Point72 Asia Singapore Pte. Ltd. Takes $88,000 Position in PROG Holdings, Inc. (NYSE:PRG)

Point72 Asia Singapore Pte. Ltd. bought a new position in PROG Holdings, Inc. (NYSE:PRG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,543 shares of the company’s stock, valued at approximately $88,000.

A number of other hedge funds also recently bought and sold shares of PRG. Texas Permanent School Fund Corp grew its position in shares of PROG by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 39,140 shares of the company’s stock worth $1,348,000 after buying an additional 525 shares during the last quarter. Diversified Trust Co boosted its holdings in PROG by 8.4% in the second quarter. Diversified Trust Co now owns 7,329 shares of the company’s stock valued at $254,000 after acquiring an additional 569 shares in the last quarter. ProShare Advisors LLC increased its position in PROG by 7.3% during the 1st quarter. ProShare Advisors LLC now owns 8,943 shares of the company’s stock valued at $308,000 after purchasing an additional 612 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in PROG by 8.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,115 shares of the company’s stock worth $351,000 after purchasing an additional 805 shares in the last quarter. Finally, Guidance Capital Inc. lifted its position in shares of PROG by 7.0% in the 2nd quarter. Guidance Capital Inc. now owns 15,658 shares of the company’s stock worth $543,000 after purchasing an additional 1,029 shares during the period. Hedge funds and other institutional investors own 97.92% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and boosted their price target for the company from $41.00 to $55.00 in a research report on Monday, August 19th. TD Cowen increased their target price on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. BTIG Research began coverage on PROG in a research report on Friday, June 7th. They set a “neutral” rating on the stock. Finally, KeyCorp increased their price objective on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.20.

PROG Price Performance

PRG stock opened at $48.19 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.80 and a current ratio of 3.87. The firm has a 50 day moving average price of $44.77 and a 200-day moving average price of $37.95. PROG Holdings, Inc. has a 52-week low of $26.39 and a 52-week high of $50.28. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 19.67 and a beta of 2.11.

PROG (NYSE:PRG) last posted its quarterly 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. PROG had a return on equity of 26.30% and a net margin of 4.57%. The firm had revenue of $592.16 million during the quarter, compared to analyst estimates of $573.23 million. During the same quarter in the previous year, the firm earned $0.92 EPS. PROG’s quarterly revenue was down .1% compared to the same quarter last year. Equities research analysts forecast that PROG Holdings, Inc. will post 3.34 EPS for the current fiscal year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Tuesday, August 20th. PROG’s payout ratio is 19.59%.

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.