PROG (NYSE:PRG) Shares Gap Up on Earnings Beat

PROG Holdings, Inc. (NYSE:PRG)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $34.63, but opened at $39.98. PROG shares last traded at $42.41, with a volume of 196,722 shares trading hands.

The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.70 by $0.22. The firm had revenue of $592.16 million during the quarter, compared to analyst estimates of $573.23 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. PROG’s revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS.

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.13%. PROG’s payout ratio is 19.59%.

Analyst Ratings Changes

PRG has been the subject of a number of research analyst reports. TD Cowen increased their price target on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday. BTIG Research started coverage on shares of PROG in a research report on Friday, June 7th. They issued a “neutral” rating for the company. KeyCorp boosted their target price on shares of PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Loop Capital raised their price target on shares of PROG from $35.00 to $41.00 and gave the stock a “hold” rating in a report on Thursday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.60.

Institutional Investors Weigh In On PROG

A number of large investors have recently bought and sold shares of PRG. Assenagon Asset Management S.A. boosted its holdings in shares of PROG by 719.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 178,859 shares of the company’s stock valued at $5,529,000 after acquiring an additional 157,024 shares during the last quarter. Blue Trust Inc. acquired a new stake in PROG during the 4th quarter worth about $27,000. Wakefield Asset Management LLLP grew its position in PROG by 30.4% during the 4th quarter. Wakefield Asset Management LLLP now owns 29,507 shares of the company’s stock worth $912,000 after purchasing an additional 6,883 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of PROG during the 4th quarter valued at about $169,000. Finally, Louisiana State Employees Retirement System acquired a new position in shares of PROG in the 4th quarter valued at about $692,000. Hedge funds and other institutional investors own 97.92% of the company’s stock.

PROG Stock Up 0.4 %

The stock has a market cap of $1.83 billion, a PE ratio of 17.31 and a beta of 2.10. The business has a 50 day moving average price of $35.29 and a 200 day moving average price of $33.34. The company has a quick ratio of 1.83, a current ratio of 3.91 and a debt-to-equity ratio of 1.01.

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.