Clearbridge Investments LLC Sells 14,026 Shares of PROG Holdings, Inc. (NYSE:PRG)

Clearbridge Investments LLC lessened its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 3.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 426,788 shares of the company’s stock after selling 14,026 shares during the period. Clearbridge Investments LLC owned 0.99% of PROG worth $14,801,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PRG. Jupiter Asset Management Ltd. raised its position in shares of PROG by 83.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 260,713 shares of the company’s stock valued at $8,979,000 after buying an additional 118,698 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of PROG by 45.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 63,994 shares of the company’s stock valued at $2,199,000 after purchasing an additional 19,924 shares during the last quarter. Keeley Teton Advisors LLC lifted its stake in shares of PROG by 35.3% in the 1st quarter. Keeley Teton Advisors LLC now owns 49,574 shares of the company’s stock valued at $1,707,000 after purchasing an additional 12,928 shares during the last quarter. Sei Investments Co. purchased a new position in shares of PROG in the 1st quarter worth approximately $815,000. Finally, Vanguard Group Inc. lifted its position in PROG by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock worth $174,278,000 after buying an additional 105,101 shares during the last quarter. Institutional investors own 97.92% of the company’s stock.

PROG Trading Up 3.6 %

Shares of NYSE PRG opened at $47.87 on Friday. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $50.28. The firm has a market cap of $2.07 billion, a PE ratio of 19.54 and a beta of 2.11. The business has a fifty day simple moving average of $45.47 and a two-hundred day simple moving average of $38.33. 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 (NYSE:PRG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company had revenue of $592.16 million during the quarter, compared to analyst estimates of $573.23 million. During the same period in the prior year, the firm earned $0.92 earnings per share. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts expect that PROG Holdings, Inc. will post 3.34 earnings per share for the current fiscal year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 1.00%. PROG’s dividend payout ratio (DPR) is presently 19.59%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group increased their target price on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday. KeyCorp boosted their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. TD Cowen increased their price target on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and boosted their price objective for the company from $41.00 to $55.00 in a report on Monday, August 19th. Finally, BTIG Research initiated coverage on PROG in a research report on Friday, June 7th. They set a “neutral” rating for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, PROG currently has a consensus rating of “Moderate Buy” and an average price target of $50.40.

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.