Bank of New York Mellon Corp Purchases 34,020 Shares of PROG Holdings, Inc. (NYSE:PRG)

Bank of New York Mellon Corp boosted its stake in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 9.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 377,448 shares of the company's stock after buying an additional 34,020 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.91% of PROG worth $15,951,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Hudson Edge Investment Partners Inc. grew its position in PROG by 80.1% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 17,006 shares of the company's stock valued at $719,000 after buying an additional 7,562 shares during the period. Allianz Asset Management GmbH grew its position in PROG by 36.8% during the fourth quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company's stock valued at $32,951,000 after buying an additional 209,805 shares during the period. New York State Common Retirement Fund grew its position in PROG by 3.0% during the fourth quarter. New York State Common Retirement Fund now owns 187,300 shares of the company's stock valued at $7,915,000 after buying an additional 5,453 shares during the period. Principal Financial Group Inc. grew its position in PROG by 1.0% during the fourth quarter. Principal Financial Group Inc. now owns 201,644 shares of the company's stock valued at $8,521,000 after buying an additional 2,015 shares during the period. Finally, Blue Trust Inc. grew its position in PROG by 38.6% during the fourth quarter. Blue Trust Inc. now owns 3,691 shares of the company's stock valued at $156,000 after buying an additional 1,027 shares during the period. Institutional investors own 97.92% of the company's stock.

Insider Transactions at PROG

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

Wall Street Analyst Weigh In

PRG has been the subject of several research reports. Stephens restated an "overweight" rating and set a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. TD Cowen raised shares of PROG to a "strong-buy" rating in a report on Friday, November 29th. Finally, Jefferies Financial Group downgraded shares of PROG from a "buy" rating to a "hold" rating and dropped 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 assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, PROG currently has a consensus rating of "Moderate Buy" and an average price target of $49.00.

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PROG Price Performance

NYSE PRG opened at $26.86 on Wednesday. The company has a market cap of $1.10 billion, a PE ratio of 5.92 and a beta of 2.14. PROG Holdings, Inc. has a 52 week low of $26.52 and a 52 week high of $50.28. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. The firm's 50-day simple moving average is $38.25 and its two-hundred day simple moving average is $43.55.

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

PROG Increases Dividend

The company also recently declared 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 1.94%. This is an increase 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.

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