Analysts Set PROG Holdings, Inc. (NYSE:PRG) Target Price at $49.00

PROG Holdings, Inc. (NYSE:PRG) has earned an average rating of “Moderate Buy” from the seven brokerages that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $49.00.

Several brokerages have recently issued reports on PRG. Jefferies Financial Group downgraded PROG from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $58.00 to $29.00 in a research report on Wednesday, February 26th. Stephens reiterated an “overweight” rating and set a $60.00 price objective on shares of PROG in a research report on Thursday, January 2nd. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th.

Insider Buying and Selling

In related news, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were bought at an average price of $28.01 per share, with a total value of $46,216.50. Following the completion of the acquisition, the director now owns 18,291 shares of the company’s stock, valued at approximately $512,330.91. This represents a 9.92 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Douglas C. Curling purchased 10,000 shares of the company’s stock in a transaction on Friday, February 21st. The stock was bought at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the acquisition, the director now directly owns 45,913 shares of the company’s stock, valued at $1,371,880.44. This represents a 27.85 % increase in their position. The disclosure for this purchase can be found here. 2.74% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of PROG by 2.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company’s stock valued at $980,000 after buying an additional 446 shares in the last quarter. LPL Financial LLC raised its stake in PROG by 2.4% during the 4th quarter. LPL Financial LLC now owns 19,719 shares of the company’s stock valued at $833,000 after purchasing an additional 458 shares during the period. Comerica Bank raised its stake in PROG by 1.2% during the 4th quarter. Comerica Bank now owns 39,029 shares of the company’s stock valued at $1,649,000 after purchasing an additional 473 shares during the period. State of Wyoming raised its stake in PROG by 10.9% during the 4th quarter. State of Wyoming now owns 5,694 shares of the company’s stock valued at $241,000 after purchasing an additional 560 shares during the period. Finally, HB Wealth Management LLC raised its stake in PROG by 4.1% during the 4th quarter. HB Wealth Management LLC now owns 16,176 shares of the company’s stock valued at $684,000 after purchasing an additional 631 shares during the period. Institutional investors own 97.92% of the company’s stock.

PROG Stock Performance

Shares of PRG stock opened at $26.14 on Friday. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. The business has a 50 day moving average of $37.62 and a two-hundred day moving average of $43.31. PROG has a 52 week low of $26.02 and a 52 week high of $50.28. The company has a market cap of $1.07 billion, a P/E ratio of 5.76 and a beta of 2.14.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. The company had revenue of $623.30 million during the quarter, compared to the consensus estimate of $612.67 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. PROG’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 earnings per share. As a group, analysts anticipate that PROG will post 3.45 EPS for the current year.

PROG Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be issued a dividend of $0.13 per share. This is a boost from PROG’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.52 annualized dividend and a yield of 1.99%. PROG’s payout ratio is presently 10.57%.

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.