Insider Selling: PROG Holdings, Inc. (NYSE:PRG) CEO Sells $1,289,419.56 in Stock

PROG Holdings, Inc. (NYSE:PRG) CEO Steven A. Michaels sold 27,324 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.19, for a total value of $1,289,419.56. Following the transaction, the chief executive officer now directly owns 409,209 shares in the company, valued at $19,310,572.71. This represents a 6.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

PROG Stock Performance

Shares of PRG stock opened at $47.79 on Friday. The company has a market capitalization of $1.99 billion, a P/E ratio of 13.53 and a beta of 2.11. PROG Holdings, Inc. has a 12-month low of $26.39 and a 12-month high of $50.28. The business’s 50 day moving average is $46.84 and its two-hundred day moving average is $41.10. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.76 by $0.01. The company had revenue of $606.10 million during the quarter, compared to analyst estimates of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. Analysts expect that PROG Holdings, Inc. will post 3.35 EPS for the current fiscal year.

PROG Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG’s dividend payout ratio is currently 13.30%.

Institutional Investors Weigh In On PROG

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. purchased a new position in shares of PROG in the third quarter worth about $19,079,000. Diversify Wealth Management LLC purchased a new position in PROG in the 2nd quarter worth approximately $8,794,000. SG Capital Management LLC acquired a new position in shares of PROG during the 1st quarter worth approximately $5,932,000. Fourth Sail Capital LP acquired a new position in shares of PROG during the 2nd quarter worth approximately $5,500,000. Finally, Millennium Management LLC grew its position in shares of PROG by 497.6% in the second quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after purchasing an additional 133,972 shares in the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a report on Thursday, October 24th. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and raised their price target for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Stephens began coverage on shares of PROG in a report on Wednesday. They set an “overweight” rating and a $60.00 price objective on the stock. Jefferies Financial Group increased their price target on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Finally, TD Cowen boosted their price objective on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, July 25th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.83.

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.