PROG Holdings, Inc. (NYSE:PRG) Given Consensus Recommendation of “Buy” by Brokerages

PROG Holdings, Inc. (NYSE:PRG) has earned an average rating of “Buy” from the seven ratings firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $53.83.

Several research firms recently weighed in on PRG. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a research note on Thursday, October 24th. Jefferies Financial Group lifted their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Stephens reissued an “overweight” rating and set a $60.00 price objective on shares of PROG in a research note on Thursday, January 2nd. Finally, TD Cowen raised shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th.

Insider Activity

In related news, CEO Steven A. Michaels sold 27,324 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the transaction, the chief executive officer now directly owns 409,209 shares in the company, valued at approximately $19,310,572.71. The trade was a 6.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Curtis Linn Doman sold 62,815 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $48.75, for a total transaction of $3,062,231.25. Following the transaction, the director now owns 174,524 shares in the company, valued at approximately $8,508,045. The trade was a 26.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 119,207 shares of company stock worth $5,759,152 over the last ninety days. Insiders own 2.74% of the company’s stock.

Hedge Funds Weigh In On PROG

A number of institutional investors have recently added to or reduced their stakes in PRG. Assenagon Asset Management S.A. acquired a new position in PROG during the third quarter worth $19,079,000. Millennium Management LLC boosted its position in PROG by 497.6% during the second quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock worth $5,580,000 after purchasing an additional 133,972 shares during the period. Walleye Capital LLC boosted its position in PROG by 476.7% during the third quarter. Walleye Capital LLC now owns 150,495 shares of the company’s stock worth $7,298,000 after purchasing an additional 124,397 shares during the period. State Street Corp boosted its position in 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 purchasing an additional 114,498 shares during the period. Finally, Atom Investors LP bought a new position in PROG during the third quarter worth $4,979,000. 97.92% of the stock is currently owned by institutional investors and hedge funds.

PROG Stock Up 0.4 %

Shares of NYSE PRG opened at $42.31 on Friday. The firm has a market capitalization of $1.76 billion, a PE ratio of 11.72 and a beta of 2.17. 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 has a 1 year low of $27.84 and a 1 year high of $50.28. The firm’s 50-day moving average is $44.39 and its 200-day moving average is $44.41.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.01. The company had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. Equities analysts expect that PROG will post 3.36 EPS for the current year.

PROG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were issued a $0.12 dividend. The ex-dividend date was Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.13%. PROG’s dividend payout ratio (DPR) is presently 13.30%.

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.