PROG (NYSE:PRG) Sets New 52-Week High at $46.50

PROG Holdings, Inc. (NYSE:PRG) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $46.50 and last traded at $46.03, with a volume of 198089 shares trading hands. The stock had previously closed at $45.42.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRG. BTIG Research assumed coverage on PROG in a report on Friday, June 7th. They set a “neutral” rating for the company. Loop Capital raised PROG from a “hold” rating to a “buy” rating and raised their price target for the stock from $41.00 to $55.00 in a report on Monday. TD Cowen boosted their target price on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, KeyCorp raised their price target on shares of PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $45.40.

PROG Price Performance

The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. The firm’s fifty day moving average price is $37.69 and its 200 day moving average price is $34.94. The firm has a market capitalization of $1.99 billion, a PE ratio of 18.84 and a beta of 2.09.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The company had revenue of $592.16 million for the quarter, compared to the consensus estimate of $573.23 million. During the same period last year, the firm earned $0.92 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, equities analysts forecast that PROG Holdings, Inc. will post 3.34 earnings per share for the current year.

PROG Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th will be given a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 1.04%. PROG’s dividend payout ratio is presently 19.59%.

Institutional Trading of PROG

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new stake in shares of PROG during the 2nd quarter worth about $47,000. DekaBank Deutsche Girozentrale acquired a new position in PROG in the 1st quarter worth about $59,000. Blue Trust Inc. boosted its position in PROG by 2,015.1% during the second quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $68,000 after purchasing an additional 1,874 shares in the last quarter. nVerses Capital LLC acquired a new stake in PROG in the second quarter valued at approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in PROG in the second quarter valued at approximately $88,000. Institutional investors and hedge funds 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.