PROG (NYSE:PRG) Receives “Overweight” Rating from Stephens

Stephens reiterated their overweight rating on shares of PROG (NYSE:PRG) in a research report released on Thursday,Benzinga reports. They currently have a $60.00 price target on the stock.

PRG has been the subject of several other research reports. KeyCorp raised their price objective on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Jefferies Financial Group upped their price target on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research report on Thursday, October 24th. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $53.83.

PROG Stock Up 1.0 %

PRG stock opened at $42.74 on Thursday. PROG has a 12 month low of $27.84 and a 12 month high of $50.28. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 11.84 and a beta of 2.15. The company has a fifty day moving average price of $45.62 and a 200 day moving average price of $43.68. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34.

PROG (NYSE:PRG) last posted 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. PROG had a net margin of 6.55% and a return on equity of 24.56%. The firm had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same period last year, the firm posted $0.90 EPS. PROG’s quarterly revenue was up 4.0% on a year-over-year basis. Sell-side analysts expect that PROG will post 3.36 earnings per share for the current year.

PROG Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend was Tuesday, November 19th. PROG’s payout ratio is currently 13.30%.

Insider Activity at PROG

In other news, CEO Steven A. Michaels sold 27,324 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.19, for a total value of $1,289,419.56. Following the transaction, the chief executive officer now directly owns 409,209 shares in the company, valued at $19,310,572.71. This trade represents a 6.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Todd King sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $46.97, for a total transaction of $70,455.00. Following the completion of the transaction, the insider now owns 37,017 shares in the company, valued at $1,738,688.49. The trade was a 3.89 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,207 shares of company stock valued at $5,759,152. 2.74% of the stock is owned by insiders.

Institutional Trading of PROG

Hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. grew its holdings in shares of PROG by 40.9% during the third quarter. Franklin Resources Inc. now owns 45,411 shares of the company’s stock valued at $2,180,000 after purchasing an additional 13,186 shares during the last quarter. Barclays PLC grew its stake in PROG by 22.7% during the 3rd quarter. Barclays PLC now owns 347,155 shares of the company’s stock worth $16,834,000 after buying an additional 64,197 shares during the last quarter. XTX Topco Ltd acquired a new stake in PROG in the third quarter worth $868,000. Wellington Management Group LLP lifted its stake in PROG by 1.6% in the third quarter. Wellington Management Group LLP now owns 414,305 shares of the company’s stock valued at $20,090,000 after buying an additional 6,517 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of PROG during the third quarter valued at $560,000. Hedge funds and other institutional investors own 97.92% of the company’s stock.

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.