PROG Holdings, Inc. (NYSE:PRG) Short Interest Down 30.5% in February

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) was the target of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 1,690,000 shares, a decrease of 30.5% from the February 13th total of 2,430,000 shares. Based on an average trading volume of 491,500 shares, the days-to-cover ratio is currently 3.4 days. Approximately 4.3% of the company's stock are sold short.

Wall Street Analyst Weigh In

PRG has been the topic of several research analyst reports. TD Cowen raised PROG to a "strong-buy" rating in a research report on Friday, November 29th. Jefferies Financial Group cut shares of PROG from a "buy" rating to a "hold" rating and cut their target price for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Finally, Stephens reiterated an "overweight" rating and set a $60.00 price target on shares of PROG in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $49.00.

PROG Stock Performance

Shares of NYSE PRG traded up $0.03 during mid-day trading on Thursday, hitting $27.23. 649,321 shares of the company were exchanged, compared to its average volume of 401,616. The stock has a 50 day simple moving average of $36.37 and a 200-day simple moving average of $42.72. PROG has a 1-year low of $25.93 and a 1-year high of $50.28. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 6.00 and a beta of 2.14.

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PROG (NYSE:PRG - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company had revenue of $623.30 million during the quarter, compared to analysts' expectations of $612.67 million. During the same quarter last year, the business earned $0.72 EPS. The business's revenue was up 7.9% on a year-over-year basis. On average, sell-side analysts forecast that PROG will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Thursday, March 13th. This is a positive change from PROG's previous quarterly dividend of $0.12. PROG's payout ratio is currently 10.57%.

Insider Activity

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

Hedge Funds Weigh In On PROG

A number of large investors have recently modified their holdings of the business. Summit Securities Group LLC purchased a new position in PROG in the fourth quarter worth $38,000. Sterling Capital Management LLC grew its stake in shares of PROG by 765.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,082 shares of the company's stock worth $46,000 after purchasing an additional 957 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of PROG by 141.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock valued at $51,000 after purchasing an additional 707 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of PROG by 248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company's stock valued at $57,000 after purchasing an additional 977 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new position in PROG during the fourth quarter worth about $68,000. 97.92% of the stock is owned by hedge funds and other institutional investors.

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.