Prudential Financial Inc. Boosts Stake in PROG Holdings, Inc. (NYSE:PRG)

Prudential Financial Inc. grew its position in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 76.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 205,050 shares of the company's stock after buying an additional 88,832 shares during the period. Prudential Financial Inc. owned approximately 0.49% of PROG worth $8,665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PRG. Stifel Financial Corp purchased a new stake in PROG during the 3rd quarter valued at $1,046,000. Proficio Capital Partners LLC purchased a new stake in shares of PROG during the fourth quarter valued at $527,000. Smartleaf Asset Management LLC increased its holdings in PROG by 141.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock worth $51,000 after buying an additional 707 shares in the last quarter. Bank of New York Mellon Corp raised its position in PROG by 9.9% in the 4th quarter. Bank of New York Mellon Corp now owns 377,448 shares of the company's stock worth $15,951,000 after buying an additional 34,020 shares during the last quarter. Finally, Great Lakes Advisors LLC lifted its stake in PROG by 170.7% during the 4th quarter. Great Lakes Advisors LLC now owns 248,964 shares of the company's stock valued at $10,521,000 after acquiring an additional 157,006 shares during the period. Institutional investors own 97.92% of the company's stock.

PROG Stock Performance

Shares of NYSE:PRG traded down $2.27 during mid-day trading on Thursday, reaching $25.80. 544,526 shares of the company traded hands, compared to its average volume of 438,439. The company's 50 day moving average price is $33.07 and its 200-day moving average price is $41.32. The firm has a market cap of $1.05 billion, a PE ratio of 5.68 and a beta of 2.14. PROG Holdings, Inc. has a 52 week low of $25.24 and a 52 week high of $50.28. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34.

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PROG (NYSE:PRG - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $623.30 million during the quarter, compared to analyst estimates of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company's revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.72 earnings per share. On average, equities analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Thursday, March 13th. This is a positive change from PROG's previous quarterly dividend of $0.12. PROG's dividend payout ratio is presently 10.57%.

Wall Street Analyst Weigh In

A number of research firms have commented on PRG. Jefferies Financial Group downgraded shares of 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 research report on Wednesday, February 26th. Stephens reaffirmed an "overweight" rating and set a $60.00 price target 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 issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.00.

Insider Buying and Selling at PROG

In other PROG news, Director Douglas C. Curling bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were bought at an average price of $29.88 per share, with a total value of $298,800.00. Following the purchase, the director now owns 45,913 shares of the company's stock, valued at $1,371,880.44. This trade represents a 27.85 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was acquired at an average cost of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the acquisition, the director now owns 18,291 shares in the company, valued at $512,330.91. This represents a 9.92 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.74% of the company's stock.

PROG 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.