Verition Fund Management LLC Invests $1.38 Million in PROG Holdings, Inc. (NYSE:PRG)

Verition Fund Management LLC acquired a new position in PROG Holdings, Inc. (NYSE:PRG - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,368 shares of the company's stock, valued at approximately $1,376,000. Verition Fund Management LLC owned 0.07% of PROG as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Walleye Capital LLC increased its position in shares of PROG by 476.7% during the 3rd quarter. Walleye Capital LLC now owns 150,495 shares of the company's stock valued at $7,298,000 after purchasing an additional 124,397 shares during the period. Martingale Asset Management L P boosted its stake in PROG by 6.3% during the third quarter. Martingale Asset Management L P now owns 34,634 shares of the company's stock valued at $1,679,000 after buying an additional 2,042 shares in the last quarter. Glenmede Trust Co. NA acquired a new position in PROG during the third quarter worth about $273,000. Quantbot Technologies LP bought a new stake in PROG in the third quarter worth about $718,000. Finally, FMR LLC lifted its holdings in PROG by 1.3% in the 3rd quarter. FMR LLC now owns 2,430,318 shares of the company's stock valued at $117,846,000 after acquiring an additional 30,030 shares during the last quarter. Institutional investors own 97.92% of the company's stock.

Wall Street Analyst Weigh In

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

PROG Stock Down 1.0 %

Shares of PROG stock traded down $0.49 during midday trading on Friday, hitting $46.89. The company's stock had a trading volume of 228,906 shares, compared to its average volume of 372,835. The firm has a market capitalization of $1.95 billion, a P/E ratio of 12.99 and a beta of 2.15. PROG Holdings, Inc. has a 1-year low of $27.84 and a 1-year high of $50.28. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. The stock has a 50-day simple moving average of $47.03 and a 200-day simple moving average of $42.56.

PROG (NYSE:PRG - Get Free Report) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $601.86 million. During the same quarter in the previous year, the business posted $0.90 EPS. The business's revenue for the quarter was up 4.0% on a year-over-year basis. As a group, sell-side analysts expect that PROG Holdings, Inc. will post 3.36 earnings per share for the current year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Tuesday, November 19th. PROG's dividend payout ratio is currently 13.30%.

Insider Transactions at PROG

In other news, Director Curtis Linn Doman sold 62,815 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $48.75, for a total transaction of $3,062,231.25. Following the transaction, the director now owns 174,524 shares of the company's stock, valued at approximately $8,508,045. This represents a 26.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian Garner sold 15,484 shares of PROG stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $48.27, for a total transaction of $747,412.68. Following the completion of the transaction, the chief financial officer now directly owns 92,236 shares in the company, valued at approximately $4,452,231.72. This represents a 14.37 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,207 shares of company stock valued at $5,759,152. 2.74% of the stock is owned by insiders.

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.