Stephens Reiterates "Overweight" Rating for PROG (NYSE:PRG)

Stephens reiterated their overweight rating on shares of PROG (NYSE:PRG - Free Report) in a research note published on Thursday morning,Benzinga reports. Stephens currently has a $60.00 price objective on the stock.

PRG has been the topic of a number of other research reports. 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. Jefferies Financial Group boosted their target price on PROG from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. TD Cowen upgraded PROG to a "strong-buy" rating in a research note on Friday, November 29th. Finally, KeyCorp boosted their price objective on PROG from $46.00 to $55.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $53.83.

PROG Stock Up 0.1 %

NYSE:PRG traded up $0.04 on Thursday, hitting $42.30. The stock had a trading volume of 198,546 shares, compared to its average volume of 405,383. PROG has a 1 year low of $27.84 and a 1 year high of $50.28. The firm's fifty day simple moving average is $45.61 and its two-hundred day simple moving average is $43.58. 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 stock has a market cap of $1.76 billion, a P/E ratio of 11.72 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 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The company had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. During the same period last year, the business posted $0.90 earnings per share. PROG's revenue was up 4.0% on a year-over-year basis. Analysts predict that PROG will post 3.36 earnings per share for the current year.

PROG Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were issued 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 1.13%. PROG's dividend payout ratio (DPR) is 13.30%.

Insiders Place Their Bets

In other news, insider Michael Todd King sold 1,500 shares of the company's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the transaction, the insider now owns 37,017 shares of the company's stock, valued at approximately $1,738,688.49. This represents a 3.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steven A. Michaels sold 27,324 shares of PROG stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.19, for a total value of $1,289,419.56. Following the sale, the chief executive officer now directly owns 409,209 shares of the company's stock, valued at $19,310,572.71. This represents a 6.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 119,207 shares of company stock worth $5,759,152 in the last quarter. 2.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRG. Assenagon Asset Management S.A. purchased a new stake in PROG during the third quarter valued at about $19,079,000. Diversify Wealth Management LLC bought a new position in shares of PROG during the 2nd quarter valued at about $8,794,000. Fourth Sail Capital LP purchased a new position in shares of PROG during the 2nd quarter valued at about $5,500,000. Millennium Management LLC lifted its position in PROG by 497.6% in the 2nd quarter. Millennium Management LLC now owns 160,896 shares of the company's stock worth $5,580,000 after buying an additional 133,972 shares during the last quarter. Finally, Walleye Capital LLC boosted its stake in PROG by 476.7% in the third quarter. Walleye Capital LLC now owns 150,495 shares of the company's stock worth $7,298,000 after buying an additional 124,397 shares in the last quarter. 97.92% of the stock is currently 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.