PROG (NYSE:PRG) Sets New 12-Month Low - Here's Why

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) shares reached a new 52-week low during trading on Monday . The company traded as low as $28.87 and last traded at $28.86, with a volume of 45844 shares trading hands. The stock had previously closed at $29.39.

Wall Street Analysts Forecast Growth

PRG has been the subject of a number of research analyst reports. TD Cowen upgraded PROG to a "strong-buy" rating in a research note on Friday, November 29th. Jefferies Financial Group lowered PROG from a "buy" rating to a "hold" rating and reduced their price objective for the company from $58.00 to $29.00 in a research report on Wednesday. Finally, Stephens reaffirmed an "overweight" rating and set a $60.00 price objective on shares of PROG in a research report on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, PROG has an average rating of "Moderate Buy" and an average target price of $49.00.

PROG Trading Up 1.0 %

The company has a market cap of $1.16 billion, a P/E ratio of 6.16 and a beta of 2.18. The stock has a 50-day moving average of $40.57 and a two-hundred day moving average of $44.46. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24.

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

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PROG Increases Dividend

The firm also recently announced 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 is a positive change from PROG's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.86%. PROG's dividend payout ratio (DPR) is presently 10.57%.

Insiders Place Their Bets

In other news, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were purchased at an average cost of $28.01 per share, for a total transaction of $46,216.50. Following the purchase, the director now directly owns 18,291 shares in the company, valued at approximately $512,330.91. This represents a 9.92 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Douglas C. Curling purchased 10,000 shares of the company's stock in a transaction dated Friday, February 21st. The stock was purchased at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the purchase, the director now owns 45,913 shares in the company, 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. Corporate insiders own 2.74% of the company's stock.

Hedge Funds Weigh In On PROG

Institutional investors and hedge funds have recently modified their holdings of the company. Summit Securities Group LLC purchased a new position in shares of PROG in the 4th quarter worth $38,000. Sterling Capital Management LLC lifted its position in PROG by 765.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,082 shares of the company's stock valued at $46,000 after purchasing an additional 957 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in PROG by 141.1% during the fourth 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 position in PROG by 248.6% during 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 in the last quarter. Finally, Quarry LP lifted its position in PROG by 162.9% during the third quarter. Quarry LP now owns 1,517 shares of the company's stock valued at $74,000 after purchasing an additional 940 shares in the last quarter. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

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.