PROG Holdings, Inc. (NYSE:PRG) Holdings Raised by State Street Corp

State Street Corp boosted its stake in PROG Holdings, Inc. (NYSE:PRG) by 6.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,776,377 shares of the company’s stock after buying an additional 114,498 shares during the quarter. State Street Corp owned approximately 4.28% of PROG worth $86,137,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRG. Blue Trust Inc. raised its holdings in shares of PROG by 2,015.1% during the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock valued at $68,000 after purchasing an additional 1,874 shares in the last quarter. Ceredex Value Advisors LLC raised its holdings in shares of PROG by 1.3% during the 2nd quarter. Ceredex Value Advisors LLC now owns 291,550 shares of the company’s stock valued at $10,111,000 after purchasing an additional 3,750 shares in the last quarter. Legato Capital Management LLC raised its holdings in shares of PROG by 16.6% during the 2nd quarter. Legato Capital Management LLC now owns 30,236 shares of the company’s stock valued at $1,049,000 after purchasing an additional 4,302 shares in the last quarter. Burney Co. raised its holdings in shares of PROG by 24.2% during the 2nd quarter. Burney Co. now owns 86,401 shares of the company’s stock valued at $2,996,000 after purchasing an additional 16,810 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PROG by 8.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,115 shares of the company’s stock valued at $351,000 after purchasing an additional 805 shares in the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.

PROG Stock Performance

NYSE PRG opened at $43.89 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 12.16 and a beta of 2.15. The company’s fifty day moving average is $46.89 and its two-hundred day moving average is $43.10. PROG Holdings, Inc. has a 52-week low of $27.84 and a 52-week high of $50.28.

PROG (NYSE:PRG) last posted 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 company had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the business posted $0.90 EPS. Equities research analysts forecast that PROG Holdings, Inc. will post 3.36 EPS for the current year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 1.09%. PROG’s dividend payout ratio is 13.30%.

Insiders Place Their Bets

In other news, CEO Steven A. Michaels sold 27,324 shares of PROG stock in a transaction dated Friday, November 8th. The shares were 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 directly owns 409,209 shares in the company, valued at approximately $19,310,572.71. The trade was a 6.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian Garner sold 5,000 shares of PROG stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $49.29, for a total transaction of $246,450.00. Following the sale, the chief financial officer now owns 107,720 shares in the company, valued at approximately $5,309,518.80. This trade represents a 4.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 119,207 shares of company stock worth $5,759,152 in the last ninety days. Insiders own 2.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a report on Friday, November 29th. KeyCorp raised their price target on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group lifted their target price on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Stephens initiated coverage on shares of PROG in a report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 target price on the stock. Finally, Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a report on Thursday, October 24th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, PROG presently has a consensus rating of “Buy” and an average target price of $53.83.

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.