Loop Capital Increases PROG (NYSE:PRG) Price Target to $41.00

PROG (NYSE:PRG) had its target price boosted by Loop Capital from $35.00 to $41.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other equities analysts also recently weighed in on the stock. BTIG Research assumed coverage on shares of PROG in a report on Friday, June 7th. They set a neutral rating on the stock. TD Cowen lifted their price target on shares of PROG from $38.00 to $40.00 and gave the company a buy rating in a report on Thursday, April 25th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $42.60.

PROG Price Performance

NYSE PRG opened at $43.93 on Thursday. PROG has a 52 week low of $26.39 and a 52 week high of $44.54. The firm has a market capitalization of $1.90 billion, a P/E ratio of 17.93 and a beta of 2.10. The company has a quick ratio of 1.83, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. The company has a 50-day moving average price of $35.44 and a 200-day moving average price of $33.48.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The company had revenue of $592.16 million during the quarter, compared to the consensus estimate of $573.23 million. During the same period in the previous year, the company posted $0.92 EPS. The firm’s revenue was down .1% on a year-over-year basis. Equities research analysts anticipate that PROG will post 3.34 earnings per share for the current year.

PROG Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Friday, May 24th. PROG’s payout ratio is currently 19.59%.

Institutional Investors Weigh In On PROG

Institutional investors and hedge funds have recently modified their holdings of the stock. Jupiter Asset Management Ltd. raised its position in shares of PROG by 83.6% during the first quarter. Jupiter Asset Management Ltd. now owns 260,713 shares of the company’s stock valued at $8,979,000 after buying an additional 118,698 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in PROG by 45.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 63,994 shares of the company’s stock worth $2,199,000 after purchasing an additional 19,924 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in PROG by 218.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 66,542 shares of the company’s stock worth $2,057,000 after purchasing an additional 45,631 shares during the last quarter. Vanguard Group Inc. increased its position in PROG by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock worth $174,278,000 after purchasing an additional 105,101 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its position in PROG by 31.8% in the fourth quarter. Allianz Asset Management GmbH now owns 290,107 shares of the company’s stock worth $8,967,000 after purchasing an additional 69,948 shares during the last quarter. Institutional investors own 97.92% of the company’s stock.

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.