PROG (NYSE:PRG) Earns “Overweight” Rating from Stephens

PROG (NYSE:PRG)‘s stock had its “overweight” rating reiterated by investment analysts at Stephens in a note issued to investors on Thursday,Benzinga reports. They currently have a $60.00 price objective on the stock. Stephens’ price objective suggests a potential upside of 41.98% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a report on Thursday, October 24th. KeyCorp boosted their price objective on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a report on Friday, November 29th. Finally, Jefferies Financial Group boosted their price objective on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. One 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $53.83.

PROG Price Performance

Shares of PRG opened at $42.26 on Thursday. 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 company has a 50 day moving average price of $45.62 and a 200-day moving average price of $43.59. PROG has a fifty-two week low of $27.84 and a fifty-two week high of $50.28. The stock has a market capitalization of $1.76 billion, a PE ratio of 11.71 and a beta of 2.15.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The company had revenue of $606.10 million during the quarter, compared to analyst estimates of $601.86 million. During the same quarter in the prior year, the business earned $0.90 earnings per share. PROG’s revenue was up 4.0% on a year-over-year basis. Equities analysts predict that PROG will post 3.36 earnings per share for the current fiscal year.

Insider Activity at PROG

In other PROG news, VP George M. Sewell sold 3,500 shares of PROG stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $48.88, for a total transaction of $171,080.00. Following the transaction, the vice president now directly owns 12,639 shares of the company’s stock, valued at $617,794.32. The trade was a 21.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Todd King sold 1,500 shares of PROG stock in a transaction on Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the completion of the sale, the insider now owns 37,017 shares in the company, valued at $1,738,688.49. This represents a 3.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,207 shares of company stock valued at $5,759,152. 2.74% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRG. Diversify Wealth Management LLC purchased a new stake in shares of PROG during the second quarter worth $8,794,000. Fourth Sail Capital LP acquired a new position in shares of PROG in the 2nd quarter valued at $5,500,000. Stifel Financial Corp purchased a new position in shares of PROG in the 3rd quarter valued at $1,046,000. Moran Wealth Management LLC purchased a new stake in PROG in the third quarter valued at $3,084,000. Finally, Atom Investors LP acquired a new position in PROG in the third quarter valued at $4,979,000. 97.92% of the stock is currently 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.