Wellington Management Group LLP Boosts Holdings in PROG Holdings, Inc. (NYSE:PRG)

Wellington Management Group LLP grew its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 1.6% in the third quarter, Holdings Channel reports. The firm owned 414,305 shares of the company’s stock after acquiring an additional 6,517 shares during the period. Wellington Management Group LLP’s holdings in PROG were worth $20,090,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. FMR LLC raised its holdings in PROG by 1.3% in the third quarter. FMR LLC now owns 2,430,318 shares of the company’s stock worth $117,846,000 after purchasing an additional 30,030 shares in the last quarter. State Street Corp grew its stake in shares of PROG by 6.9% during the third quarter. State Street Corp now owns 1,776,377 shares of the company’s stock worth $86,137,000 after acquiring an additional 114,498 shares during the last quarter. D. E. Shaw & Co. Inc. grew its stake in shares of PROG by 0.8% during 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. American Century Companies Inc. grew its stake in shares of PROG by 14.1% during the second quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock worth $23,746,000 after acquiring an additional 84,497 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of PROG during the third quarter worth about $19,079,000. 97.92% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PROG

In other news, insider Michael Todd King sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $46.97, for a total transaction of $70,455.00. Following the completion of the transaction, the insider now directly owns 37,017 shares of the company’s stock, valued at $1,738,688.49. This represents a 3.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP George M. Sewell sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $48.88, for a total value of $171,080.00. Following the transaction, the vice president now directly owns 12,639 shares of the company’s stock, valued at approximately $617,794.32. The trade was a 21.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 119,207 shares of company stock valued at $5,759,152 in the last three months. 2.74% of the stock is currently owned by company insiders.

PROG Trading Down 6.3 %

PROG stock opened at $44.13 on Friday. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. PROG Holdings, Inc. has a 12 month low of $27.84 and a 12 month high of $50.28. The stock’s 50 day simple moving average is $46.96 and its two-hundred day simple moving average is $42.94. The firm has a market cap of $1.83 billion, a PE ratio of 12.22 and a beta of 2.15.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The business had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same quarter in the prior year, the firm posted $0.90 EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts anticipate that PROG Holdings, Inc. will post 3.36 earnings per share for the current year.

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. The ex-dividend date was Tuesday, November 19th. PROG’s payout ratio is 13.30%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PRG. Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research note on Thursday, October 24th. TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. Jefferies Financial Group upped their target price on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. KeyCorp upped their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and upped their target price for the company from $41.00 to $55.00 in a research report on Monday, August 19th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, PROG has a consensus rating of “Buy” and an average price target of $53.83.

PROG 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.