PROG (NYSE:PRG) Hits New 52-Week High at $47.93

Shares of PROG Holdings, Inc. (NYSE:PRG) reached a new 52-week high on Tuesday . The stock traded as high as $47.93 and last traded at $47.66, with a volume of 44220 shares. The stock had previously closed at $47.14.

Wall Street Analysts Forecast Growth

PRG has been the topic of a number of research reports. BTIG Research began coverage on PROG in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. KeyCorp boosted their price target on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. TD Cowen raised their price objective on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and lifted their price objective for the company from $41.00 to $55.00 in a research note on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.20.

PROG Stock Performance

The business’s fifty day moving average price is $42.66 and its 200-day moving average price is $37.11. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. The stock has a market capitalization of $2.11 billion, a PE ratio of 19.93 and a beta of 2.11.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.22. The business had revenue of $592.16 million for the quarter, compared to analysts’ expectations of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 EPS. As a group, equities research analysts expect that PROG Holdings, Inc. will post 3.34 EPS for the current year.

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.98%. The ex-dividend date was Tuesday, August 20th. PROG’s payout ratio is 19.59%.

Institutional Trading of PROG

Several institutional investors and hedge funds have recently modified their holdings of the business. Point72 DIFC Ltd bought a new stake in shares of PROG during the 2nd quarter worth $47,000. DekaBank Deutsche Girozentrale purchased a new stake in PROG during the first quarter valued at about $59,000. Blue Trust Inc. lifted its stake in PROG by 2,015.1% during the second quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $68,000 after purchasing an additional 1,874 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of PROG in the 2nd quarter worth about $73,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of PROG in the 2nd quarter worth about $88,000. Hedge funds and other institutional investors own 97.92% of the company’s stock.

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.