PROG Holdings, Inc. (NYSE:PRG) Director Purchases $46,216.50 in Stock

PROG Holdings, Inc. (NYSE:PRG) Director Caroline Sio-Chin Sheu purchased 1,650 shares of PROG stock in a transaction dated Wednesday, February 26th. The stock was acquired at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the transaction, the director now owns 18,291 shares in the company, valued at approximately $512,330.91. The trade was a 9.92 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

PROG Stock Up 1.7 %

PROG stock opened at $28.38 on Friday. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 6.25 and a beta of 2.18. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The company’s 50-day moving average price is $40.30 and its two-hundred day moving average price is $44.38. PROG Holdings, Inc. has a 52 week low of $27.61 and a 52 week high of $50.28.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.03. The company had revenue of $623.30 million for the quarter, compared to analysts’ expectations of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 EPS. On average, analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.52 annualized dividend and a dividend yield of 1.83%. This is a boost from PROG’s previous quarterly dividend of $0.12. PROG’s payout ratio is currently 10.57%.

Hedge Funds Weigh In On PROG

Several hedge funds have recently made changes to their positions in PRG. Allianz Asset Management GmbH grew its stake in shares of PROG by 36.8% in the 4th quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company’s stock worth $32,951,000 after purchasing an additional 209,805 shares during the last quarter. Marshall Wace LLP grew its stake in shares of PROG by 2,008.0% in the 4th quarter. Marshall Wace LLP now owns 178,550 shares of the company’s stock worth $7,546,000 after purchasing an additional 170,080 shares during the last quarter. Great Lakes Advisors LLC boosted its holdings in shares of PROG by 170.7% in the fourth quarter. Great Lakes Advisors LLC now owns 248,964 shares of the company’s stock worth $10,521,000 after buying an additional 157,006 shares during the period. Norges Bank acquired a new position in shares of PROG in the fourth quarter worth about $6,093,000. Finally, FMR LLC boosted its holdings in shares of PROG by 5.5% in the fourth quarter. FMR LLC now owns 2,564,441 shares of the company’s stock worth $108,373,000 after buying an additional 134,123 shares during the period. Institutional investors and hedge funds own 97.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PRG. Jefferies Financial Group downgraded shares of PROG from a “buy” rating to a “hold” rating and reduced their price target for the stock from $58.00 to $29.00 in a research report on Wednesday. TD Cowen raised shares of PROG to a “strong-buy” rating in a report on Friday, November 29th. Finally, Stephens reaffirmed an “overweight” rating and issued a $60.00 price objective on shares of PROG in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

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.