PROG (NYSE:PRG) Rating Lowered to Hold at Jefferies Financial Group

PROG (NYSE:PRG) was downgraded by equities researchers at Jefferies Financial Group from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday,Briefing.com Automated Import reports. They presently have a $29.00 target price on the stock, down from their prior target price of $58.00. Jefferies Financial Group’s target price suggests a potential downside of 0.53% from the stock’s previous close.

PRG has been the subject of several other reports. TD Cowen upgraded PROG to a “strong-buy” rating in a research note on Friday, November 29th. Stephens reiterated an “overweight” rating and set a $60.00 price target on shares of PROG in a report on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.00.

PROG Price Performance

NYSE:PRG opened at $29.16 on Wednesday. The firm’s fifty day moving average is $41.14 and its two-hundred day moving average is $44.69. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 6.42 and a beta of 2.18. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. PROG has a one year low of $28.43 and a one year high of $50.28.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The business had revenue of $623.30 million during the quarter, compared to the consensus estimate of $612.67 million. During the same quarter in the prior year, the firm posted $0.72 earnings per share. The company’s revenue was up 7.9% compared to the same quarter last year. Research analysts expect that PROG will post 3.45 EPS for the current year.

Insider Buying and Selling at PROG

In related news, Director Douglas C. Curling purchased 10,000 shares of PROG stock in a transaction dated Friday, February 21st. The shares were acquired at an average cost of $29.88 per share, with a total value of $298,800.00. Following the purchase, the director now owns 45,913 shares of the company’s stock, valued at approximately $1,371,880.44. The trade was a 27.85 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.74% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PRG. Mackenzie Financial Corp boosted its stake in shares of PROG by 170.3% in the fourth quarter. Mackenzie Financial Corp now owns 29,706 shares of the company’s stock valued at $1,255,000 after purchasing an additional 18,715 shares during the period. Castleark Management LLC purchased a new stake in shares of PROG during the fourth quarter worth approximately $4,416,000. PharVision Advisers LLC acquired a new stake in PROG in the fourth quarter valued at approximately $288,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in PROG by 17.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 123,881 shares of the company’s stock worth $5,235,000 after acquiring an additional 18,760 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its position in shares of PROG by 11.7% in the 4th quarter. Voloridge Investment Management LLC now owns 257,141 shares of the company’s stock valued at $10,867,000 after purchasing an additional 26,964 shares during the last quarter. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

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.