Brokerages Set PROG Holdings, Inc. (NYSE:PRG) Target Price at $53.83

Shares of PROG Holdings, Inc. (NYSE:PRG) have been assigned an average recommendation of “Buy” from the seven ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $53.83.

PRG has been the subject of a number of research reports. Stephens reissued an “overweight” rating and set a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. TD Cowen upgraded PROG to a “strong-buy” rating in a report on Friday, November 29th. Jefferies Financial Group raised their price target on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Finally, Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research note on Thursday, October 24th.

PROG Trading Up 0.4 %

Shares of PRG stock opened at $43.07 on Friday. The firm’s 50-day simple moving average is $44.92 and its 200-day simple moving average is $44.23. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. PROG has a 1-year low of $27.84 and a 1-year high of $50.28. The firm has a market cap of $1.79 billion, a P/E ratio of 11.93 and a beta of 2.17.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The firm 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 posted $0.90 earnings per share. PROG’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, equities analysts forecast that PROG will post 3.36 EPS for the current year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.11%. The ex-dividend date was Tuesday, November 19th. PROG’s dividend payout ratio (DPR) is 13.30%.

Insiders Place Their Bets

In related news, CEO Steven A. Michaels sold 27,324 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.19, for a total value of $1,289,419.56. Following the sale, the chief executive officer now directly owns 409,209 shares of the company’s stock, valued at $19,310,572.71. This represents a 6.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian Garner sold 5,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $49.29, for a total transaction of $246,450.00. Following the transaction, the chief financial officer now owns 107,720 shares in the company, valued at $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 quarter. 2.74% of the stock is owned by corporate insiders.

Institutional Trading of PROG

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Veracity Capital LLC bought a new position in shares of PROG in the 4th quarter worth about $214,000. Inspire Investing LLC acquired a new stake in PROG during the fourth quarter worth about $833,000. HB Wealth Management LLC lifted its holdings in PROG by 4.1% in the fourth quarter. HB Wealth Management LLC now owns 16,176 shares of the company’s stock worth $684,000 after acquiring an additional 631 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in PROG by 0.9% in the fourth quarter. Wedge Capital Management L L P NC now owns 74,075 shares of the company’s stock valued at $3,130,000 after acquiring an additional 658 shares during the period. Finally, Ritholtz Wealth Management raised its position in shares of PROG by 45.6% during the 4th quarter. Ritholtz Wealth Management now owns 19,930 shares of the company’s stock worth $842,000 after purchasing an additional 6,246 shares during the period. 97.92% of the stock is owned by institutional investors.

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.