Public Sector Pension Investment Board Sells 5,200 Shares of PROG Holdings, Inc. (NYSE:PRG)

Public Sector Pension Investment Board lessened its stake in PROG Holdings, Inc. (NYSE:PRG) by 5.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,816 shares of the company’s stock after selling 5,200 shares during the period. Public Sector Pension Investment Board owned 0.22% of PROG worth $4,355,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PRG. Assenagon Asset Management S.A. bought a new position in shares of PROG in the 3rd quarter valued at about $19,079,000. Diversify Wealth Management LLC bought a new position in PROG in the second quarter valued at approximately $8,794,000. Fourth Sail Capital LP acquired a new stake in PROG during the 2nd quarter worth $5,500,000. Millennium Management LLC raised its position in shares of PROG by 497.6% during the 2nd quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after acquiring an additional 133,972 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of PROG by 14.1% in the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock valued at $23,746,000 after purchasing an additional 84,497 shares during the period. Institutional investors and hedge funds own 97.92% of the company’s stock.

Analyst Ratings Changes

PRG has been the subject of a number of analyst reports. TD Cowen raised PROG to a “strong-buy” rating in a research note on Friday. Stephens started coverage on PROG in a research note on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price target for the company. Jefferies Financial Group increased their price target on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and boosted their price objective for the company from $41.00 to $55.00 in a report on Monday, August 19th. Finally, Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $53.83.

PROG Stock Performance

Shares of PRG stock opened at $48.42 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. PROG Holdings, Inc. has a 52 week low of $27.84 and a 52 week high of $50.28. The company’s 50 day moving average price is $47.15 and its two-hundred day moving average price is $42.24. The company has a market capitalization of $2.01 billion, a P/E ratio of 13.41 and a beta of 2.11.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. The business had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. On average, analysts expect that PROG Holdings, Inc. will post 3.35 earnings per share for the current fiscal year.

PROG Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.99%. PROG’s payout ratio is presently 13.30%.

Insider Activity at PROG

In related news, CFO Brian Garner sold 15,484 shares of PROG stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $48.27, for a total value of $747,412.68. Following the sale, the chief financial officer now owns 92,236 shares of the company’s stock, valued at approximately $4,452,231.72. The trade was a 14.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Todd King sold 1,500 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the transaction, the insider now directly owns 37,017 shares of the company’s stock, valued at $1,738,688.49. This trade represents a 3.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 119,207 shares of company stock valued at $5,759,152. 2.74% of the stock is owned by insiders.

PROG 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.