MAI Capital Management Increases Holdings in PROG Holdings, Inc. (NYSE:PRG)

MAI Capital Management boosted its holdings in shares of PROG Holdings, Inc. (NYSE:PRG) by 146.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 27,846 shares of the company’s stock after buying an additional 16,531 shares during the quarter. MAI Capital Management’s holdings in PROG were worth $1,350,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Natixis Advisors LLC increased its stake in PROG by 4.8% during the third quarter. Natixis Advisors LLC now owns 14,661 shares of the company’s stock worth $711,000 after acquiring an additional 675 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in PROG during the third quarter worth $1,972,000. Financial Management Professionals Inc. acquired a new stake in PROG during the third quarter worth $33,000. DekaBank Deutsche Girozentrale acquired a new stake in PROG during the third quarter worth $83,000. Finally, Assenagon Asset Management S.A. acquired a new stake in PROG during the third quarter worth $19,079,000. Institutional investors and hedge funds own 97.92% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on PRG. Stephens assumed coverage on PROG in a research note on Wednesday, November 13th. They set an “overweight” rating and a $60.00 target price for the company. TD Cowen lifted their price objective on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research note on Thursday, October 24th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and lifted their target price for the company from $41.00 to $55.00 in a report on Monday, August 19th. Finally, KeyCorp lifted 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. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.83.

Insider Activity

In other news, insider Michael Todd King sold 1,500 shares of the business’s stock in a transaction dated 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 directly owns 37,017 shares of the company’s stock, valued at approximately $1,738,688.49. The trade was a 3.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 owns 12,639 shares in the company, valued at $617,794.32. This trade represents a 21.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 119,207 shares of company stock valued at $5,759,152. Insiders own 2.74% of the company’s stock.

PROG Trading Up 0.4 %

NYSE:PRG opened at $46.98 on Thursday. The firm has a market cap of $1.95 billion, a PE ratio of 13.01 and a beta of 2.11. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. The stock has a fifty day moving average price of $47.04 and a 200 day moving average price of $41.57. PROG Holdings, Inc. has a 12-month low of $26.39 and a 12-month high of $50.28.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. The company had revenue of $606.10 million during 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%. PROG’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. Sell-side analysts anticipate that PROG Holdings, Inc. will post 3.35 earnings per share for the current fiscal year.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG’s dividend payout ratio (DPR) is 13.30%.

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.