PROG (NYSE:PRG) Sets New 1-Year Low - Here's Why

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $26.47 and last traded at $26.43, with a volume of 83526 shares traded. The stock had previously closed at $26.91.

Analysts Set New Price Targets

Several research firms recently issued reports on PRG. Jefferies Financial Group lowered PROG from a "buy" rating to a "hold" rating and reduced their price target for the stock from $58.00 to $29.00 in a research report on Wednesday, February 26th. Stephens restated an "overweight" rating and set a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. Finally, TD Cowen upgraded PROG to a "strong-buy" rating in a research report on Friday, November 29th. Two 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 company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.00.

PROG Trading Up 2.1 %

The stock has a market capitalization of $1.09 billion, a P/E ratio of 5.89 and a beta of 2.14. The stock has a 50-day moving average price of $37.30 and a two-hundred day moving average price of $43.14. 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 issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.03. The firm had revenue of $623.30 million for 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 business's quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the company earned $0.72 EPS. On average, research analysts forecast that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

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PROG Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, March 13th. This is a positive change from PROG's previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 1.95%. PROG's payout ratio is currently 10.57%.

Insider Activity at PROG

In related news, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the stock in a transaction on Wednesday, February 26th. The stock was acquired at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the purchase, the director now owns 18,291 shares of the company's stock, valued at $512,330.91. This represents a 9.92 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Douglas C. Curling purchased 10,000 shares of the firm's stock in a transaction dated 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 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 Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Stifel Financial Corp purchased a new position in shares of PROG in the third quarter worth $1,046,000. Moran Wealth Management LLC purchased a new position in shares of PROG in the third quarter worth $3,084,000. Proficio Capital Partners LLC purchased a new position in shares of PROG in the fourth quarter worth $527,000. Atom Investors LP purchased a new position in shares of PROG in the third quarter worth $4,979,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of PROG by 141.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock worth $51,000 after purchasing an additional 707 shares during the last quarter. Hedge funds and other institutional investors own 97.92% of the company's stock.

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.