Insider Selling: PROG Holdings, Inc. (NYSE:PRG) Insider Sells 1,500 Shares of Stock

PROG Holdings, Inc. (NYSE:PRG) insider Michael Todd King sold 1,500 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $46.97, for a total value of $70,455.00. Following the completion of the sale, the insider now directly owns 37,017 shares in the company, valued at approximately $1,738,688.49. This represents a 3.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

PROG Price Performance

NYSE PRG opened at $47.79 on Friday. The business’s fifty day moving average is $46.87 and its 200 day moving average is $41.14. PROG Holdings, Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $50.28. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. The company has a market capitalization of $1.99 billion, a PE ratio of 13.24 and a beta of 2.11.

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

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG’s dividend payout ratio (DPR) is presently 13.30%.

Analysts Set New Price Targets

PRG has been the subject of a number of analyst reports. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and raised their price objective for the company from $41.00 to $55.00 in a research note on Monday, August 19th. KeyCorp upped their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. TD Cowen increased their price objective on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Thursday, October 24th. Finally, Stephens assumed coverage on PROG in a report on Wednesday. They issued an “overweight” rating and a $60.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $53.83.

Institutional Investors Weigh In On PROG

A number of institutional investors have recently added to or reduced their stakes in the stock. Atom Investors LP bought a new stake in PROG in the 3rd quarter valued at $4,979,000. Point72 Asia Singapore Pte. Ltd. boosted its stake in PROG by 300.0% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,173 shares of the company’s stock valued at $493,000 after buying an additional 7,630 shares during the last quarter. Point72 Hong Kong Ltd boosted its stake in PROG by 2,762.2% during the third quarter. Point72 Hong Kong Ltd now owns 3,635 shares of the company’s stock valued at $176,000 after buying an additional 3,508 shares during the last quarter. Verition Fund Management LLC purchased a new position in PROG during the 3rd quarter valued at approximately $1,376,000. Finally, Walleye Capital LLC increased its stake in PROG by 476.7% in the 3rd quarter. Walleye Capital LLC now owns 150,495 shares of the company’s stock worth $7,298,000 after acquiring an additional 124,397 shares during the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

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.