Breach Inlet Capital Management LLC Has $12.36 Million Stock Position in PROG Holdings, Inc. (NYSE:PRG)

Breach Inlet Capital Management LLC increased its stake in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 53.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,390 shares of the company's stock after buying an additional 102,343 shares during the quarter. PROG comprises approximately 8.7% of Breach Inlet Capital Management LLC's investment portfolio, making the stock its 6th biggest position. Breach Inlet Capital Management LLC owned about 0.70% of PROG worth $12,356,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its stake in PROG by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 22,601 shares of the company's stock worth $1,096,000 after purchasing an additional 1,104 shares during the last quarter. Glenmede Trust Co. NA bought a new position in PROG in the third quarter valued at about $273,000. Verition Fund Management LLC bought a new position in PROG in the third quarter valued at about $1,376,000. Point72 DIFC Ltd lifted its holdings in shares of PROG by 268.2% in the third quarter. Point72 DIFC Ltd now owns 4,985 shares of the company's stock worth $242,000 after acquiring an additional 3,631 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of PROG by 162.9% in the 3rd quarter. Quarry LP now owns 1,517 shares of the company's stock valued at $74,000 after purchasing an additional 940 shares in the last quarter. 97.92% of the stock is owned by institutional investors and hedge funds.

Insider Activity at PROG

In related news, Director Caroline Sio-Chin Sheu bought 1,650 shares of the stock in a transaction dated Wednesday, February 26th. The shares were purchased 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 of the company's stock, valued at $512,330.91. This represents a 9.92 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas C. Curling purchased 10,000 shares of the firm's stock in a transaction on Friday, February 21st. The stock was bought at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the purchase, the director now owns 45,913 shares in the company, valued at approximately $1,371,880.44. This represents 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 owned by company insiders.

PROG Trading Down 4.7 %

PRG traded down $1.27 on Thursday, hitting $25.60. 165,087 shares of the company were exchanged, compared to its average volume of 443,484. The firm has a fifty day simple moving average of $31.00 and a two-hundred day simple moving average of $40.36. PROG Holdings, Inc. has a 12 month low of $23.50 and a 12 month high of $50.28. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. The stock has a market capitalization of $1.05 billion, a PE ratio of 5.60 and a beta of 1.96.

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

PROG Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $0.52 annualized dividend and a yield of 2.03%. This is a boost from PROG's previous quarterly dividend of $0.12. PROG's dividend payout ratio is currently 10.57%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Jefferies Financial Group cut PROG from a "buy" rating to a "hold" rating and reduced their target price for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Stephens reiterated an "overweight" rating and issued a $60.00 target price on shares of PROG in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $49.00.

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.