PROG (NYSE:PRG) Rating Increased to Strong-Buy at TD Cowen

PROG (NYSE:PRG) was upgraded by analysts at TD Cowen to a “strong-buy” rating in a note issued to investors on Friday,Zacks.com reports.

A number of other research firms have also recently weighed in on PRG. Stephens began coverage on PROG in a report on Wednesday, November 13th. They set an “overweight” rating and a $60.00 price target for the company. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their target price for the company from $41.00 to $55.00 in a research note on Monday, August 19th. Jefferies Financial Group upped their price target on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a report on Thursday, October 24th. Finally, KeyCorp boosted their target price on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $53.83.

PROG Stock Up 0.9 %

Shares of NYSE:PRG opened at $48.66 on Friday. The company’s fifty day moving average is $47.15 and its 200-day moving average is $42.15. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. PROG has a 52 week low of $26.62 and a 52 week high of $50.28. The company has a market capitalization of $2.02 billion, a PE ratio of 13.48 and a beta of 2.11.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. The firm had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. Equities research analysts predict that PROG will post 3.35 earnings per share for the current fiscal year.

Insider Buying and Selling at PROG

In related news, VP George M. Sewell sold 3,500 shares of PROG stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $48.88, for a total transaction of $171,080.00. Following the completion of the sale, the vice president now directly owns 12,639 shares of the company’s stock, valued at $617,794.32. The trade was a 21.69 % decrease in their ownership of the stock. 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 dated Thursday, November 7th. The shares were sold at an average price of $49.29, for a total value of $246,450.00. Following the completion of the transaction, the chief financial officer now directly owns 107,720 shares in the company, valued at $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 three months, insiders have sold 119,207 shares of company stock worth $5,759,152. Company insiders own 2.74% of the company’s stock.

Hedge Funds Weigh In On PROG

Institutional investors have recently modified their holdings of the stock. Whittier Trust Co. acquired a new stake in PROG during the 3rd quarter worth $26,000. Financial Management Professionals Inc. bought a new stake in shares of PROG in the third quarter worth about $33,000. GAMMA Investing LLC raised its position in shares of PROG by 72.0% during the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock worth $39,000 after purchasing an additional 337 shares during the period. Point72 DIFC Ltd bought a new position in shares of PROG during the 2nd quarter valued at about $47,000. Finally, Quarry LP grew its position in shares of PROG by 162.9% in the 3rd quarter. Quarry LP now owns 1,517 shares of the company’s stock valued at $74,000 after purchasing an additional 940 shares during the period. 97.92% of the stock is currently owned by institutional investors and hedge funds.

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.