PROG (NYSE:PRG) Stock Price Up 4.7% - Still a Buy?

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) shares were up 4.7% during trading on Thursday . The stock traded as high as $28.22 and last traded at $28.16. Approximately 315,716 shares changed hands during trading, a decline of 39% from the average daily volume of 515,509 shares. The stock had previously closed at $26.90.

Wall Street Analysts Forecast Growth

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

PROG Price Performance

The firm has a market capitalization of $1.15 billion, a P/E ratio of 6.20 and a beta of 2.14. The business has a 50-day moving average of $38.85 and a 200 day moving average of $43.84. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $612.67 million. During the same period in the previous year, the company posted $0.72 EPS. The firm's revenue was up 7.9% compared to the same quarter last year. On average, sell-side analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal 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 given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.85%. This is a positive change from PROG's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, March 13th. PROG's payout ratio is presently 10.57%.

Insider Activity at PROG

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

Institutional Trading of PROG

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in PROG by 2.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company's stock worth $980,000 after purchasing an additional 446 shares in the last quarter. LPL Financial LLC increased its holdings in PROG by 2.4% during the 4th quarter. LPL Financial LLC now owns 19,719 shares of the company's stock worth $833,000 after purchasing an additional 458 shares in the last quarter. Comerica Bank increased its holdings in PROG by 1.2% during the 4th quarter. Comerica Bank now owns 39,029 shares of the company's stock worth $1,649,000 after purchasing an additional 473 shares in the last quarter. State of Wyoming increased its holdings in PROG by 10.9% during the 4th quarter. State of Wyoming now owns 5,694 shares of the company's stock worth $241,000 after purchasing an additional 560 shares in the last quarter. Finally, HB Wealth Management LLC boosted its stake in shares of PROG by 4.1% in the 4th quarter. HB Wealth Management LLC now owns 16,176 shares of the company's stock worth $684,000 after buying an additional 631 shares during the last quarter. 97.92% of the stock is owned by 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.