Allianz Asset Management GmbH Boosts Stake in PROG Holdings, Inc. (NYSE:PRG)

Allianz Asset Management GmbH increased its position in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 36.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 779,716 shares of the company's stock after buying an additional 209,805 shares during the period. Allianz Asset Management GmbH owned about 1.88% of PROG worth $32,951,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PRG. Assenagon Asset Management S.A. purchased a new stake in shares of PROG in the 3rd quarter valued at approximately $19,079,000. Walleye Capital LLC lifted its position in shares of PROG by 476.7% during the 3rd 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 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 purchasing an additional 114,498 shares in the last quarter. Atom Investors LP purchased a new position in PROG in the third quarter valued at $4,979,000. Finally, Barclays PLC raised its stake in PROG by 22.7% in the third quarter. Barclays PLC now owns 347,155 shares of the company's stock valued at $16,834,000 after buying an additional 64,197 shares in the last quarter. Institutional investors and hedge funds own 97.92% of the company's stock.

Insider Transactions at PROG

In related news, Director Caroline Sio-Chin Sheu bought 1,650 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average price of $28.01 per share, with a total value 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas C. Curling purchased 10,000 shares of the business's stock in a transaction dated Friday, February 21st. The shares were bought at an average price of $29.88 per share, with a total value of $298,800.00. Following the purchase, the director now directly owns 45,913 shares of the company's stock, valued at approximately $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. Insiders own 2.74% of the company's stock.

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Analysts Set New Price Targets

Several research analysts have recently issued reports on PRG shares. Stephens reaffirmed an "overweight" rating and set a $60.00 price objective on shares of PROG in a research report on Thursday, January 2nd. TD Cowen raised PROG to a "strong-buy" rating in a report on Friday, November 29th. Finally, Jefferies Financial Group lowered shares of PROG from a "buy" rating to a "hold" rating and dropped their price target for the company from $58.00 to $29.00 in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $49.00.

PROG Stock Performance

Shares of NYSE PRG traded up $0.28 during trading hours on Thursday, reaching $27.97. The stock had a trading volume of 593,920 shares, compared to its average volume of 497,658. The firm has a 50-day moving average of $40.85 and a 200-day moving average of $44.58. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 6.16 and a beta of 2.18. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. PROG Holdings, Inc. has a fifty-two week low of $27.61 and a fifty-two week high of $50.28.

PROG (NYSE:PRG - Get Free Report) last posted 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. The business had revenue of $623.30 million during the quarter, compared to the consensus estimate of $612.67 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. The company's revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.72 earnings per share. Equities research analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.86%. This is a boost from PROG's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, March 13th. PROG's dividend payout ratio is presently 10.57%.

PROG Company 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.