PROG (NYSE:PRG) Shares Gap Up to $32.01

Shares of PROG Holdings, Inc. (NYSE:PRG) gapped up before the market opened on Monday . The stock had previously closed at $32.01, but opened at $32.92. PROG shares last traded at $32.11, with a volume of 41,764 shares traded.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Stephens upgraded PROG from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 2nd. TD Cowen assumed coverage on PROG in a research note on Friday, March 8th. They issued an “outperform” rating and a $37.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $39.60.

PROG Price Performance

The company has a debt-to-equity ratio of 1.00, a current ratio of 3.66 and a quick ratio of 1.49. The company has a 50 day moving average price of $32.21 and a 200 day moving average price of $30.60. The firm has a market cap of $1.40 billion, a PE ratio of 10.81 and a beta of 2.08.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, February 21st. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.05. PROG had a return on equity of 28.83% and a net margin of 5.77%. The firm had revenue of $577.40 million for the quarter, compared to analyst estimates of $568.35 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. PROG’s quarterly revenue was down 5.7% on a year-over-year basis. Sell-side analysts expect that PROG Holdings, Inc. will post 2.83 EPS for the current fiscal year.

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s dividend payout ratio is presently 16.22%.

Institutional Trading of PROG

Several large investors have recently bought and sold shares of PRG. Norges Bank purchased a new stake in shares of PROG in the fourth quarter valued at $12,666,000. Breach Inlet Capital Management LLC purchased a new stake in shares of PROG in the fourth quarter valued at $12,572,000. Qube Research & Technologies Ltd lifted its position in shares of PROG by 284.5% in the third quarter. Qube Research & Technologies Ltd now owns 266,456 shares of the company’s stock valued at $8,849,000 after acquiring an additional 197,152 shares in the last quarter. Cambria Investment Management L.P. lifted its position in shares of PROG by 1,451.8% in the third quarter. Cambria Investment Management L.P. now owns 210,054 shares of the company’s stock valued at $6,976,000 after acquiring an additional 196,518 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of PROG by 719.1% in the fourth 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 in the last quarter. Institutional investors and hedge funds 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.