PROG (NYSE:PRG) Reaches New 52-Week Low - Time to Sell?

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $25.93 and last traded at $25.99, with a volume of 788701 shares traded. The stock had previously closed at $26.47.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRG. TD Cowen upgraded PROG to a "strong-buy" rating in a research note on Friday, November 29th. Stephens restated an "overweight" rating and set a $60.00 price objective on shares of PROG in a research note on Thursday, January 2nd. Finally, Jefferies Financial Group cut 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 research note on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $49.00.

PROG Price Performance

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 company has a market capitalization of $1.11 billion, a P/E ratio of 5.98 and a beta of 2.14. The business has a 50 day simple moving average of $35.83 and a 200-day simple moving average of $42.47.

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

PROG Increases Dividend

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

Insider Activity

In other PROG news, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the stock in a transaction dated Wednesday, February 26th. The shares were bought at an average cost of $28.01 per share, with a total value of $46,216.50. Following the completion of the acquisition, the director now owns 18,291 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas C. Curling purchased 10,000 shares of the stock in a transaction dated Friday, February 21st. The shares were acquired at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the acquisition, the director now directly 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. Corporate insiders own 2.74% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Stifel Financial Corp acquired a new position in PROG during the third quarter worth about $1,046,000. Proficio Capital Partners LLC acquired a new position in PROG during the fourth quarter worth about $527,000. Moran Wealth Management LLC acquired a new position in PROG during the third quarter worth about $3,084,000. Smartleaf Asset Management LLC grew its holdings in PROG by 141.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock worth $51,000 after acquiring an additional 707 shares during the period. Finally, Great Lakes Advisors LLC grew its holdings in PROG by 170.7% during the fourth quarter. Great Lakes Advisors LLC now owns 248,964 shares of the company's stock worth $10,521,000 after acquiring an additional 157,006 shares during the period. 97.92% of the stock is owned by institutional investors and hedge funds.

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.