PROG (NYSE:PRG) Shares Gap Down - Time to Sell?

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $29.17, but opened at $28.01. PROG shares last traded at $28.31, with a volume of 94,431 shares traded.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PRG shares. 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. Stephens reaffirmed an "overweight" rating and issued a $60.00 target price on shares of PROG in a report on Thursday, January 2nd. Finally, TD Cowen upgraded shares of 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $49.00.

PROG Price Performance

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 stock has a market capitalization of $1.16 billion, a PE ratio of 6.25 and a beta of 2.18. The company's fifty day simple moving average is $40.30 and its two-hundred day simple moving average is $44.40.

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. PROG had a net margin of 8.01% and a return on equity of 24.25%. The business had revenue of $623.30 million during the quarter, compared to analysts' expectations of $612.67 million. The company's revenue was up 7.9% on a year-over-year basis. During the same period last year, the company posted $0.72 EPS. As a group, sell-side analysts predict that PROG Holdings, Inc. will post 3.45 EPS for the current year.

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PROG Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be paid a $0.13 dividend. This is an increase from PROG's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, March 13th. This represents a $0.52 annualized dividend and a yield of 1.83%. PROG's payout ratio is presently 10.57%.

Insider Buying and Selling at PROG

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PRG. Creative Planning grew its holdings in PROG by 34.5% in the third quarter. Creative Planning now owns 9,018 shares of the company's stock valued at $437,000 after purchasing an additional 2,312 shares during the period. International Assets Investment Management LLC acquired a new position in shares of PROG in the 3rd quarter valued at $3,080,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of PROG during the 3rd quarter valued at $83,000. Los Angeles Capital Management LLC acquired a new stake in shares of PROG during the 3rd quarter worth $1,972,000. Finally, Natixis Advisors LLC raised its position in shares of PROG by 4.8% in the 3rd quarter. Natixis Advisors LLC now owns 14,661 shares of the company's stock worth $711,000 after buying an additional 675 shares during the period. Institutional investors and hedge funds 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.