SG Capital Management LLC Buys Shares of 172,228 PROG Holdings, Inc. (NYSE:PRG)

SG Capital Management LLC purchased a new stake in PROG Holdings, Inc. (NYSE:PRG) in the first quarter, HoldingsChannel reports. The firm purchased 172,228 shares of the company’s stock, valued at approximately $5,932,000. PROG makes up approximately 1.9% of SG Capital Management LLC’s investment portfolio, making the stock its 21st largest position.

A number of other hedge funds have also made changes to their positions in PRG. Norges Bank purchased a new position in shares of PROG in the fourth quarter valued at $12,666,000. Breach Inlet Capital Management LLC purchased a new position in shares of PROG in the fourth quarter valued at $12,572,000. Jupiter Asset Management Ltd. increased its position in shares of PROG by 83.6% in the first quarter. Jupiter Asset Management Ltd. now owns 260,713 shares of the company’s stock valued at $8,979,000 after buying an additional 118,698 shares in the last quarter. Knights of Columbus Asset Advisors LLC increased its position in shares of PROG by 198.7% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 169,738 shares of the company’s stock valued at $5,247,000 after buying an additional 112,907 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of PROG by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock valued at $174,278,000 after buying an additional 105,101 shares in the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.

Analysts Set New Price Targets

PRG has been the subject of a number of research analyst reports. BTIG Research initiated coverage on PROG in a research report on Friday, June 7th. They issued a “neutral” rating for the company. TD Cowen lifted 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. Loop Capital lifted 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, KeyCorp lifted 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. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.60.

PROG Trading Down 4.4 %

NYSE:PRG traded down $1.95 during mid-day trading on Friday, reaching $42.23. The company’s stock had a trading volume of 388,832 shares, compared to its average volume of 649,011. The company’s fifty day simple moving average is $36.30 and its two-hundred day simple moving average is $33.94. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $46.40. The stock has a market cap of $1.82 billion, a P/E ratio of 17.24 and a beta of 2.09.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The firm had revenue of $592.16 million for the quarter, compared to analyst estimates of $573.23 million. During the same period last year, the company earned $0.92 EPS. The firm’s quarterly revenue was down .1% on a year-over-year basis. On average, equities analysts predict that PROG Holdings, Inc. will post 3.34 EPS for the current year.

PROG Announces Dividend

The company 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 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Friday, May 24th. PROG’s dividend payout ratio is currently 19.59%.

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.