PROG Holdings, Inc. (NYSE:PRG) Receives Average Recommendation of “Moderate Buy” from Brokerages

PROG Holdings, Inc. (NYSE:PRG) has been assigned an average recommendation of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $45.40.

PRG has been the subject of several research reports. BTIG Research assumed coverage on shares of PROG in a report on Friday, June 7th. They issued a “neutral” rating for the company. TD Cowen increased their price target 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 raised their price objective on shares of PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and upped their target price for the stock from $41.00 to $55.00 in a report on Monday, August 19th.

PROG Trading Up 4.0 %

Shares of PRG opened at $47.23 on Wednesday. The stock has a market capitalization of $2.04 billion, a P/E ratio of 19.28 and a beta of 2.09. PROG has a twelve month low of $26.39 and a twelve month high of $47.43. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $38.35 and a two-hundred day simple moving average of $35.22.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.22. The business had revenue of $592.16 million during the quarter, compared to analysts’ expectations of $573.23 million. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the business posted $0.92 EPS. On average, research analysts anticipate that PROG will post 3.34 EPS for the current year.

PROG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.02%. The ex-dividend date is Tuesday, August 20th. PROG’s payout ratio is currently 19.59%.

Hedge Funds Weigh In On PROG

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Algert Global LLC grew its stake in shares of PROG by 136.0% in the 2nd quarter. Algert Global LLC now owns 63,051 shares of the company’s stock worth $2,187,000 after buying an additional 36,336 shares during the last quarter. Millennium Management LLC boosted its holdings in PROG by 497.6% in the second quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock worth $5,580,000 after acquiring an additional 133,972 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in shares of PROG by 0.8% in the second quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock worth $31,076,000 after acquiring an additional 6,803 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of PROG during the second quarter valued at $88,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of PROG in the 2nd quarter worth about $123,000. Institutional investors own 97.92% of the company’s stock.

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.