Weiss Asset Management LP Acquires New Holdings in PROG Holdings, Inc. (NYSE:PRG)

Weiss Asset Management LP purchased a new position in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,548 shares of the company's stock, valued at approximately $560,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRG. Diversify Wealth Management LLC bought a new stake in PROG in the 2nd quarter valued at $8,794,000. Fourth Sail Capital LP bought a new stake in PROG in the 2nd quarter valued at $5,500,000. Moran Wealth Management LLC bought a new stake in PROG in the 3rd quarter valued at $3,084,000. Atom Investors LP bought a new stake in PROG in the 3rd quarter valued at $4,979,000. Finally, Burney Co. lifted its position in PROG by 24.2% during the 2nd quarter. Burney Co. now owns 86,401 shares of the company's stock worth $2,996,000 after buying an additional 16,810 shares in the last quarter. 97.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PRG shares. Stephens initiated coverage on shares of PROG in a research report on Wednesday, November 13th. They set an "overweight" rating and a $60.00 price target on the stock. Jefferies Financial Group boosted their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, October 1st. Raymond James upgraded shares of PROG from a "market perform" rating to an "outperform" rating and set a $48.00 price objective on the stock in a research note on Thursday, October 24th. KeyCorp upped their price target on shares of PROG from $46.00 to $55.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. Finally, TD Cowen upgraded shares of PROG to a "strong-buy" rating in a research note on Friday, November 29th. One 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $53.83.

PROG Stock Performance

Shares of NYSE:PRG traded down $0.01 on Monday, reaching $46.88. 267,428 shares of the company's stock were exchanged, compared to its average volume of 406,446. The company has a fifty day moving average of $47.03 and a 200-day moving average of $42.65. PROG Holdings, Inc. has a twelve month low of $27.84 and a twelve month high of $50.28. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 12.89 and a beta of 2.15. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94.

PROG (NYSE:PRG - Get Free Report) last announced its 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. PROG had a net margin of 6.55% and a return on equity of 24.56%. The firm had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same quarter in the prior year, the business posted $0.90 EPS. The business's revenue was up 4.0% compared to the same quarter last year. On average, research analysts predict that PROG Holdings, Inc. will post 3.36 EPS for the current fiscal year.

PROG Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Tuesday, November 19th. PROG's dividend payout ratio (DPR) is presently 13.30%.

Insider Transactions at PROG

In related news, Director Curtis Linn Doman sold 62,815 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $48.75, for a total value of $3,062,231.25. Following the completion of the transaction, the director now owns 174,524 shares of the company's stock, valued at $8,508,045. This represents a 26.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Garner sold 5,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $49.29, for a total transaction of $246,450.00. Following the completion of the transaction, the chief financial officer now directly owns 107,720 shares of the company's stock, valued at approximately $5,309,518.80. The trade was a 4.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,207 shares of company stock valued at $5,759,152. Company insiders own 2.74% of the company's stock.

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.