Exchange Traded Concepts LLC Makes New Investment in PROG Holdings, Inc. (NYSE:PRG)

Exchange Traded Concepts LLC acquired a new stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,868 shares of the company's stock, valued at approximately $290,000.

A number of other hedge funds also recently modified their holdings of the stock. Veracity Capital LLC bought a new position in PROG in the 4th quarter valued at about $214,000. Inspire Investing LLC bought a new position in shares of PROG during the fourth quarter worth approximately $833,000. HB Wealth Management LLC lifted its holdings in PROG by 4.1% during the 4th quarter. HB Wealth Management LLC now owns 16,176 shares of the company's stock worth $684,000 after purchasing an additional 631 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in PROG by 0.9% in the 4th quarter. Wedge Capital Management L L P NC now owns 74,075 shares of the company's stock valued at $3,130,000 after purchasing an additional 658 shares during the period. Finally, Ritholtz Wealth Management grew its holdings in PROG by 45.6% in the 4th quarter. Ritholtz Wealth Management now owns 19,930 shares of the company's stock valued at $842,000 after buying an additional 6,246 shares in the last quarter. Institutional investors and hedge funds own 97.92% of the company's stock.

PROG Price Performance

Shares of NYSE:PRG opened at $42.68 on Friday. The firm has a 50 day moving average of $43.94 and a 200-day moving average of $44.75. PROG Holdings, Inc. has a 12 month low of $27.84 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 has a market capitalization of $1.77 billion, a PE ratio of 11.82 and a beta of 2.17.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were paid a $0.12 dividend. The ex-dividend date was Tuesday, November 19th. This represents a $0.48 annualized dividend and a dividend yield of 1.12%. PROG's payout ratio is 13.30%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PRG. TD Cowen raised shares of PROG to a "strong-buy" rating in a research report on Friday, November 29th. Raymond James upgraded shares of PROG from a "market perform" rating to an "outperform" rating and set a $48.00 target price on the stock in a research report on Thursday, October 24th. Finally, Stephens reiterated an "overweight" rating and issued a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, PROG has a consensus rating of "Buy" and a consensus target price of $53.83.

Insider Transactions at PROG

In other news, VP George M. Sewell sold 3,500 shares of the company's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $48.88, for a total transaction of $171,080.00. Following the completion of the transaction, the vice president now directly owns 12,639 shares in the company, valued at approximately $617,794.32. This represents a 21.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian Garner sold 15,484 shares of the firm's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $48.27, for a total value of $747,412.68. Following the sale, the chief financial officer now directly owns 92,236 shares in the company, valued at approximately $4,452,231.72. This trade represents a 14.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,207 shares of company stock valued at $5,759,152. Corporate insiders own 2.74% of the company's stock.

PROG 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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