Steven A. Michaels Sells 27,324 Shares of PROG Holdings, Inc. (NYSE:PRG) Stock

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

PROG Stock Performance

Shares of PROG stock opened at $47.79 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 13.53 and a beta of 2.11. The business has a 50-day moving average of $46.84 and a 200 day moving average of $41.10. PROG Holdings, Inc. has a 12 month low of $26.39 and a 12 month high of $50.28.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. The firm had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 earnings per share. As a group, sell-side analysts forecast that PROG Holdings, Inc. will post 3.35 earnings per share for the current year.

PROG Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in shares of PROG by 72.0% in the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after buying an additional 337 shares during the period. Diversified Trust Co lifted its stake in PROG by 7.1% in the third quarter. Diversified Trust Co now owns 7,849 shares of the company’s stock worth $381,000 after acquiring an additional 520 shares during the last quarter. Texas Permanent School Fund Corp grew its holdings in PROG by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 39,140 shares of the company’s stock worth $1,348,000 after acquiring an additional 525 shares in the last quarter. Inspire Advisors LLC grew its holdings in PROG by 4.2% during the 3rd quarter. Inspire Advisors LLC now owns 12,884 shares of the company’s stock worth $625,000 after acquiring an additional 525 shares in the last quarter. Finally, Whittier Trust Co. purchased a new stake in shares of PROG in the 3rd quarter valued at approximately $26,000. 97.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. KeyCorp lifted their price target on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Thursday, October 24th. Stephens began coverage on shares of PROG in a report on Wednesday. They issued an “overweight” rating and a $60.00 price objective on the stock. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and increased their target price for the stock from $41.00 to $55.00 in a research note on Monday, August 19th. Finally, TD Cowen boosted their price target on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PROG presently has a consensus rating of “Moderate Buy” and an average target price of $53.83.

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.