Moran Wealth Management LLC Acquires New Shares in PROG Holdings, Inc. (NYSE:PRG)

Moran Wealth Management LLC purchased a new position in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 63,595 shares of the company's stock, valued at approximately $3,084,000. Moran Wealth Management LLC owned approximately 0.15% of PROG at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRG. GAMMA Investing LLC increased its position in PROG by 72.0% in the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company's stock worth $39,000 after buying an additional 337 shares during the period. Diversified Trust Co increased its position in PROG by 7.1% in the 3rd quarter. Diversified Trust Co now owns 7,849 shares of the company's stock worth $381,000 after buying an additional 520 shares during the period. Inspire Advisors LLC increased its position in PROG by 4.2% in the 3rd quarter. Inspire Advisors LLC now owns 12,884 shares of the company's stock worth $625,000 after buying an additional 525 shares during the period. Whittier Trust Co. bought a new position in PROG in the 3rd quarter worth approximately $26,000. Finally, ProShare Advisors LLC increased its position in PROG by 7.3% in the 1st quarter. ProShare Advisors LLC now owns 8,943 shares of the company's stock worth $308,000 after buying an additional 612 shares during the period. 97.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Raymond James raised PROG from a "market perform" rating to an "outperform" rating and set a $48.00 price target on the stock in a research report on Thursday, October 24th. TD Cowen lifted their price objective on PROG from $40.00 to $47.00 and gave the stock a "buy" rating in a report on Thursday, July 25th. Stephens initiated coverage on PROG in a report on Wednesday, November 13th. They set an "overweight" rating and a $60.00 price objective on the stock. Jefferies Financial Group lifted their price objective on PROG from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. Finally, Loop Capital raised PROG from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $41.00 to $55.00 in a report on Monday, August 19th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, PROG has a consensus rating of "Moderate Buy" and an average target price of $53.83.

Insider Buying and Selling at PROG

In other news, CFO Brian Garner sold 5,000 shares of the business's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total transaction 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. The trade was a 4.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steven A. Michaels sold 27,324 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.19, for a total value of $1,289,419.56. Following the sale, the chief executive officer now owns 409,209 shares of the company's stock, valued at approximately $19,310,572.71. The trade was a 6.26 % 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 worth $5,759,152. 2.74% of the stock is currently owned by insiders.

PROG Price Performance

PRG stock traded up $1.11 during trading on Friday, hitting $47.45. The company had a trading volume of 362,241 shares, compared to its average volume of 408,536. The company has a fifty day moving average price of $47.07 and a two-hundred day moving average price of $41.60. 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 company has a market cap of $1.97 billion, a P/E ratio of 12.84 and a beta of 2.11. PROG Holdings, Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $50.28.

PROG (NYSE:PRG - Get Free Report) last issued its quarterly earnings data 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 return on equity of 24.56% and a net margin of 6.55%. The firm had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. During the same quarter in the previous year, the company posted $0.90 EPS. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. Equities research analysts expect that PROG Holdings, Inc. will post 3.35 earnings per share for the current fiscal year.

PROG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be given a $0.12 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 1.01%. PROG's payout ratio is 13.30%.

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.