Brokerages Set PROG Holdings, Inc. (NYSE:PRG) Target Price at $53.83

Shares of PROG Holdings, Inc. (NYSE:PRG - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seven brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $53.83.

A number of research firms have recently issued reports on PRG. Jefferies Financial Group raised their price objective on PROG from $50.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. 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 research report on Thursday, October 24th. Loop Capital raised shares of PROG from a "hold" rating to a "buy" rating and increased their price objective for the company from $41.00 to $55.00 in a research report on Monday, August 19th. Stephens assumed coverage on shares of PROG in a report on Wednesday, November 13th. They set an "overweight" rating and a $60.00 target price for the company. Finally, KeyCorp increased their price target on shares of PROG from $46.00 to $55.00 and gave the company an "overweight" rating in a report on Tuesday, September 10th.

Insider Activity

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

Hedge Funds Weigh In On PROG

A number of institutional investors have recently modified their holdings of the company. Whittier Trust Co. purchased a new position in shares of PROG during the third quarter valued at approximately $26,000. Financial Management Professionals Inc. bought a new position in PROG during the 3rd quarter valued at $33,000. GAMMA Investing LLC boosted its holdings in PROG by 72.0% during the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company's stock worth $39,000 after acquiring an additional 337 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of PROG in the 2nd quarter worth $47,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of PROG in the first quarter valued at about $59,000. 97.92% of the stock is owned by institutional investors and hedge funds.

PROG Stock Up 0.9 %

Shares of NYSE:PRG traded up $0.45 during trading on Friday, hitting $48.66. 184,465 shares of the company were exchanged, compared to its average volume of 408,715. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 13.35 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 has a fifty-two week low of $26.62 and a fifty-two week high of $50.28. The firm has a fifty day moving average price of $47.18 and a two-hundred day moving average price of $42.02.

PROG (NYSE:PRG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.01. The firm had revenue of $606.10 million during the quarter, compared to analysts' expectations of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The company's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. As a group, research analysts anticipate that PROG will post 3.35 earnings per share for the current fiscal year.

PROG Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be paid 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 dividend yield of 0.99%. PROG's payout ratio is presently 13.30%.

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.