PROG’s (PRG) Overweight Rating Reiterated at Stephens

Stephens reiterated their overweight rating on shares of PROG (NYSE:PRG) in a report issued on Thursday,Benzinga reports. Stephens currently has a $60.00 target price on the stock.

Other research analysts also recently issued reports about the company. KeyCorp increased their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Jefferies Financial Group raised their price target on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Raymond James raised shares of 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. Finally, TD Cowen raised shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $53.83.

PROG Stock Performance

PRG opened at $42.74 on Thursday. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 11.84 and a beta of 2.15. The firm’s fifty day simple moving average is $45.62 and its two-hundred day simple moving average is $43.68. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. PROG has a 52-week low of $27.84 and a 52-week high of $50.28.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $601.86 million. During the same period in the previous year, the firm posted $0.90 EPS. PROG’s revenue was up 4.0% compared to the same quarter last year. Equities analysts anticipate that PROG will post 3.36 earnings per share for the current fiscal year.

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 1.12%. PROG’s payout ratio is 13.30%.

Insider Buying and Selling at PROG

In other news, CFO Brian Garner sold 5,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total value of $246,450.00. Following the sale, the chief financial officer now directly owns 107,720 shares in the company, valued at approximately $5,309,518.80. This trade represents a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP George M. Sewell sold 3,500 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $48.88, for a total value of $171,080.00. Following the transaction, the vice president now directly owns 12,639 shares of the company’s stock, valued at $617,794.32. The trade was a 21.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 119,207 shares of company stock worth $5,759,152 over the last quarter. 2.74% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PROG

A number of large investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in PROG by 8.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,115 shares of the company’s stock worth $351,000 after purchasing an additional 805 shares during the last quarter. TD Asset Management Inc lifted its position in shares of PROG by 14.4% during the 2nd quarter. TD Asset Management Inc now owns 35,700 shares of the company’s stock worth $1,238,000 after buying an additional 4,500 shares during the last quarter. Great Lakes Advisors LLC boosted its holdings in shares of PROG by 3.7% in the 2nd quarter. Great Lakes Advisors LLC now owns 96,479 shares of the company’s stock valued at $3,346,000 after buying an additional 3,479 shares in the last quarter. Quest Partners LLC purchased a new position in shares of PROG in the 2nd quarter valued at $376,000. Finally, American Century Companies Inc. raised its stake in PROG by 14.1% during the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock worth $23,746,000 after acquiring an additional 84,497 shares in the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

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.