Principal Financial Group Inc. Sells 53,407 Shares of PROG Holdings, Inc. (NYSE:PRG)

Principal Financial Group Inc. lessened its stake in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 21.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,629 shares of the company's stock after selling 53,407 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of PROG worth $9,680,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp increased its stake in PROG by 45.2% in the 1st 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 during the last quarter. Keeley Teton Advisors LLC grew its stake in PROG by 35.3% in the 1st quarter. Keeley Teton Advisors LLC now owns 49,574 shares of the company's stock valued at $1,707,000 after buying an additional 12,928 shares in the last quarter. Sei Investments Co. purchased a new position in PROG in the 1st quarter valued at approximately $815,000. Diversify Wealth Management LLC purchased a new position in PROG in the 2nd quarter valued at approximately $8,794,000. Finally, Fourth Sail Capital LP bought a new position in PROG in the 2nd quarter valued at $5,500,000. Institutional investors own 97.92% of the company's stock.

PROG Stock Down 0.9 %

Shares of NYSE PRG traded down $0.41 during midday trading on Tuesday, hitting $46.67. The stock had a trading volume of 59,505 shares, compared to its average volume of 408,102. The business's 50 day moving average is $46.95 and its 200-day moving average is $41.44. The company has a market cap of $1.94 billion, a P/E ratio of 13.07 and a beta of 2.11. PROG Holdings, Inc. has a 52 week low of $26.39 and a 52 week high of $50.28. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94.

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

PROG Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a yield of 1.03%. PROG's dividend payout ratio (DPR) is 13.30%.

Insider Activity at PROG

In other news, 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 value of $171,080.00. Following the completion of the sale, the vice president now directly owns 12,639 shares of the company's stock, valued at $617,794.32. This represents a 21.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steven A. Michaels sold 27,324 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the completion of the sale, the chief executive officer now directly owns 409,209 shares of the company's stock, valued at approximately $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 a total of 119,207 shares of company stock worth $5,759,152 over the last quarter. Company insiders own 2.74% of the company's stock.

Wall Street Analyst Weigh In

PRG has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. KeyCorp lifted their price objective on shares of PROG from $46.00 to $55.00 and gave the stock an "overweight" rating in a report on Tuesday, September 10th. Stephens initiated coverage on shares of PROG in a report on Wednesday, November 13th. They set an "overweight" rating and a $60.00 price objective for the company. Raymond James raised shares of PROG from a "market perform" rating to an "outperform" rating and set a $48.00 price objective for the company in a report on Thursday, October 24th. Finally, TD Cowen lifted their target price 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. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.83.

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.