PROG (NYSE:PRG) Downgraded by Jefferies Financial Group to "Hold"

Jefferies Financial Group cut shares of PROG (NYSE:PRG - Free Report) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Marketbeat.com reports. Jefferies Financial Group currently has $29.00 target price on the stock, down from their previous target price of $58.00.

Several other research analysts also recently weighed in on PRG. Stephens reissued an "overweight" rating and issued a $60.00 target price on shares of PROG in a research report on Thursday, January 2nd. TD Cowen raised shares of PROG to a "strong-buy" rating in a research report on Friday, November 29th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.00.

PROG Price Performance

Shares of PRG traded up $0.47 during mid-day trading on Wednesday, hitting $28.38. The company's stock had a trading volume of 624,140 shares, compared to its average volume of 500,906. The firm has a 50-day moving average price of $40.30 and a 200 day moving average price of $44.38. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 6.25 and a beta of 2.18. 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 has a fifty-two week low of $27.61 and a fifty-two week high of $50.28.

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PROG (NYSE:PRG - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 8.01% and a return on equity of 24.25%. The business's revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 EPS. On average, research analysts predict that PROG will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be issued a dividend of $0.13 per share. This is a boost from PROG's previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Thursday, March 13th. PROG's dividend payout ratio (DPR) is currently 10.57%.

Insider Buying and Selling

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

Institutional Trading of PROG

A number of institutional investors have recently added to or reduced their stakes in PRG. Stifel Financial Corp acquired a new stake in shares of PROG in the third quarter worth $1,046,000. Moran Wealth Management LLC acquired a new stake in shares of PROG in the third quarter worth $3,084,000. Atom Investors LP acquired a new stake in shares of PROG in the third quarter worth $4,979,000. FMR LLC lifted its stake in shares of PROG by 1.3% in the third quarter. FMR LLC now owns 2,430,318 shares of the company's stock worth $117,846,000 after buying an additional 30,030 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of PROG in the third quarter worth $505,000. 97.92% of the stock is currently owned by institutional investors and hedge funds.

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.