JPMorgan Chase & Co. Cuts Position in PROG Holdings, Inc. (NYSE:PRG)

JPMorgan Chase & Co. trimmed its holdings in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 33.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,081 shares of the company's stock after selling 46,587 shares during the quarter. JPMorgan Chase & Co. owned 0.22% of PROG worth $4,417,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Whittier Trust Co. bought a new position in PROG during the third quarter valued at $26,000. Financial Management Professionals Inc. bought a new position in PROG during the third quarter valued at $33,000. GAMMA Investing LLC grew its holdings in PROG by 72.0% during the third quarter. GAMMA Investing LLC now owns 805 shares of the company's stock valued at $39,000 after purchasing an additional 337 shares during the period. Point72 DIFC Ltd bought a new position in PROG during the second quarter valued at $47,000. Finally, Quarry LP grew its holdings in PROG by 162.9% during the third quarter. Quarry LP now owns 1,517 shares of the company's stock valued at $74,000 after purchasing an additional 940 shares during the period. 97.92% of the stock is owned by hedge funds and other institutional investors.

PROG Price Performance

NYSE PRG traded up $0.17 during trading hours on Friday, reaching $43.07. 491,252 shares of the stock traded hands, compared to its average volume of 312,215. The stock has a 50 day simple moving average of $44.92 and a two-hundred day simple moving average of $44.09. PROG Holdings, Inc. has a 1 year low of $27.84 and a 1 year high of $50.28. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 11.93 and a beta of 2.17.

PROG (NYSE:PRG - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.01. The business had revenue of $606.10 million for the quarter, compared to the consensus estimate of $601.86 million. PROG had a return on equity of 24.56% and a net margin of 6.55%. The company's revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the business posted $0.90 earnings per share. On average, analysts predict that PROG Holdings, Inc. will post 3.36 EPS for the current fiscal year.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 annualized dividend and a dividend yield of 1.11%. PROG's payout ratio is presently 13.30%.

Insider Buying and Selling

In related news, CFO Brian Garner sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $49.29, for a total value of $246,450.00. Following the completion of the transaction, the chief financial officer now directly owns 107,720 shares in the company, valued at $5,309,518.80. The trade was a 4.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP George M. Sewell sold 3,500 shares of the business's stock in a transaction that occurred on Tuesday, November 12th. The stock was 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 owns 12,639 shares of the company's stock, valued at approximately $617,794.32. The trade was a 21.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 119,207 shares of company stock valued at $5,759,152 over the last ninety days. 2.74% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on PRG shares. Stephens reaffirmed an "overweight" rating and issued a $60.00 price target on shares of PROG in a report on Thursday, January 2nd. TD Cowen raised PROG to a "strong-buy" rating in a report on Friday, November 29th. Raymond James raised PROG from a "market perform" rating to an "outperform" rating and set a $48.00 price target for the company in a report on Thursday, October 24th. Finally, Jefferies Financial Group raised their price target on PROG from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $53.83.

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.