PROG (NYSE:PRG) Sets New 12-Month Low – Here’s Why

PROG Holdings, Inc. (NYSE:PRG)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $28.87 and last traded at $28.86, with a volume of 45844 shares traded. The stock had previously closed at $29.39.

Wall Street Analyst Weigh In

PRG has been the subject of several recent research reports. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and dropped their price target for the stock from $58.00 to $29.00 in a research report on Wednesday. Stephens restated an “overweight” rating and set a $60.00 target price on shares of PROG in a research report on Thursday, January 2nd. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research note on Friday, November 29th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

PROG Price Performance

The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 6.42 and a beta of 2.18. The stock has a fifty day moving average of $41.14 and a two-hundred day moving average of $44.69.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. PROG had a return on equity of 24.25% and a net margin of 8.01%. The business had revenue of $623.30 million during the quarter, compared to analysts’ expectations of $612.67 million. During the same period in the previous year, the business posted $0.72 earnings per share. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities research analysts forecast that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

Insider Activity at PROG

In other news, Director Douglas C. Curling bought 10,000 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was bought at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the transaction, 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 acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.74% of the stock is currently owned by company insiders.

Institutional Trading of PROG

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRG. Allianz Asset Management GmbH boosted its stake in shares of PROG by 36.8% in the 4th quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company’s stock valued at $32,951,000 after purchasing an additional 209,805 shares during the last quarter. Marshall Wace LLP lifted its holdings in PROG by 2,008.0% in the fourth quarter. Marshall Wace LLP now owns 178,550 shares of the company’s stock valued at $7,546,000 after buying an additional 170,080 shares during the period. Great Lakes Advisors LLC boosted its stake in PROG by 170.7% in the fourth quarter. Great Lakes Advisors LLC now owns 248,964 shares of the company’s stock valued at $10,521,000 after acquiring an additional 157,006 shares during the last quarter. Norges Bank acquired a new stake in PROG during the 4th quarter worth $6,093,000. Finally, FMR LLC raised its position in shares of PROG by 5.5% during the 4th quarter. FMR LLC now owns 2,564,441 shares of the company’s stock valued at $108,373,000 after acquiring an additional 134,123 shares during the last quarter. 97.92% of the stock is owned by 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.