Quantbot Technologies LP Makes New Investment in PROG Holdings, Inc. (NYSE:PRG)

Quantbot Technologies LP bought a new stake in PROG Holdings, Inc. (NYSE:PRG) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 14,801 shares of the company’s stock, valued at approximately $718,000.

Other hedge funds have also made changes to their positions in the company. Diversify Wealth Management LLC purchased a new stake in PROG during the 2nd quarter valued at approximately $8,794,000. Fourth Sail Capital LP purchased a new stake in shares of PROG during the second quarter worth approximately $5,500,000. Moran Wealth Management LLC acquired a new stake in shares of PROG during the third quarter worth $3,084,000. Burney Co. increased its stake in PROG by 24.2% in the 2nd quarter. Burney Co. now owns 86,401 shares of the company’s stock valued at $2,996,000 after buying an additional 16,810 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in PROG during the 3rd quarter worth $1,972,000. Institutional investors and hedge funds own 97.92% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PRG. Loop Capital raised shares of 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. TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday. Stephens started coverage on PROG in a report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price target for the company. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a report on Thursday, October 24th. Finally, KeyCorp increased their price objective on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $53.83.

PROG Stock Performance

Shares of PRG stock opened at $48.42 on Tuesday. The stock has a fifty day moving average price of $47.15 and a 200 day moving average price of $42.24. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. The stock has a market cap of $2.01 billion, a PE ratio of 13.49 and a beta of 2.11. PROG Holdings, Inc. has a 1 year low of $27.84 and a 1 year high of $50.28.

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

PROG Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be given a $0.12 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 annualized dividend and a dividend yield of 0.99%. PROG’s dividend payout ratio is presently 13.30%.

Insider Transactions at PROG

In other PROG news, Director Curtis Linn Doman sold 62,815 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $48.75, for a total transaction of $3,062,231.25. Following the sale, the director now directly owns 174,524 shares of the company’s stock, valued at $8,508,045. This trade represents a 26.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven A. Michaels sold 27,324 shares of PROG stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the sale, the chief executive officer now owns 409,209 shares of the company’s stock, valued at approximately $19,310,572.71. This trade represents a 6.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 119,207 shares of company stock valued at $5,759,152 in the last ninety days. Corporate insiders own 2.74% of the company’s stock.

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.