Wedge Capital Management L L P NC Lowers Holdings in PROG Holdings, Inc. (NYSE:PRG)

Wedge Capital Management L L P NC lowered its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 24.4% in the third quarter, HoldingsChannel reports. The fund owned 73,417 shares of the company’s stock after selling 23,696 shares during the quarter. Wedge Capital Management L L P NC’s holdings in PROG were worth $3,560,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PRG. GAMMA Investing LLC increased its position in PROG by 72.0% during the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock worth $39,000 after purchasing an additional 337 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of PROG in the 2nd quarter valued at $47,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of PROG during the 1st quarter valued at $59,000. Blue Trust Inc. increased its holdings in shares of PROG by 2,015.1% during the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $68,000 after buying an additional 1,874 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of PROG in the 2nd quarter worth $73,000. 97.92% of the stock is owned by institutional investors and hedge funds.

PROG Price Performance

Shares of NYSE PRG opened at $48.80 on Wednesday. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 19.92 and a beta of 2.11. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $50.28. The business has a 50 day simple moving average of $46.20 and a 200-day simple moving average of $39.20.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company had revenue of $592.16 million for the quarter, compared to analysts’ expectations of $573.23 million. During the same period in the prior year, the company earned $0.92 earnings per share. The firm’s revenue was down .1% compared to the same quarter last year. As a group, equities research analysts expect that PROG Holdings, Inc. will post 3.34 earnings per share for the current year.

PROG Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.98%. PROG’s payout ratio is currently 19.59%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Jefferies Financial Group boosted their price target on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. TD Cowen boosted their target price on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and raised their price target for the company from $41.00 to $55.00 in a report on Monday, August 19th. Finally, KeyCorp boosted their price objective on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $50.40.

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.