PROG (NYSE:PRG) Price Target Raised to $58.00 at Jefferies Financial Group

PROG (NYSE:PRG) had its price target lifted by Jefferies Financial Group from $50.00 to $58.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently weighed in on PRG. BTIG Research assumed coverage on PROG in a research report on Friday, June 7th. They issued a neutral rating for the company. KeyCorp increased 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 upgraded shares of PROG from a hold rating to a buy rating and lifted their target price for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. Finally, TD Cowen increased their price target on shares of PROG from $40.00 to $47.00 and gave the company a buy rating in a research report on Thursday, July 25th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, PROG presently has an average rating of Moderate Buy and an average target price of $50.40.

PROG Stock Performance

Shares of PRG opened at $47.29 on Tuesday. 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 has a 52-week low of $26.39 and a 52-week high of $50.28. The company has a 50-day simple moving average of $45.30 and a 200-day simple moving average of $38.22. The company has a market capitalization of $2.04 billion, a PE ratio of 19.30 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, beating analysts’ consensus estimates of $0.70 by $0.22. The company had revenue of $592.16 million during the quarter, compared to the consensus estimate of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same period last year, the firm earned $0.92 EPS. Equities research analysts predict that PROG will post 3.34 earnings per share for the current fiscal year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.02%. The ex-dividend date was Tuesday, August 20th. PROG’s payout ratio is 19.59%.

Institutional Investors Weigh In On PROG

Several hedge funds have recently modified their holdings of PRG. Vanguard Group Inc. raised its position in shares of PROG by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock valued at $174,278,000 after buying an additional 105,101 shares during the last quarter. Vulcan Value Partners LLC lifted its stake in shares of PROG by 6.5% during the 4th quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock worth $31,573,000 after purchasing an additional 62,255 shares during the period. D. E. Shaw & Co. Inc. boosted its stake in PROG by 0.8% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock worth $31,076,000 after buying an additional 6,803 shares during the last quarter. American Century Companies Inc. boosted its stake in PROG by 14.1% in the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock worth $23,746,000 after buying an additional 84,497 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in PROG by 2.3% in the 1st quarter. Clearbridge Investments LLC now owns 440,814 shares of the company’s stock valued at $15,182,000 after buying an additional 9,807 shares during the period. 97.92% of the stock is owned by institutional investors and hedge funds.

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.