PROG (NYSE:PRG) Shares Gap Down - Time to Sell?

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $46.97, but opened at $45.01. PROG shares last traded at $42.67, with a volume of 79,390 shares changing hands.

Wall Street Analyst Weigh In

PRG has been the subject of several recent research reports. KeyCorp raised their price objective 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. Jefferies Financial Group increased their price objective on PROG from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. TD Cowen boosted their target price on PROG from $40.00 to $47.00 and gave the stock a "buy" rating in a research note on Thursday, July 25th. Finally, Loop Capital raised PROG from a "hold" rating to a "buy" rating and increased their price target for the company from $41.00 to $55.00 in a research report on Monday, August 19th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.40.

PROG Trading Down 9.6 %

The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.80 and a current ratio of 3.87. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 17.55 and a beta of 2.11. The company has a 50-day moving average price of $46.99 and a 200-day moving average price of $39.72.

PROG (NYSE:PRG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.22. PROG had a net margin of 4.57% and a return on equity of 26.30%. The firm had revenue of $592.16 million during the quarter, compared to analysts' expectations of $573.23 million. During the same period in the previous year, the company earned $0.92 earnings per share. PROG's quarterly revenue was down .1% compared to the same quarter last year. As a group, research analysts forecast that PROG Holdings, Inc. will post 3.34 EPS for the current fiscal year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 1.13%. PROG's dividend payout ratio is presently 19.59%.

Institutional Investors Weigh In On PROG

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRG. Whittier Trust Co. acquired a new position in shares of PROG in the 3rd quarter valued at $26,000. GAMMA Investing LLC raised its holdings in shares of PROG by 72.0% in the third quarter. GAMMA Investing LLC now owns 805 shares of the company's stock valued at $39,000 after buying an additional 337 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of PROG during the second quarter worth about $47,000. DekaBank Deutsche Girozentrale purchased a new position in shares of PROG during the first quarter worth about $59,000. Finally, Blue Trust Inc. increased its position in PROG by 2,015.1% in the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company's stock valued at $68,000 after acquiring an additional 1,874 shares during the period. Hedge funds and other institutional investors own 97.92% of the company's stock.

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.