Los Angeles Capital Management LLC Boosts Position in PROG Holdings, Inc. (NYSE:PRG)

Los Angeles Capital Management LLC grew its stake in PROG Holdings, Inc. (NYSE:PRG) by 14.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 46,614 shares of the company’s stock after purchasing an additional 5,944 shares during the quarter. Los Angeles Capital Management LLC’s holdings in PROG were worth $1,970,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. FMR LLC increased its stake in shares of PROG by 1.3% during the third quarter. FMR LLC now owns 2,430,318 shares of the company’s stock valued at $117,846,000 after buying an additional 30,030 shares during the period. State Street Corp grew its holdings in PROG by 6.9% during the 3rd quarter. State Street Corp now owns 1,776,377 shares of the company’s stock worth $86,137,000 after acquiring an additional 114,498 shares in the last quarter. Allianz Asset Management GmbH increased its position in PROG by 36.8% during 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 period. Wellington Management Group LLP raised its holdings in shares of PROG by 1.6% in the 3rd quarter. Wellington Management Group LLP now owns 414,305 shares of the company’s stock valued at $20,090,000 after purchasing an additional 6,517 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of PROG by 9.9% in the 4th quarter. Bank of New York Mellon Corp now owns 377,448 shares of the company’s stock worth $15,951,000 after purchasing an additional 34,020 shares during the period. 97.92% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Douglas C. Curling acquired 10,000 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were acquired at an average cost of $29.88 per share, with a total value of $298,800.00. Following the completion of the acquisition, the director now owns 45,913 shares of the company’s stock, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of PROG stock in a transaction dated Wednesday, February 26th. The stock was purchased at an average price of $28.01 per share, with a total value of $46,216.50. Following the completion of the purchase, the director now owns 18,291 shares of the company’s stock, valued at approximately $512,330.91. The trade was a 9.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.74% of the stock is owned by company insiders.

PROG Stock Performance

Shares of PRG stock opened at $28.38 on Friday. PROG Holdings, Inc. has a 12-month low of $27.61 and a 12-month high of $50.28. The business’s fifty day simple moving average is $40.30 and its 200-day simple moving average is $44.38. 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 company has a market cap of $1.18 billion, a PE ratio of 6.25 and a beta of 2.18.

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

PROG Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be given a $0.13 dividend. This is a positive change from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Thursday, March 13th. PROG’s dividend payout ratio (DPR) is presently 10.57%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. TD Cowen raised shares of PROG to a “strong-buy” rating in a report on Friday, November 29th. Jefferies Financial Group downgraded PROG from a “buy” rating to a “hold” rating and cut their price target for the company from $58.00 to $29.00 in a report on Wednesday. Finally, Stephens restated an “overweight” rating and set a $60.00 price objective on shares of PROG in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.00.

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.