PROG Holdings, Inc. (NYSE:PRG) Receives Average Recommendation of "Moderate Buy" from Brokerages

Shares of PROG Holdings, Inc. (NYSE:PRG - Get Free Report) have been assigned an average rating of "Moderate Buy" from the seven research firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $49.00.

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group cut PROG from a "buy" rating to a "hold" rating and lowered their price objective for the company from $58.00 to $29.00 in a research note on Wednesday, February 26th. Stephens reissued an "overweight" rating and issued a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd.

PROG Stock Down 0.7 %

Shares of NYSE PRG traded down $0.18 during trading on Thursday, hitting $25.02. The stock had a trading volume of 623,864 shares, compared to its average volume of 442,115. The company has a market capitalization of $1.02 billion, a PE ratio of 5.51 and a beta of 1.96. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. The firm has a fifty day moving average of $32.38 and a two-hundred day moving average of $40.92. PROG has a 12 month low of $23.46 and a 12 month high of $50.28.

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PROG (NYSE:PRG - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The firm had revenue of $623.30 million for the quarter, compared to analysts' expectations of $612.67 million. During the same period in the previous year, the company earned $0.72 earnings per share. The company's quarterly revenue was up 7.9% on a year-over-year basis. As a group, equities research analysts forecast that PROG will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th were given a $0.13 dividend. This is a positive change from PROG's previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Thursday, March 13th. PROG's dividend payout ratio (DPR) is 10.57%.

Insider Activity at PROG

In other news, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the business's stock in a transaction on Wednesday, February 26th. The stock was purchased at an average cost of $28.01 per share, with a total value of $46,216.50. Following the acquisition, the director now directly owns 18,291 shares in the company, valued at approximately $512,330.91. This trade represents a 9.92 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas C. Curling purchased 10,000 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was purchased at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the acquisition, the director now owns 45,913 shares of the company's stock, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their position. The disclosure for this purchase can be found here. 2.74% of the stock is owned by corporate insiders.

Institutional Trading of PROG

Several institutional investors and hedge funds have recently modified their holdings of PRG. Summit Securities Group LLC purchased a new stake in PROG in the fourth quarter valued at approximately $38,000. Sterling Capital Management LLC increased its holdings in shares of PROG by 765.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,082 shares of the company's stock worth $46,000 after buying an additional 957 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of PROG by 141.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock valued at $51,000 after buying an additional 707 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of PROG by 248.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company's stock worth $57,000 after acquiring an additional 977 shares during the last quarter. Finally, Quarry LP grew its position in PROG by 162.9% in the third quarter. Quarry LP now owns 1,517 shares of the company's stock worth $74,000 after acquiring an additional 940 shares in the last quarter. 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.