Vanguard Group Inc. Buys 76,810 Shares of PROG Holdings, Inc. (NYSE:PRG)

Vanguard Group Inc. increased its position in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 1.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,937,208 shares of the company's stock after purchasing an additional 76,810 shares during the quarter. Vanguard Group Inc. owned approximately 11.89% of PROG worth $208,646,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PRG. State Street Corp grew its stake in PROG by 6.9% during the third quarter. State Street Corp now owns 1,776,377 shares of the company's stock worth $86,137,000 after buying an additional 114,498 shares during the last quarter. Allianz Asset Management GmbH grew its position in PROG by 36.8% during the 4th quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company's stock worth $32,951,000 after acquiring an additional 209,805 shares during the last quarter. Wellington Management Group LLP increased its holdings in PROG by 1.6% during the 3rd quarter. Wellington Management Group LLP now owns 414,305 shares of the company's stock valued at $20,090,000 after purchasing an additional 6,517 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in PROG by 9.9% during the 4th quarter. Bank of New York Mellon Corp now owns 377,448 shares of the company's stock valued at $15,951,000 after purchasing an additional 34,020 shares in the last quarter. Finally, Barclays PLC raised its position in PROG by 22.7% in the 3rd quarter. Barclays PLC now owns 347,155 shares of the company's stock valued at $16,834,000 after purchasing an additional 64,197 shares during the last quarter. 97.92% of the stock is owned by institutional investors.

Insider Transactions at PROG

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PRG shares. Jefferies Financial Group downgraded shares of PROG from a "buy" rating to a "hold" rating and cut their target price for the company from $58.00 to $29.00 in a research report on Wednesday, February 26th. Stephens reissued an "overweight" rating and issued a $60.00 target price on shares of PROG in a research note on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, PROG presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.00.

PROG Stock Down 5.7 %

PRG stock traded down $1.54 during trading hours on Thursday, reaching $25.33. 651,307 shares of the stock were exchanged, compared to its average volume of 446,057. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 5.58 and a beta of 1.96. PROG Holdings, Inc. has a 12 month low of $23.50 and a 12 month high of $50.28. The firm's 50-day moving average is $30.66 and its 200-day moving average is $40.20.

PROG (NYSE:PRG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. The company had revenue of $623.30 million during the quarter, compared to analysts' expectations of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The business's quarterly revenue was up 7.9% on a year-over-year basis. During the same period last year, the business earned $0.72 EPS. On average, equities research analysts expect that PROG Holdings, Inc. will post 3.45 earnings per share for the current 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 given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 13th. This is a boost from PROG's previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.05%. PROG's payout ratio is 10.57%.

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.