Breach Inlet Capital Management LLC Has $12.36 Million Holdings in PROG Holdings, Inc. (NYSE:PRG)

Breach Inlet Capital Management LLC lifted its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 53.9% during the 4th quarter, HoldingsChannel reports. The firm owned 292,390 shares of the company’s stock after acquiring an additional 102,343 shares during the period. PROG comprises 8.7% of Breach Inlet Capital Management LLC’s investment portfolio, making the stock its 6th largest position. Breach Inlet Capital Management LLC’s holdings in PROG were worth $12,356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PRG. Summit Securities Group LLC acquired a new stake in shares of PROG during the fourth quarter valued at about $38,000. Smartleaf Asset Management LLC lifted its holdings in shares of PROG by 141.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock worth $51,000 after purchasing an additional 707 shares during the period. CIBC Private Wealth Group LLC grew its position in shares of PROG by 248.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company’s stock valued at $57,000 after buying an additional 977 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in PROG in the fourth quarter valued at approximately $68,000. Finally, Quarry LP boosted its stake in shares of PROG by 162.9% in the 3rd quarter. Quarry LP now owns 1,517 shares of the company’s stock valued at $74,000 after purchasing an additional 940 shares during the last quarter. 97.92% of the stock is currently owned by institutional investors and hedge funds.

PROG Price Performance

Shares of NYSE PRG opened at $25.07 on Friday. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 5.52 and a beta of 1.96. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. PROG Holdings, Inc. has a fifty-two week low of $23.78 and a fifty-two week high of $50.28. The firm’s 50-day simple moving average is $32.72 and its 200 day simple moving average is $41.17.

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

PROG Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, March 13th. This is a boost from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.07%. PROG’s dividend payout ratio (DPR) is 10.57%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and dropped their target price for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Stephens reaffirmed an “overweight” rating and set a $60.00 target price on shares of PROG in a research note on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, PROG presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Insiders Place Their Bets

In other PROG news, Director Douglas C. Curling purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were acquired at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the acquisition, the director now owns 45,913 shares of the company’s stock, valued at $1,371,880.44. The trade was a 27.85 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of PROG stock in a transaction on Wednesday, February 26th. The stock was acquired at an average price of $28.01 per share, with a total value of $46,216.50. Following the purchase, the director now directly owns 18,291 shares in the company, valued at approximately $512,330.91. This trade represents a 9.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.74% of the company’s stock.

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.