Jefferies Financial Group Increases PROG (NYSE:PRG) Price Target to $58.00

PROG (NYSE:PRG) had its price objective raised by research analysts at Jefferies Financial Group from $50.00 to $58.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s target price indicates a potential upside of 23.67% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. BTIG Research started coverage on PROG in a research note on Friday, June 7th. They set a “neutral” rating for the company. KeyCorp increased their price target on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $41.00 to $55.00 in a research note on Monday, August 19th. Finally, TD Cowen raised their target price on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.40.

PROG Stock Performance

PRG stock opened at $46.90 on Tuesday. PROG has a 1-year low of $26.39 and a 1-year high of $50.28. The business has a 50-day moving average price of $45.39 and a 200 day moving average price of $38.28. The company has a market capitalization of $2.02 billion, a P/E ratio of 19.14 and a beta of 2.11. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. The firm had revenue of $592.16 million for the quarter, compared to the consensus estimate of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same period last year, the firm earned $0.92 earnings per share. As a group, equities research analysts forecast that PROG will post 3.34 EPS for the current fiscal year.

Institutional Trading of PROG

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in PROG by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock worth $174,278,000 after buying an additional 105,101 shares during the period. Vulcan Value Partners LLC grew its position in PROG by 6.5% during the 4th quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock worth $31,573,000 after purchasing an additional 62,255 shares during the period. D. E. Shaw & Co. Inc. boosted 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 buying an additional 6,803 shares during the last quarter. American Century Companies Inc. raised its position in PROG by 14.1% during the second quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock valued at $23,746,000 after acquiring an additional 84,497 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in PROG by 2.3% in the first quarter. Clearbridge Investments LLC now owns 440,814 shares of the company’s stock valued at $15,182,000 after acquiring an additional 9,807 shares during the period. Hedge funds and other institutional investors own 97.92% of the company’s stock.

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.