MAI Capital Management Acquires 16,531 Shares of PROG Holdings, Inc. (NYSE:PRG)

MAI Capital Management raised its position in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 146.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,846 shares of the company's stock after buying an additional 16,531 shares during the period. MAI Capital Management owned 0.07% of PROG worth $1,350,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp boosted its position in PROG by 45.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 63,994 shares of the company's stock valued at $2,199,000 after buying an additional 19,924 shares in the last quarter. Keeley Teton Advisors LLC raised its stake in shares of PROG by 35.3% during the first quarter. Keeley Teton Advisors LLC now owns 49,574 shares of the company's stock worth $1,707,000 after buying an additional 12,928 shares during the last quarter. Sei Investments Co. bought a new stake in shares of PROG during the first quarter worth approximately $815,000. Diversify Wealth Management LLC bought a new stake in shares of PROG during the second quarter worth approximately $8,794,000. Finally, Fourth Sail Capital LP bought a new stake in shares of PROG during the second quarter worth approximately $5,500,000. 97.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. TD Cowen boosted their price target on shares of PROG from $40.00 to $47.00 and gave the stock a "buy" rating in a research note on Thursday, July 25th. Jefferies Financial Group upped their target price on shares of PROG from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. Loop Capital raised shares of PROG from a "hold" rating to a "buy" rating and upped their target price for the company from $41.00 to $55.00 in a research note on Monday, August 19th. KeyCorp upped their target price on shares of PROG from $46.00 to $55.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. Finally, Stephens initiated coverage on shares of PROG in a research note on Wednesday, November 13th. They issued an "overweight" rating and a $60.00 target price for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, PROG has an average rating of "Moderate Buy" and a consensus price target of $53.83.

Insider Buying and Selling at PROG

In other PROG news, CFO Brian Garner sold 5,000 shares of the stock in a transaction 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 sale, the chief financial officer now owns 107,720 shares in the company, valued at $5,309,518.80. This trade represents a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP George M. Sewell sold 3,500 shares of the 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 sale, the vice president now owns 12,639 shares of the company's stock, valued at approximately $617,794.32. This represents a 21.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 119,207 shares of company stock worth $5,759,152 over the last quarter. 2.74% of the stock is currently owned by insiders.

PROG Stock Performance

Shares of PRG opened at $46.98 on Thursday. PROG Holdings, Inc. has a 12 month low of $26.39 and a 12 month high of $50.28. The firm has a fifty day simple moving average of $47.04 and a 200 day simple moving average of $41.57. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 13.01 and a beta of 2.11. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94.

PROG (NYSE:PRG - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $601.86 million. During the same quarter in the prior year, the company posted $0.90 earnings per share. The firm's revenue was up 4.0% on a year-over-year basis. Research analysts forecast that PROG Holdings, Inc. will post 3.35 EPS for the current fiscal year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG's dividend payout ratio is currently 13.30%.

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.