Life Planning Partners Inc Makes New $1.24 Million Investment in PROG Holdings, Inc. (NYSE:PRG)

Life Planning Partners Inc acquired a new position in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,216 shares of the company's stock, valued at approximately $1,235,000. Life Planning Partners Inc owned approximately 0.07% of PROG at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. LPL Financial LLC increased its holdings in shares of PROG by 2.4% in the fourth quarter. LPL Financial LLC now owns 19,719 shares of the company's stock valued at $833,000 after purchasing an additional 458 shares in the last quarter. HB Wealth Management LLC increased its stake in shares of PROG by 4.1% in the 4th quarter. HB Wealth Management LLC now owns 16,176 shares of the company's stock valued at $684,000 after buying an additional 631 shares during the period. Wedge Capital Management L L P NC raised its position in shares of PROG by 0.9% during the fourth quarter. Wedge Capital Management L L P NC now owns 74,075 shares of the company's stock worth $3,130,000 after acquiring an additional 658 shares during the last quarter. KBC Group NV boosted its stake in shares of PROG by 53.9% in the 4th quarter. KBC Group NV now owns 2,015 shares of the company's stock valued at $85,000 after purchasing an additional 706 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of PROG by 141.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock worth $51,000 after buying an additional 707 shares during the last quarter. Institutional investors and hedge funds own 97.92% of the company's stock.

Remove Ads

Analysts Set New Price Targets

PRG has been the topic of several recent research reports. Stephens restated an "overweight" rating and issued a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. Jefferies Financial Group cut PROG from a "buy" rating to a "hold" rating and cut their price objective for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, PROG presently has an average rating of "Moderate Buy" and an average price target of $49.00.

Insider Buying and Selling

In other PROG news, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the business's stock in a transaction dated Wednesday, February 26th. The shares were bought at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the acquisition, the director now owns 18,291 shares in the company, valued at approximately $512,330.91. This trade represents a 9.92 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas C. Curling acquired 10,000 shares of PROG stock in a transaction that occurred on Friday, February 21st. The stock was acquired at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the purchase, the director now owns 45,913 shares of the company's stock, valued at $1,371,880.44. The trade was a 27.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.74% of the stock is currently owned by company insiders.

PROG Stock Performance

Shares of PRG traded down $1.85 during mid-day trading on Thursday, reaching $26.22. The company's stock had a trading volume of 155,452 shares, compared to its average volume of 436,058. PROG Holdings, Inc. has a 1-year low of $25.24 and a 1-year high of $50.28. The business has a 50-day simple moving average of $33.39 and a two-hundred day simple moving average of $41.43. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.07 billion, a P/E ratio of 5.78 and a beta of 2.14.

PROG (NYSE:PRG - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company had revenue of $623.30 million for the quarter, compared to analyst estimates of $612.67 million. During the same period in the prior year, the firm earned $0.72 earnings per share. The company's revenue was up 7.9% on a year-over-year basis. As a group, equities research analysts anticipate that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.

PROG Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Thursday, March 13th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Thursday, March 13th. This is an increase from PROG's previous quarterly dividend of $0.12. PROG's payout ratio is 10.57%.

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.