Jacobs Levy Equity Management Inc. Has $23.11 Million Stock Holdings in PROG Holdings, Inc. (NYSE:PRG)

Jacobs Levy Equity Management Inc. cut its stake in PROG Holdings, Inc. (NYSE:PRG) by 20.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 671,144 shares of the company’s stock after selling 174,537 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 1.55% of PROG worth $23,114,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of PROG by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock worth $174,278,000 after buying an additional 105,101 shares in the last quarter. Vulcan Value Partners LLC grew its position in PROG by 6.5% during the 4th quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock worth $31,573,000 after acquiring an additional 62,255 shares during the last quarter. Clearbridge Investments LLC grew its position in PROG by 2.3% during the 1st quarter. Clearbridge Investments LLC now owns 440,814 shares of the company’s stock worth $15,182,000 after acquiring an additional 9,807 shares during the last quarter. Norges Bank bought a new stake in PROG during the 4th quarter worth $12,666,000. Finally, Breach Inlet Capital Management LLC bought a new stake in PROG during the 4th quarter worth $12,572,000. 97.92% of the stock is owned by institutional investors and hedge funds.

PROG Trading Up 2.2 %

Shares of NYSE PRG traded up $0.99 during trading on Tuesday, reaching $45.96. The company had a trading volume of 571,631 shares, compared to its average volume of 403,204. The company’s fifty day moving average price is $35.63 and its 200-day moving average price is $33.59. PROG Holdings, Inc. has a 12 month low of $26.39 and a 12 month high of $46.40. The stock has a market cap of $1.98 billion, a P/E ratio of 18.78 and a beta of 2.10. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. The company had revenue of $592.16 million for the quarter, compared to the consensus estimate of $573.23 million. PROG had a return on equity of 26.30% and a net margin of 4.57%. The firm’s revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 EPS. As a group, research analysts expect that PROG Holdings, Inc. will post 3.34 earnings per share for the current year.

PROG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Friday, May 24th. PROG’s dividend payout ratio is 19.59%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PRG. BTIG Research began coverage on PROG in a research report on Friday, June 7th. They set a “neutral” rating on the stock. KeyCorp boosted their price objective on PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Loop Capital boosted their price objective on PROG from $35.00 to $41.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Finally, TD Cowen boosted their price objective on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.60.

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.