PROG (NYSE:PRG) Sets New 1-Year Low – What’s Next?

PROG Holdings, Inc. (NYSE:PRG) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $25.24 and last traded at $25.52, with a volume of 99776 shares changing hands. The stock had previously closed at $28.07.

Analysts Set New Price Targets

PRG has been the topic of a number of research reports. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and lowered their target price for the stock from $58.00 to $29.00 in a research report on Wednesday, February 26th. Stephens restated an “overweight” rating and issued a $60.00 price objective on shares of PROG in a research note on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $49.00.

PROG Trading Down 2.6 %

The company has a market cap of $1.02 billion, a price-to-earnings ratio of 5.52 and a beta of 1.96. The business has a fifty day simple moving average of $32.72 and a 200 day simple moving average of $41.17. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. The company had revenue of $623.30 million during the quarter, compared to the consensus estimate of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the firm earned $0.72 EPS. On average, equities analysts anticipate that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were issued a $0.13 dividend. This is a positive change from PROG’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $0.52 annualized dividend and a yield of 2.07%. PROG’s dividend payout ratio is 10.57%.

Insider Transactions at PROG

In related news, Director Douglas C. Curling acquired 10,000 shares of PROG stock in a transaction dated 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 transaction, the director now directly owns 45,913 shares of the company’s stock, valued at $1,371,880.44. The trade was a 27.85 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were bought at an average price of $28.01 per share, with a total value of $46,216.50. Following the transaction, the director now owns 18,291 shares in the company, valued at $512,330.91. This represents a 9.92 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.74% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its position in shares of PROG by 5.1% in the third quarter. The Manufacturers Life Insurance Company now owns 22,601 shares of the company’s stock valued at $1,096,000 after buying an additional 1,104 shares during the last quarter. Glenmede Trust Co. NA purchased a new stake in PROG in the 3rd quarter worth approximately $273,000. Verition Fund Management LLC acquired a new position in PROG in the 3rd quarter valued at $1,376,000. Point72 DIFC Ltd lifted its stake in shares of PROG by 268.2% during the 3rd quarter. Point72 DIFC Ltd now owns 4,985 shares of the company’s stock worth $242,000 after purchasing an additional 3,631 shares during the period. Finally, Quarry LP boosted its holdings in shares of PROG by 162.9% during the third quarter. Quarry LP now owns 1,517 shares of the company’s stock worth $74,000 after purchasing an additional 940 shares during the last quarter. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

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.