PROG (NYSE:PRG) Sets New 1-Year Low – Here’s What Happened

PROG Holdings, Inc. (NYSE:PRG) shares hit a new 52-week low during trading on Thursday . The company traded as low as $26.47 and last traded at $26.43, with a volume of 83526 shares. The stock had previously closed at $26.91.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Stephens reaffirmed an “overweight” rating and set a $60.00 price objective on shares of PROG in a report on Thursday, January 2nd. Jefferies Financial Group cut PROG from a “buy” rating to a “hold” rating and lowered their price target for the company from $58.00 to $29.00 in a research report on Wednesday, February 26th. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research note on Friday, November 29th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, PROG has an average rating of “Moderate Buy” and an average target price of $49.00.

PROG Stock Performance

The stock’s 50 day moving average is $37.94 and its two-hundred day moving average is $43.43. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 5.78 and a beta of 2.14. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. The business had revenue of $623.30 million during the quarter, compared to the consensus estimate of $612.67 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. PROG’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period last year, the company earned $0.72 earnings per share. Analysts expect that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.

PROG Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be issued a dividend of $0.13 per share. This is a boost from PROG’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.52 annualized dividend and a yield of 1.98%. PROG’s dividend payout ratio is presently 10.57%.

Insider Buying and Selling at PROG

In other news, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was purchased at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the purchase, the director now directly owns 18,291 shares in the company, valued at $512,330.91. The trade was a 9.92 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas C. Curling bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was purchased at an average price of $29.88 per share, with a total value of $298,800.00. Following the completion of the purchase, the director now directly owns 45,913 shares in the company, valued at $1,371,880.44. The trade was a 27.85 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.74% of the company’s stock.

Institutional Investors Weigh In On PROG

Large investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC bought a new position in shares of PROG in the third quarter valued at about $1,972,000. Natixis Advisors LLC grew its stake in PROG by 4.8% in the 3rd quarter. Natixis Advisors LLC now owns 14,661 shares of the company’s stock valued at $711,000 after buying an additional 675 shares during the last quarter. MAI Capital Management raised its holdings in PROG by 146.1% in the 3rd quarter. MAI Capital Management now owns 27,846 shares of the company’s stock valued at $1,350,000 after acquiring an additional 16,531 shares during the period. Meeder Asset Management Inc. lifted its position in PROG by 47.9% during the third quarter. Meeder Asset Management Inc. now owns 10,444 shares of the company’s stock worth $506,000 after acquiring an additional 3,384 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of PROG during the third quarter worth approximately $505,000. 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.