PROG Holdings, Inc. (NYSE:PRG) Receives Average Recommendation of “Buy” from Analysts

PROG Holdings, Inc. (NYSE:PRG) has been given an average rating of “Buy” by the seven analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $53.83.

PRG has been the topic of a number of research reports. TD Cowen raised PROG to a “strong-buy” rating in a research report on Friday, November 29th. Stephens reissued an “overweight” rating and issued a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. Jefferies Financial Group upped their price objective on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Finally, Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research note on Thursday, October 24th.

Insider Transactions at PROG

In other PROG news, CFO Brian Garner sold 15,484 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $48.27, for a total value of $747,412.68. Following the completion of the transaction, the chief financial officer now owns 92,236 shares in the company, valued at $4,452,231.72. This trade represents a 14.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Todd King sold 1,500 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $46.97, for a total value of $70,455.00. Following the completion of the transaction, the insider now owns 37,017 shares of the company’s stock, valued at approximately $1,738,688.49. This represents a 3.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,207 shares of company stock worth $5,759,152. 2.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRG. Assenagon Asset Management S.A. bought a new position in PROG in the 3rd quarter worth about $19,079,000. Millennium Management LLC raised its holdings in shares of PROG by 497.6% in the 2nd quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after acquiring an additional 133,972 shares in the last quarter. Walleye Capital LLC raised its holdings in shares of PROG by 476.7% in the 3rd quarter. Walleye Capital LLC now owns 150,495 shares of the company’s stock valued at $7,298,000 after acquiring an additional 124,397 shares in the last quarter. State Street Corp raised its holdings in shares of PROG by 6.9% in the 3rd quarter. State Street Corp now owns 1,776,377 shares of the company’s stock valued at $86,137,000 after acquiring an additional 114,498 shares in the last quarter. Finally, Atom Investors LP purchased a new stake in shares of PROG in the 3rd quarter valued at about $4,979,000. Institutional investors own 97.92% of the company’s stock.

PROG Price Performance

Shares of PRG opened at $43.18 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. PROG has a 52-week low of $27.84 and a 52-week high of $50.28. The business’s 50 day moving average price is $44.61 and its two-hundred day moving average price is $44.37. The firm has a market cap of $1.79 billion, a PE ratio of 11.96 and a beta of 2.17.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The company had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same period in the prior year, the firm earned $0.90 earnings per share. PROG’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, equities analysts anticipate that PROG will post 3.36 EPS for the current year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 annualized dividend and a dividend yield of 1.11%. PROG’s payout ratio is 13.30%.

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.