PROG (NYSE:PRG) Raised to “Outperform” at Raymond James

Raymond James upgraded shares of PROG (NYSE:PRG) from a market perform rating to an outperform rating in a research report sent to investors on Thursday, MarketBeat reports. Raymond James currently has $48.00 price objective on the stock.

Several other brokerages have also issued reports on PRG. TD Cowen increased their target price 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. KeyCorp increased their price objective on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Loop Capital raised PROG from a “hold” rating to a “buy” rating and boosted their target price for the company from $41.00 to $55.00 in a research report on Monday, August 19th. Finally, Jefferies Financial Group increased 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. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.60.

PROG Stock Performance

Shares of PROG stock opened at $42.09 on Thursday. The company has a market cap of $1.82 billion, a P/E ratio of 17.18 and a beta of 2.11. 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 business has a 50-day moving average price of $46.97 and a two-hundred day moving average price of $39.86. PROG has a 1-year low of $26.39 and a 1-year high of $50.28.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. During the same period in the previous year, the company posted $0.90 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, analysts anticipate that PROG will post 3.34 EPS for the current year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a dividend of $0.12 per share. 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 1.14%. PROG’s dividend payout ratio (DPR) is currently 19.59%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new stake in PROG during the third quarter worth $19,079,000. Diversify Wealth Management LLC purchased a new position in PROG during the 2nd quarter worth $8,794,000. SG Capital Management LLC bought a new stake in shares of PROG in the 1st quarter worth $5,932,000. Fourth Sail Capital LP purchased a new stake in shares of PROG in the second quarter valued at about $5,500,000. Finally, Millennium Management LLC raised its holdings in shares of PROG by 497.6% in the second quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after purchasing an additional 133,972 shares during the last quarter. 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.