PROG Holdings, Inc. (NYSE:PRG) Insider Sells $70,455.00 in Stock

PROG Holdings, Inc. (NYSE:PRG) insider Michael Todd King sold 1,500 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the transaction, the insider now directly owns 37,017 shares of the company’s stock, valued at approximately $1,738,688.49. This trade represents a 3.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

PROG Price Performance

Shares of PROG stock opened at $47.79 on Friday. The firm has a market capitalization of $1.99 billion, a PE ratio of 13.24 and a beta of 2.11. The business’s 50-day moving average price is $46.87 and its 200-day moving average price is $41.14. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. PROG Holdings, Inc. has a 12 month low of $26.39 and a 12 month high of $50.28.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The business had revenue of $606.10 million for the quarter, compared to analysts’ expectations of $601.86 million. During the same period in the previous year, the firm earned $0.90 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. Sell-side analysts forecast that PROG Holdings, Inc. will post 3.35 EPS for the current fiscal year.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.48 annualized dividend and a dividend yield of 1.00%. PROG’s dividend payout ratio (DPR) is presently 13.30%.

Wall Street Analysts Forecast Growth

PRG has been the subject of a number of recent research reports. Jefferies Financial Group lifted their price objective on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. TD Cowen upped their target price on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. KeyCorp raised their price target on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a report on Thursday, October 24th. Finally, Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and upped their price objective for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.83.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Whittier Trust Co. bought a new stake in shares of PROG during the 3rd quarter valued at about $26,000. Financial Management Professionals Inc. bought a new position in shares of PROG in the 3rd quarter worth approximately $33,000. GAMMA Investing LLC lifted its stake in shares of PROG by 72.0% in the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after purchasing an additional 337 shares during the period. Point72 DIFC Ltd bought a new stake in shares of PROG during the second quarter valued at approximately $47,000. Finally, DekaBank Deutsche Girozentrale bought a new position in PROG in the first quarter worth $59,000. 97.92% of the stock is 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.