Los Angeles Capital Management LLC Acquires New Stake in PROG Holdings, Inc. (NYSE:PRG)

Los Angeles Capital Management LLC acquired a new position in shares of PROG Holdings, Inc. (NYSE:PRG) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 40,670 shares of the company’s stock, valued at approximately $1,972,000. Los Angeles Capital Management LLC owned about 0.10% of PROG as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in PRG. Texas Permanent School Fund Corp raised its holdings 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 in the last quarter. Sei Investments Co. purchased a new position in shares of PROG during the 1st quarter worth approximately $815,000. ProShare Advisors LLC boosted its stake in shares of PROG by 7.3% in the first quarter. ProShare Advisors LLC now owns 8,943 shares of the company’s stock valued at $308,000 after buying an additional 612 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in PROG by 54.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 20,399 shares of the company’s stock worth $703,000 after acquiring an additional 7,180 shares during the period. Finally, Jupiter Asset Management Ltd. raised its position in PROG by 83.6% in the first quarter. Jupiter Asset Management Ltd. now owns 260,713 shares of the company’s stock worth $8,979,000 after acquiring an additional 118,698 shares in the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.

Insider Activity

In other PROG news, insider Michael Todd King sold 1,500 shares of PROG 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 of the company’s stock, valued at approximately $1,738,688.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Michael Todd King sold 1,500 shares of PROG 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 completion of the sale, the insider now owns 37,017 shares of the company’s stock, valued at $1,738,688.49. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Curtis Linn Doman sold 62,815 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $48.75, for a total value of $3,062,231.25. Following the completion of the transaction, the director now owns 174,524 shares of the company’s stock, valued at $8,508,045. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,707 shares of company stock valued at $5,588,072 over the last 90 days. Insiders own 2.74% of the company’s stock.

PROG Trading Up 1.2 %

Shares of PROG stock opened at $48.84 on Thursday. PROG Holdings, Inc. has a 1 year low of $26.39 and a 1 year high of $50.28. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. The business has a 50 day moving average price of $46.80 and a 200 day moving average price of $41.04. The company has a market capitalization of $2.03 billion, a P/E ratio of 13.65 and a beta of 2.11.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.01. The business 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 24.56% and a net margin of 6.55%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 earnings per share. Sell-side analysts anticipate that PROG Holdings, Inc. will post 3.35 EPS for the current fiscal year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.98%. PROG’s dividend payout ratio (DPR) is presently 13.30%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Stephens assumed coverage on shares of PROG in a research report on Wednesday. They set an “overweight” rating and a $60.00 target price on the stock. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a report on Thursday, October 24th. TD Cowen increased their target price on shares of 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 target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group raised their price objective on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, PROG presently has a consensus rating of “Moderate Buy” and a consensus price target 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.