Algert Global LLC Buys 38,025 Shares of PROG Holdings, Inc. (NYSE:PRG)

Algert Global LLC grew its stake in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 60.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 101,076 shares of the company's stock after purchasing an additional 38,025 shares during the quarter. Algert Global LLC owned approximately 0.24% of PROG worth $4,901,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Intech Investment Management LLC purchased a new position in PROG during the 3rd quarter valued at about $2,598,000. Moran Wealth Management LLC bought a new position in shares of PROG during the third quarter valued at approximately $3,084,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in PROG in the third quarter valued at $505,000. Meeder Asset Management Inc. boosted its holdings in PROG by 47.9% in the third quarter. Meeder Asset Management Inc. now owns 10,444 shares of the company's stock valued at $506,000 after acquiring an additional 3,384 shares in the last quarter. Finally, MAI Capital Management increased its position in PROG by 146.1% during the 3rd quarter. MAI Capital Management now owns 27,846 shares of the company's stock valued at $1,350,000 after purchasing an additional 16,531 shares during the period. Institutional investors own 97.92% of the company's stock.

Insider Activity at PROG

In other news, VP George M. Sewell sold 3,500 shares of PROG stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $48.88, for a total value of $171,080.00. Following the completion of the sale, the vice president now directly owns 12,639 shares in the company, valued at $617,794.32. The trade was a 21.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Brian Garner sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total transaction of $246,450.00. Following the completion of the sale, the chief financial officer now owns 107,720 shares in the company, valued at $5,309,518.80. This represents a 4.44 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 119,207 shares of company stock valued at $5,759,152. 2.74% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of PROG from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. Stephens initiated coverage on PROG in a research report on Wednesday, November 13th. They set an "overweight" rating and a $60.00 price objective on the stock. Raymond James raised PROG from a "market perform" rating to an "outperform" rating and set a $48.00 target price for the company in a research report on Thursday, October 24th. Loop Capital upgraded PROG from a "hold" rating to a "buy" rating and lifted their price target for the company from $41.00 to $55.00 in a research report on Monday, August 19th. Finally, KeyCorp increased their price objective on PROG from $46.00 to $55.00 and gave the stock an "overweight" rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, PROG has a consensus rating of "Moderate Buy" and an average price target of $53.83.

PROG Stock Up 1.5 %

PROG stock traded up $0.69 during mid-day trading on Monday, hitting $48.12. The company had a trading volume of 469,227 shares, compared to its average volume of 408,490. PROG Holdings, Inc. has a 12 month low of $26.39 and a 12 month high of $50.28. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. The stock's 50 day moving average price is $47.11 and its two-hundred day moving average price is $41.87. The company has a market capitalization of $2.00 billion, a PE ratio of 13.33 and a beta of 2.11.

PROG (NYSE:PRG - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 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 the consensus estimate of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. PROG's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 EPS. As a group, sell-side analysts anticipate that PROG Holdings, Inc. will post 3.35 earnings per share for the current fiscal year.

PROG Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a yield of 1.00%. PROG's payout ratio is currently 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.