Algert Global LLC Acquires 38,025 Shares of PROG Holdings, Inc. (NYSE:PRG)

Algert Global LLC grew its holdings in PROG Holdings, Inc. (NYSE:PRG) by 60.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 101,076 shares of the company’s stock after purchasing an additional 38,025 shares during the quarter. Algert Global LLC owned about 0.24% of PROG worth $4,901,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC increased its position in 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 acquiring an additional 337 shares in the last quarter. Diversified Trust Co increased its position in PROG by 7.1% in the third quarter. Diversified Trust Co now owns 7,849 shares of the company’s stock worth $381,000 after purchasing an additional 520 shares during the period. Inspire Advisors LLC raised its stake in shares of PROG by 4.2% during the third quarter. Inspire Advisors LLC now owns 12,884 shares of the company’s stock worth $625,000 after buying an additional 525 shares during the last quarter. Whittier Trust Co. acquired a new position in PROG in the third quarter valued at approximately $26,000. Finally, Financial Management Professionals Inc. acquired a new stake in PROG during the 3rd quarter worth $33,000. 97.92% of the stock is owned by institutional investors.

Insider Activity at PROG

In other PROG news, insider Michael Todd King sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $46.97, for a total transaction of $70,455.00. Following the transaction, the insider now owns 37,017 shares of the company’s stock, valued at $1,738,688.49. The trade was a 3.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian Garner sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total value of $246,450.00. Following the transaction, the chief financial officer now directly owns 107,720 shares in the company, valued at $5,309,518.80. The trade was a 4.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,207 shares of company stock valued at $5,759,152. Insiders own 2.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. KeyCorp raised their price target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Jefferies Financial Group increased their price target on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and boosted their price objective for the company from $41.00 to $55.00 in a report on Monday, August 19th. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research report on Thursday, October 24th. Finally, Stephens initiated coverage on shares of PROG in a research report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $53.83.

PROG Price Performance

Shares of NYSE PRG opened at $47.43 on Monday. The company has a fifty day moving average price of $47.09 and a 200 day moving average price of $41.78. PROG Holdings, Inc. has a 1-year low of $26.39 and a 1-year high of $50.28. The firm has a market cap of $1.97 billion, a PE ratio of 13.14 and a beta of 2.11. 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 (NYSE:PRG) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The firm had revenue of $606.10 million for the quarter, compared to analysts’ expectations of $601.86 million. During the same quarter in the previous year, the business posted $0.90 EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. Research analysts predict that PROG Holdings, Inc. will post 3.35 earnings per share for the current fiscal year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 1.01%. PROG’s payout ratio is presently 13.30%.

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.