Los Angeles Capital Management LLC Invests $1.97 Million in PROG Holdings, Inc. (NYSE:PRG)

Los Angeles Capital Management LLC bought a new stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 40,670 shares of the company's stock, valued at approximately $1,972,000. Los Angeles Capital Management LLC owned about 0.10% of PROG at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Whittier Trust Co. acquired a new stake in shares of PROG in the 3rd quarter valued at about $26,000. Financial Management Professionals Inc. purchased a new position in shares of PROG during the third quarter worth approximately $33,000. GAMMA Investing LLC increased its holdings 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 period. Point72 DIFC Ltd purchased a new stake in PROG in the 2nd quarter valued at $47,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in PROG during the 1st quarter worth $59,000. 97.92% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other PROG news, insider Michael Todd King sold 1,500 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $46.97, for a total transaction of $70,455.00. Following the completion of the sale, the insider now owns 37,017 shares of the company's stock, valued at $1,738,688.49. This represents a 3.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven A. Michaels sold 27,324 shares of the company's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the sale, the chief executive officer now owns 409,209 shares of the company's stock, valued at $19,310,572.71. This trade represents a 6.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,707 shares of company stock worth $5,588,072 over the last 90 days. 2.74% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. TD Cowen upped their price objective on shares of PROG from $40.00 to $47.00 and gave the stock a "buy" rating in a research report on Thursday, July 25th. Loop Capital raised PROG from a "hold" rating to a "buy" rating and raised their price target for the stock from $41.00 to $55.00 in a research note on Monday, August 19th. Jefferies Financial Group boosted their target price on PROG from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. Stephens assumed coverage on PROG in a research report on Wednesday. They issued an "overweight" rating and a $60.00 target price for the company. Finally, KeyCorp lifted their target price on PROG from $46.00 to $55.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, PROG currently has an average rating of "Moderate Buy" and an average target price of $53.83.

PROG Stock Performance

Shares of NYSE:PRG traded down $1.05 during trading on Thursday, hitting $47.79. 356,607 shares of the company traded hands, compared to its average volume of 410,702. PROG Holdings, Inc. has a one year low of $26.39 and a one year high of $50.28. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 13.53 and a beta of 2.11. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. The business's fifty day moving average is $46.84 and its 200-day moving average is $41.10.

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

PROG Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG's payout ratio is 13.30%.

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.