1,972,000. Institutional investors own 97.92% of the company’s stock.

Insider Activity

In related news, insider Michael Todd King sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the completion of the sale, the insider now directly owns 37,017 shares in the company, valued at approximately $1,738,688.49. The trade was a 3.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven A. Michaels sold 27,324 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.19, for a total value of $1,289,419.56. Following the sale, the chief executive officer now owns 409,209 shares of the company’s stock, valued at approximately $19,310,572.71. The trade was a 6.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 119,207 shares of company stock valued at $5,759,152 in the last three months. 2.74% of the stock is currently owned by company insiders.

PROG Stock Up 0.9 %

Shares of NYSE PRG opened at $48.66 on Monday. PROG Holdings, Inc. has a 52-week low of $26.62 and a 52-week high of $50.28. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. The business’s 50 day moving average is $47.15 and its two-hundred day moving average is $42.24. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 13.48 and a beta of 2.11.

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

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. 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 (DPR) is 13.30%.

Analyst Ratings Changes

PRG has been the topic of several research analyst reports. KeyCorp boosted their price target on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Stephens initiated coverage on PROG in a report on Wednesday, November 13th. They set an “overweight” rating and a $60.00 price objective on the stock. TD Cowen raised shares of PROG to a “strong-buy” rating in a report on Friday. 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 report on Monday, August 19th. Finally, Jefferies Financial Group increased their price objective on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $53.83.

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.