PROG (NYSE:PRG) Trading Down 5.4% – Here’s Why

PROG Holdings, Inc. (NYSE:PRG)’s stock price dropped 5.4% on Friday . The stock traded as low as $44.50 and last traded at $44.56. Approximately 147,391 shares traded hands during trading, a decline of 64% from the average daily volume of 405,127 shares. The stock had previously closed at $47.11.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Loop Capital upgraded 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 research report on Monday, August 19th. Stephens started coverage on shares of PROG in a report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price target on the stock. KeyCorp raised their price objective on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group lifted their target price 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. Finally, Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $53.83.

PROG Trading Down 6.3 %

The company’s fifty day moving average price is $46.96 and its two-hundred day moving average price is $42.99. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 12.22 and a beta of 2.15.

PROG (NYSE:PRG) last released its quarterly earnings results 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 return on equity of 24.56% and a net margin of 6.55%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. Research analysts expect that PROG Holdings, Inc. will post 3.36 earnings per share for the current year.

PROG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. PROG’s dividend payout ratio is 13.30%.

Insiders Place Their Bets

In other PROG news, insider Michael Todd King sold 1,500 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $46.97, for a total transaction of $70,455.00. Following the transaction, the insider now owns 37,017 shares of the company’s stock, valued at approximately $1,738,688.49. This represents a 3.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian Garner sold 5,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $49.29, for a total value of $246,450.00. Following the completion of the transaction, the chief financial officer now owns 107,720 shares in the company, valued at $5,309,518.80. The trade was a 4.44 % 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 valued at $5,759,152 in the last 90 days. 2.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PRG. Whittier Trust Co. acquired a new position in PROG in the 3rd quarter worth $26,000. Financial Management Professionals Inc. acquired a new position in shares of PROG during the third quarter worth about $33,000. GAMMA Investing LLC grew its holdings in shares of PROG by 72.0% during the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock worth $39,000 after buying an additional 337 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in PROG in the 2nd quarter valued at approximately $47,000. Finally, Quarry LP lifted its stake in PROG by 162.9% in the 3rd quarter. Quarry LP now owns 1,517 shares of the company’s stock valued at $74,000 after acquiring an additional 940 shares in the last quarter. Institutional investors and hedge funds 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.