Charles Schwab Investment Management Inc. reduced its stake in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 3.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 937,372 shares of the company's stock after selling 30,925 shares during the quarter. Charles Schwab Investment Management Inc. owned about 2.26% of PROG worth $39,613,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of PRG. Smartleaf Asset Management LLC raised its stake in PROG by 141.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock worth $51,000 after buying an additional 707 shares during the period. Quarry LP raised its position in shares of PROG by 162.9% during the third quarter. Quarry LP now owns 1,517 shares of the company's stock worth $74,000 after purchasing an additional 940 shares during the period. KBC Group NV lifted its holdings in shares of PROG by 53.9% during the 4th quarter. KBC Group NV now owns 2,015 shares of the company's stock valued at $85,000 after purchasing an additional 706 shares in the last quarter. Point72 Hong Kong Ltd lifted its holdings in shares of PROG by 2,762.2% during the 3rd quarter. Point72 Hong Kong Ltd now owns 3,635 shares of the company's stock valued at $176,000 after purchasing an additional 3,508 shares in the last quarter. Finally, Blue Trust Inc. grew its position in shares of PROG by 38.6% in the 4th quarter. Blue Trust Inc. now owns 3,691 shares of the company's stock valued at $156,000 after purchasing an additional 1,027 shares during the period. 97.92% of the stock is owned by institutional investors.
PROG Stock Up 5.3 %
PRG stock traded up $1.39 during mid-day trading on Wednesday, reaching $27.33. The company had a trading volume of 304,864 shares, compared to its average volume of 552,388. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of 6.01 and a beta of 2.14. PROG Holdings, Inc. has a 52 week low of $25.93 and a 52 week high of $50.28. The stock has a 50 day simple moving average of $36.66 and a two-hundred day simple moving average of $42.83. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34.
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 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 business had revenue of $623.30 million during the quarter, compared to analysts' expectations of $612.67 million. During the same period last year, the business earned $0.72 earnings per share. The firm's revenue was up 7.9% on a year-over-year basis. As a group, equities analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.
PROG Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders 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 dividend yield of 1.90%. This is a boost from PROG's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, March 13th. PROG's dividend payout ratio is presently 10.57%.
Analyst Ratings Changes
A number of brokerages have weighed in on PRG. TD Cowen raised shares of PROG to a "strong-buy" rating in a research note on Friday, November 29th. Jefferies Financial Group cut shares of PROG from a "buy" rating to a "hold" rating and cut their price objective for the company from $58.00 to $29.00 in a research report on Wednesday, February 26th. Finally, Stephens reiterated an "overweight" rating and set a $60.00 target price on shares of PROG in a report on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.00.
Get Our Latest Stock Analysis on PROG
Insider Activity at PROG
In related news, Director Caroline Sio-Chin Sheu bought 1,650 shares of the business's stock in a transaction dated Wednesday, February 26th. The stock was bought at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the purchase, the director now owns 18,291 shares in the company, valued at $512,330.91. This represents a 9.92 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas C. Curling bought 10,000 shares of PROG stock in a transaction that occurred on Friday, February 21st. The shares were bought at an average cost of $29.88 per share, with a total value of $298,800.00. Following the acquisition, the director now directly owns 45,913 shares in the company, valued at $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 currently owned by company insiders.
About PROG
(
Free Report)
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.
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