PROG (NYSE:PRG) Shares Down 5.4% - What's Next?

Shares of PROG Holdings, Inc. (NYSE:PRG - Get Free Report) fell 5.4% during trading on Friday . The company traded as low as $44.50 and last traded at $44.56. 147,391 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 405,127 shares. The stock had previously closed at $47.11.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PRG shares. Loop Capital upgraded PROG from a "hold" rating to a "buy" rating and boosted their price objective for the company from $41.00 to $55.00 in a research report on Monday, August 19th. Raymond James raised shares of PROG from a "market perform" rating to an "outperform" rating and set a $48.00 price target on the stock in a report on Thursday, October 24th. TD Cowen upgraded shares of PROG to a "strong-buy" rating in a research note on Friday, November 29th. Stephens initiated coverage on shares of PROG in a research report on Wednesday, November 13th. They set an "overweight" rating and a $60.00 target price on the stock. Finally, KeyCorp increased their price target on shares of PROG from $46.00 to $55.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, PROG currently has an average rating of "Buy" and an average target price of $53.83.

PROG Price Performance

The company's 50 day moving average price is $46.96 and its 200 day moving average price is $42.99. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 12.22 and a beta of 2.15.

PROG (NYSE:PRG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.01. The firm had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The firm's quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. On average, equities research analysts predict that PROG Holdings, Inc. will post 3.36 earnings per share for the current fiscal year.

PROG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a yield of 1.09%. PROG's dividend payout ratio (DPR) is presently 13.30%.

Insider Activity at PROG

In other news, VP George M. Sewell sold 3,500 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $48.88, for a total transaction of $171,080.00. Following the sale, the vice president now directly owns 12,639 shares of the company's stock, valued at $617,794.32. This represents a 21.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven A. Michaels sold 27,324 shares of the business's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the completion of the transaction, the chief executive officer now owns 409,209 shares of the company's stock, valued at $19,310,572.71. This trade represents a 6.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 119,207 shares of company stock valued at $5,759,152 in the last three months. Corporate insiders own 2.74% of the company's stock.

Institutional Investors Weigh In On PROG

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC boosted its holdings in PROG by 954.5% in the second quarter. SG Americas Securities LLC now owns 50,574 shares of the company's stock valued at $1,754,000 after acquiring an additional 45,778 shares during the last quarter. Diversified Trust Co boosted its stake in shares of PROG by 8.4% in the 2nd quarter. Diversified Trust Co now owns 7,329 shares of the company's stock valued at $254,000 after purchasing an additional 569 shares during the last quarter. Blue Trust Inc. grew its position in shares of PROG by 2,015.1% during the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company's stock worth $68,000 after buying an additional 1,874 shares during the period. Ceredex Value Advisors LLC raised its stake in shares of PROG by 1.3% during the second quarter. Ceredex Value Advisors LLC now owns 291,550 shares of the company's stock worth $10,111,000 after buying an additional 3,750 shares during the last quarter. Finally, Legato Capital Management LLC lifted its holdings in PROG by 16.6% in the second quarter. Legato Capital Management LLC now owns 30,236 shares of the company's stock valued at $1,049,000 after buying an additional 4,302 shares during the period. 97.92% of the stock is owned by institutional investors and hedge funds.

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.