Diversify Wealth Management LLC Purchases Shares of 253,566 PROG Holdings, Inc. (NYSE:PRG)

Diversify Wealth Management LLC acquired a new position in PROG Holdings, Inc. (NYSE:PRG) during the second quarter, according to its most recent filing with the SEC. The firm acquired 253,566 shares of the company’s stock, valued at approximately $8,794,000. PROG comprises approximately 1.0% of Diversify Wealth Management LLC’s holdings, making the stock its 17th biggest holding. Diversify Wealth Management LLC owned about 0.59% of PROG at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Jupiter Asset Management Ltd. increased its position in PROG by 83.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 260,713 shares of the company’s stock valued at $8,979,000 after purchasing an additional 118,698 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its stake in PROG by 45.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 63,994 shares of the company’s stock worth $2,199,000 after buying an additional 19,924 shares in the last quarter. Keeley Teton Advisors LLC lifted its holdings in PROG by 35.3% in the first quarter. Keeley Teton Advisors LLC now owns 49,574 shares of the company’s stock worth $1,707,000 after buying an additional 12,928 shares during the period. Sei Investments Co. bought a new stake in PROG during the 1st quarter valued at approximately $815,000. Finally, Massachusetts Financial Services Co. MA boosted its position in PROG by 218.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 66,542 shares of the company’s stock valued at $2,057,000 after acquiring an additional 45,631 shares in the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PRG has been the subject of a number of research analyst reports. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their target price for the company from $41.00 to $55.00 in a research note on Monday, August 19th. KeyCorp raised their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. BTIG Research initiated coverage on shares of PROG in a report on Friday, June 7th. They set a “neutral” rating on the stock. Finally, TD Cowen increased their price target on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, PROG has a consensus rating of “Moderate Buy” and an average price target of $47.20.

PROG Stock Up 2.9 %

Shares of NYSE:PRG opened at $46.35 on Friday. PROG Holdings, Inc. has a 12-month low of $26.39 and a 12-month high of $47.85. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 18.92 and a beta of 2.11. The stock has a fifty day simple moving average of $41.79 and a two-hundred day simple moving average of $36.76. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. The company had revenue of $592.16 million for the quarter, compared to analysts’ expectations of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. PROG’s revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 EPS. On average, research analysts anticipate that PROG Holdings, Inc. will post 3.34 earnings per share for the current fiscal year.

PROG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. PROG’s payout ratio is currently 19.59%.

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.