PROG (NYSE:PRG) Price Target Increased to $47.00 by Analysts at TD Cowen

PROG (NYSE:PRG) had its price target lifted by TD Cowen from $40.00 to $47.00 in a report published on Thursday, Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other analysts have also issued research reports about the company. BTIG Research initiated coverage on PROG in a research note on Friday, June 7th. They issued a neutral rating on the stock. Loop Capital raised their price target on PROG from $35.00 to $41.00 and gave the company a hold rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $42.60.

PROG Stock Up 3.8 %

Shares of PRG opened at $43.93 on Thursday. The company has a quick ratio of 1.83, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $35.44 and a 200 day moving average of $33.48. PROG has a 52-week low of $26.39 and a 52-week high of $44.54. The company has a market cap of $1.90 billion, a PE ratio of 17.93 and a beta of 2.10.

PROG (NYSE:PRG) last released its earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business had revenue of $592.16 million for the quarter, compared to analyst estimates of $573.23 million. During the same quarter last year, the firm posted $0.92 earnings per share. The business’s revenue was down .1% compared to the same quarter last year. On average, sell-side analysts expect that PROG will post 3.34 EPS for the current year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Shareholders of record on Tuesday, May 28th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.48 annualized dividend and a yield of 1.09%. PROG’s dividend payout ratio (DPR) is presently 19.59%.

Hedge Funds Weigh In On PROG

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in PROG by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock valued at $174,278,000 after purchasing an additional 105,101 shares during the last quarter. Vulcan Value Partners LLC grew its stake in PROG by 6.5% in the fourth quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock valued at $31,573,000 after purchasing an additional 62,255 shares during the last quarter. Clearbridge Investments LLC grew its stake in PROG by 2.3% in the first quarter. Clearbridge Investments LLC now owns 440,814 shares of the company’s stock valued at $15,182,000 after purchasing an additional 9,807 shares during the last quarter. Norges Bank purchased a new position in PROG in the fourth quarter valued at about $12,666,000. Finally, Breach Inlet Capital Management LLC purchased a new position in PROG in the fourth quarter valued at about $12,572,000. Hedge funds and other institutional investors own 97.92% 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.