PROG (NYSE:PRG) PT Raised to $40.00 at TD Cowen

PROG (NYSE:PRG) had its target price increased by equities research analysts at TD Cowen from $38.00 to $40.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s target price would suggest a potential upside of 14.61% from the stock’s current price.

Separately, Stephens upgraded shares of PROG from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $40.20.

PROG Price Performance

NYSE PRG traded down $0.76 on Thursday, hitting $34.90. 151,306 shares of the company’s stock were exchanged, compared to its average volume of 392,423. The stock has a 50-day moving average of $32.25 and a 200-day moving average of $30.67. The company has a current ratio of 3.66, a quick ratio of 1.49 and a debt-to-equity ratio of 1.00. PROG has a 52 week low of $26.39 and a 52 week high of $44.81. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 11.79 and a beta of 2.08.

PROG (NYSE:PRG) last released its earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.08. PROG had a return on equity of 28.83% and a net margin of 5.77%. The firm had revenue of $641.87 million during the quarter, compared to analysts’ expectations of $632.24 million. Analysts expect that PROG will post 2.83 earnings per share for the current year.

Hedge Funds Weigh In On PROG

A number of institutional investors and hedge funds have recently made changes to their positions in PRG. Vanguard Group Inc. lifted its position in PROG by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock valued at $174,278,000 after acquiring an additional 105,101 shares in the last quarter. Vulcan Value Partners LLC lifted its position in PROG by 6.5% in the 4th quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock valued at $31,573,000 after acquiring an additional 62,255 shares in the last quarter. Invesco Ltd. lifted its position in PROG by 15.7% in the 3rd quarter. Invesco Ltd. now owns 441,929 shares of the company’s stock valued at $14,676,000 after acquiring an additional 59,859 shares in the last quarter. Clearbridge Investments LLC lifted its position in PROG by 0.6% in the 4th quarter. Clearbridge Investments LLC now owns 431,007 shares of the company’s stock valued at $13,322,000 after acquiring an additional 2,552 shares in the last quarter. Finally, Norges Bank bought a new position in PROG in the 4th quarter valued at about $12,666,000. Institutional investors own 97.92% of the company’s stock.

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.