PROG (NYSE:PRG) Reaches New 52-Week Low – Here’s Why

PROG Holdings, Inc. (NYSE:PRG) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $26.47 and last traded at $26.43, with a volume of 83526 shares trading hands. The stock had previously closed at $26.91.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Jefferies Financial Group downgraded PROG from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $58.00 to $29.00 in a report on Wednesday, February 26th. TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. Finally, Stephens restated an “overweight” rating and issued a $60.00 target price on shares of PROG in a report on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, PROG currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

PROG Trading Up 2.1 %

The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. The stock has a market capitalization of $1.09 billion, a P/E ratio of 5.89 and a beta of 2.14. The stock has a 50-day moving average price of $37.30 and a two-hundred day moving average price of $43.17.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $612.67 million. During the same period in the previous year, the firm earned $0.72 EPS. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, research analysts forecast that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.95%. This is a positive change from PROG’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, March 13th. PROG’s dividend payout ratio (DPR) is presently 10.57%.

Insider Activity at PROG

In other PROG news, Director Douglas C. Curling bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was bought at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the transaction, the director now owns 45,913 shares of the company’s stock, valued at $1,371,880.44. This represents a 27.85 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Caroline Sio-Chin Sheu bought 1,650 shares of PROG stock in a transaction on Wednesday, February 26th. The shares were acquired at an average cost of $28.01 per share, with a total value of $46,216.50. Following the completion of the acquisition, the director now owns 18,291 shares of the company’s stock, valued at $512,330.91. The trade was a 9.92 % increase in their position. The disclosure for this purchase can be found here. 2.74% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PROG

A number of hedge funds have recently modified their holdings of the business. Allianz Asset Management GmbH lifted its position in PROG by 36.8% during the fourth quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company’s stock valued at $32,951,000 after purchasing an additional 209,805 shares in the last quarter. Marshall Wace LLP grew its stake in shares of PROG by 2,008.0% during the 4th quarter. Marshall Wace LLP now owns 178,550 shares of the company’s stock valued at $7,546,000 after acquiring an additional 170,080 shares during the period. Great Lakes Advisors LLC increased its holdings in PROG by 170.7% in the 4th quarter. Great Lakes Advisors LLC now owns 248,964 shares of the company’s stock worth $10,521,000 after acquiring an additional 157,006 shares in the last quarter. Norges Bank purchased a new stake in PROG in the 4th quarter worth approximately $6,093,000. Finally, FMR LLC raised its stake in PROG by 5.5% during the 4th quarter. FMR LLC now owns 2,564,441 shares of the company’s stock worth $108,373,000 after acquiring an additional 134,123 shares during the period. Institutional investors 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.