PROG (NYSE:PRG) Stock Rating Upgraded by Raymond James

PROG (NYSE:PRG) was upgraded by equities research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm currently has a $48.00 price objective on the stock. Raymond James’ target price would indicate a potential upside of 14.04% from the company’s previous close.

A number of other research firms have also weighed in on PRG. TD Cowen lifted their target price on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, July 25th. KeyCorp boosted their price objective on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and upped their target price for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Finally, Jefferies Financial Group raised their price target on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.00.

PROG Stock Performance

NYSE PRG opened at $42.09 on Thursday. The company’s 50 day moving average is $47.00 and its 200-day moving average is $39.76. The firm has a market cap of $1.82 billion, a P/E ratio of 17.52 and a beta of 2.11. PROG has a 12-month low of $26.39 and a 12-month high of $50.28. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02.

PROG (NYSE:PRG) last posted its earnings results 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. The firm had revenue of $606.10 million for the quarter, compared to the consensus estimate of $601.86 million. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 earnings per share. Sell-side analysts predict that PROG will post 3.34 earnings per share for the current year.

Hedge Funds Weigh In On PROG

A number of institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in shares of PROG by 72.0% during the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock worth $39,000 after acquiring an additional 337 shares during the last quarter. Diversified Trust Co raised its position in PROG by 7.1% during the third quarter. Diversified Trust Co now owns 7,849 shares of the company’s stock valued at $381,000 after purchasing an additional 520 shares in the last quarter. Texas Permanent School Fund Corp lifted its stake in PROG by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 39,140 shares of the company’s stock worth $1,348,000 after purchasing an additional 525 shares during the last quarter. Inspire Advisors LLC boosted its holdings in shares of 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. Finally, Whittier Trust Co. bought a new position in shares of PROG during the 3rd quarter valued at about $26,000. Institutional investors own 97.92% 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.