Intech Investment Management LLC Acquires Shares of 53,586 PROG Holdings, Inc. (NYSE:PRG)

Intech Investment Management LLC bought a new position in shares of PROG Holdings, Inc. (NYSE:PRG) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 53,586 shares of the company’s stock, valued at approximately $2,598,000. Intech Investment Management LLC owned approximately 0.13% of PROG as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in PRG. Moran Wealth Management LLC acquired a new position in PROG during the third quarter worth approximately $3,084,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of PROG in the 3rd quarter valued at $505,000. Meeder Asset Management Inc. raised its position in PROG by 47.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 10,444 shares of the company’s stock valued at $506,000 after purchasing an additional 3,384 shares during the last quarter. MAI Capital Management boosted its stake in PROG by 146.1% during the 3rd quarter. MAI Capital Management now owns 27,846 shares of the company’s stock worth $1,350,000 after purchasing an additional 16,531 shares during the period. Finally, Natixis Advisors LLC grew its position in PROG by 4.8% during the 3rd quarter. Natixis Advisors LLC now owns 14,661 shares of the company’s stock worth $711,000 after purchasing an additional 675 shares during the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other PROG news, CEO Steven A. Michaels sold 27,324 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 409,209 shares of the company’s stock, valued at $19,310,572.71. This trade represents a 6.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP George M. Sewell sold 3,500 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $48.88, for a total transaction of $171,080.00. Following the transaction, the vice president now directly owns 12,639 shares in the company, valued at approximately $617,794.32. The trade was a 21.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,207 shares of company stock worth $5,759,152 over the last quarter. 2.74% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PRG has been the subject of a number of research reports. KeyCorp upped their target price on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research report on Thursday, October 24th. Jefferies Financial Group boosted their target price on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Loop Capital raised PROG from a “hold” rating to a “buy” rating and increased their price target for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Finally, Stephens began coverage on shares of PROG in a research note on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, PROG has an average rating of “Moderate Buy” and a consensus target price of $53.83.

PROG Price Performance

NYSE:PRG opened at $47.43 on Friday. PROG Holdings, Inc. has a 12-month low of $26.39 and a 12-month high of $50.28. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 13.14 and a beta of 2.11. The company’s 50-day moving average is $47.09 and its two-hundred day moving average is $41.74. 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 announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The company had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same period in the previous year, the company earned $0.90 EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. Research analysts expect that PROG Holdings, Inc. will post 3.35 EPS for the current year.

PROG Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG’s dividend payout ratio (DPR) is presently 13.30%.

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.