PROG (NYSE:PRG) Hits New 52-Week Low - Here's What Happened

PROG Holdings, Inc. (NYSE:PRG - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $25.24 and last traded at $25.52, with a volume of 99776 shares trading hands. The stock had previously closed at $28.07.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Stephens restated an "overweight" rating and issued a $60.00 price objective on shares of PROG in a report on Thursday, January 2nd. Jefferies Financial Group downgraded shares of PROG from a "buy" rating to a "hold" rating and cut their price target for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Two 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 data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $49.00.

PROG Price Performance

The stock has a 50 day moving average of $32.38 and a two-hundred day moving average of $40.92. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. The firm has a market capitalization of $979.08 million, a P/E ratio of 5.28 and a beta of 1.96.

PROG (NYSE:PRG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, beating 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 company had revenue of $623.30 million for the quarter, compared to the consensus estimate of $612.67 million. During the same period last year, the business posted $0.72 earnings per share. The firm's revenue was up 7.9% compared to the same quarter last year. Sell-side analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.

PROG Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.17%. This is an increase from PROG's previous quarterly dividend of $0.12. PROG's dividend payout ratio (DPR) is currently 10.57%.

Insiders Place Their Bets

In other news, Director Caroline Sio-Chin Sheu bought 1,650 shares of the company's stock in a transaction that occurred 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 transaction, the director now directly owns 18,291 shares of the company's stock, valued at $512,330.91. This trade represents a 9.92 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Douglas C. Curling bought 10,000 shares of the business's stock in a transaction dated Friday, February 21st. The stock was purchased 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 $1,371,880.44. The trade was 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 Trading of PROG

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its position in shares of PROG by 2,450.4% during the first quarter. GAMMA Investing LLC now owns 17,955 shares of the company's stock worth $478,000 after purchasing an additional 17,251 shares in the last quarter. Wellington Management Group LLP lifted its holdings in PROG by 1.8% during the 4th quarter. Wellington Management Group LLP now owns 421,769 shares of the company's stock worth $17,824,000 after buying an additional 7,464 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in PROG in the 4th quarter valued at $1,845,000. Mackenzie Financial Corp increased its stake in shares of PROG by 170.3% in the 4th quarter. Mackenzie Financial Corp now owns 29,706 shares of the company's stock valued at $1,255,000 after buying an additional 18,715 shares during the period. Finally, Castleark Management LLC bought a new stake in shares of PROG during the fourth quarter worth $4,416,000. Institutional investors own 97.92% of the company's stock.

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.