Quantbot Technologies LP Makes New Investment in PROG Holdings, Inc. (NYSE:PRG)

Quantbot Technologies LP purchased a new position in PROG Holdings, Inc. (NYSE:PRG - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 14,801 shares of the company's stock, valued at approximately $718,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRG. Assenagon Asset Management S.A. bought a new stake in PROG during the 3rd quarter worth approximately $19,079,000. Diversify Wealth Management LLC bought a new stake in shares of PROG during the 2nd quarter valued at $8,794,000. Fourth Sail Capital LP purchased a new position in shares of PROG during the 2nd quarter valued at $5,500,000. Millennium Management LLC lifted its stake in shares of PROG by 497.6% during the 2nd quarter. Millennium Management LLC now owns 160,896 shares of the company's stock valued at $5,580,000 after buying an additional 133,972 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in PROG by 14.1% in the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company's stock worth $23,746,000 after buying an additional 84,497 shares during the period. Hedge funds and other institutional investors own 97.92% of the company's stock.

PROG Price Performance

Shares of PROG stock traded down $0.44 during trading hours on Tuesday, reaching $47.97. The company's stock had a trading volume of 78,189 shares, compared to its average volume of 407,279. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. PROG Holdings, Inc. has a one year low of $27.84 and a one year high of $50.28. The firm has a 50 day moving average price of $47.15 and a 200-day moving average price of $42.24. The stock has a market cap of $1.99 billion, a P/E ratio of 13.41 and a beta of 2.15.

PROG (NYSE:PRG - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.01. The company had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. PROG had a return on equity of 24.56% and a net margin of 6.55%. PROG's revenue was up 4.0% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. On average, analysts predict that PROG Holdings, Inc. will post 3.35 EPS for the current year.

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.00%. PROG's dividend payout ratio is 13.30%.

Insider Transactions at PROG

In other PROG news, insider Michael Todd King sold 1,500 shares of the firm's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $46.97, for a total transaction of $70,455.00. Following the transaction, the insider now directly owns 37,017 shares in the company, valued at $1,738,688.49. This trade represents a 3.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian Garner sold 5,000 shares of the company's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total value of $246,450.00. Following the completion of the sale, the chief financial officer now owns 107,720 shares of the company's stock, valued at $5,309,518.80. This represents a 4.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,207 shares of company stock worth $5,759,152. 2.74% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. KeyCorp boosted their price objective on PROG from $46.00 to $55.00 and gave the company an "overweight" rating in a research report on Tuesday, September 10th. Jefferies Financial Group boosted their price target on PROG from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. TD Cowen raised shares of PROG to a "strong-buy" rating in a report on Friday. Raymond James raised shares of PROG from a "market perform" rating to an "outperform" rating and set a $48.00 target price on the stock in a report on Thursday, October 24th. Finally, Stephens began coverage on shares of PROG in a report on Wednesday, November 13th. They issued an "overweight" rating and a $60.00 price target on the stock. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $53.83.

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.