Martingale Asset Management L P Raises Stake in PROG Holdings, Inc. (NYSE:PRG)

Martingale Asset Management L P increased its stake in PROG Holdings, Inc. (NYSE:PRG) by 6.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,634 shares of the company’s stock after buying an additional 2,042 shares during the period. Martingale Asset Management L P owned 0.08% of PROG worth $1,679,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. purchased a new position in shares of PROG during the third quarter worth approximately $19,079,000. Diversify Wealth Management LLC purchased a new position in PROG during the 2nd quarter worth $8,794,000. Fourth Sail Capital LP bought a new stake in PROG during the 2nd quarter valued at $5,500,000. Millennium Management LLC lifted its holdings in shares of PROG by 497.6% in the 2nd quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock worth $5,580,000 after buying an additional 133,972 shares during the period. Finally, American Century Companies Inc. grew its position in shares of PROG by 14.1% during the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock worth $23,746,000 after buying an additional 84,497 shares in the last quarter. Institutional investors own 97.92% of the company’s stock.

PROG Price Performance

Shares of PRG opened at $48.66 on Monday. The company has a 50 day moving average of $47.15 and a two-hundred day moving average of $42.24. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. PROG Holdings, Inc. has a twelve month low of $26.62 and a twelve month high of $50.28. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 13.48 and a beta of 2.11.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.01. The firm had revenue of $606.10 million for the quarter, compared to the consensus estimate of $601.86 million. PROG had a return on equity of 24.56% and a net margin of 6.55%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. As a group, 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. Shareholders of record on Tuesday, November 19th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.99%. The ex-dividend date is Tuesday, November 19th. PROG’s dividend payout ratio is presently 13.30%.

Insider Buying and Selling at PROG

In other news, CFO Brian Garner sold 5,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $5,309,518.80. This represents a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP George M. Sewell sold 3,500 shares of PROG stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $48.88, for a total value of $171,080.00. Following the sale, the vice president now directly owns 12,639 shares of the company’s stock, valued at $617,794.32. This trade represents a 21.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 119,207 shares of company stock worth $5,759,152. 2.74% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Jefferies Financial Group lifted their price objective on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a report on Friday. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and upped their price target for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. KeyCorp lifted their price objective on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Stephens started coverage on PROG in a report on Wednesday, November 13th. They set an “overweight” rating and a $60.00 target price for the company. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, PROG presently has an average rating of “Buy” and an average price target of $53.83.

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.