PROG (NYSE:PRG) Shares Gap Up on Insider Buying Activity

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) shares gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $28.48, but opened at $29.77. PROG shares last traded at $29.42, with a volume of 39,357 shares trading hands.

Specifically, Director Douglas C. Curling purchased 10,000 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the director now owns 45,913 shares of the company's stock, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

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

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PROG Stock Up 1.7 %

The firm has a market capitalization of $1.18 billion, a PE ratio of 6.25 and a beta of 2.18. The firm's 50 day moving average price is $40.30 and its two-hundred day moving average price is $44.38. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99.

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, beating the consensus estimate of $0.77 by $0.03. The business had revenue of $623.30 million during the quarter, compared to the consensus estimate of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The business's quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.72 earnings per share. As a group, research analysts forecast that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRG. Summit Securities Group LLC acquired a new stake in PROG in the fourth quarter valued at $38,000. Sterling Capital Management LLC raised its holdings in PROG by 765.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,082 shares of the company's stock valued at $46,000 after acquiring an additional 957 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in PROG by 141.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock valued at $51,000 after acquiring an additional 707 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in PROG by 248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company's stock valued at $57,000 after acquiring an additional 977 shares in the last quarter. Finally, New Age Alpha Advisors LLC acquired a new stake in PROG in the fourth quarter valued at $68,000. 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.