PROG (NYSE:PRG) Reaches New 12-Month Low - What's Next?

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 trading hands. The stock had previously closed at $26.91.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. TD Cowen upgraded PROG to a "strong-buy" rating in a research note on Friday, November 29th. Jefferies Financial Group downgraded PROG from a "buy" rating to a "hold" rating and lowered their target price for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Finally, Stephens reissued an "overweight" rating and set a $60.00 price objective on shares of PROG in a research report on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, PROG presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.00.

PROG Stock Performance

The firm has a 50-day moving average of $37.94 and a 200-day moving average of $43.43. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 5.78 and a beta of 2.14.

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

PROG Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, March 13th. This is an increase from PROG's previous quarterly dividend of $0.12. PROG's dividend payout ratio (DPR) is 10.57%.

Insider Activity

In related news, Director Douglas C. Curling purchased 10,000 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was purchased at an average cost of $29.88 per share, with a total value of $298,800.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Caroline Sio-Chin Sheu purchased 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, with a total value of $46,216.50. Following the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.74% of the company's stock.

Institutional Trading of PROG

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jefferies Financial Group Inc. acquired a new position in shares of PROG in the 4th quarter valued at $1,845,000. Mackenzie Financial Corp grew its holdings in PROG by 170.3% during the 4th quarter. Mackenzie Financial Corp now owns 29,706 shares of the company's stock worth $1,255,000 after acquiring an additional 18,715 shares in the last quarter. Castleark Management LLC acquired a new stake in shares of PROG during the 4th quarter valued at approximately $4,416,000. PharVision Advisers LLC bought a new position in shares of PROG in the 4th quarter worth about $288,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in PROG by 17.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 123,881 shares of the company's stock valued at $5,235,000 after acquiring an additional 18,760 shares during the period. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

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.

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