Connor Clark & Lunn Investment Management Ltd. Makes New $505,000 Investment in PROG Holdings, Inc. (NYSE:PRG)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 10,421 shares of the company's stock, valued at approximately $505,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Whittier Trust Co. bought a new position in PROG in the 3rd quarter valued at approximately $26,000. Financial Management Professionals Inc. bought a new position in shares of PROG in the 3rd quarter valued at $33,000. GAMMA Investing LLC lifted its stake in shares of PROG by 72.0% in the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company's stock valued at $39,000 after acquiring an additional 337 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of PROG during the 2nd quarter valued at $47,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in PROG during the 1st quarter worth $59,000. Institutional investors own 97.92% of the company's stock.

Wall Street Analysts Forecast Growth

PRG has been the subject of several research reports. Loop Capital upgraded PROG from a "hold" rating to a "buy" rating and increased their target price for the company from $41.00 to $55.00 in a research report on Monday, August 19th. Raymond James upgraded shares of PROG from a "market perform" rating to an "outperform" rating and set a $48.00 price objective for the company in a report on Thursday, October 24th. TD Cowen raised shares of PROG to a "strong-buy" rating in a report on Friday. Stephens started coverage on shares of PROG in a research note on Wednesday, November 13th. They set an "overweight" rating and a $60.00 price target for the company. Finally, Jefferies Financial Group boosted their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $53.83.

PROG Trading Up 0.9 %

Shares of NYSE PRG traded up $0.45 during midday trading on Friday, reaching $48.66. The stock had a trading volume of 184,465 shares, compared to its average volume of 408,715. The company's 50 day moving average price is $47.15 and its 200 day moving average price is $42.20. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. PROG Holdings, Inc. has a twelve month low of $26.62 and a twelve month high of $50.28. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 13.48 and a beta of 2.11.

PROG (NYSE:PRG - Get Free Report) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The business had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same quarter in the previous year, the business earned $0.90 earnings per share. PROG's revenue for the quarter was up 4.0% on a year-over-year basis. As a group, sell-side analysts expect that PROG Holdings, Inc. will post 3.35 EPS for the current year.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 0.99%. PROG's dividend payout ratio is currently 13.30%.

Insiders Place Their Bets

In other news, VP George M. Sewell sold 3,500 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $48.88, for a total transaction of $171,080.00. Following the transaction, the vice president now owns 12,639 shares of the company's stock, valued at $617,794.32. This represents a 21.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Todd King sold 1,500 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the completion of the sale, the insider now owns 37,017 shares of the company's stock, valued at approximately $1,738,688.49. This represents a 3.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 119,207 shares of company stock worth $5,759,152. 2.74% of the stock is owned by corporate insiders.

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.