Analysts Set PROG Holdings, Inc. (NYSE:PRG) PT at $53.83

Shares of PROG Holdings, Inc. (NYSE:PRG) have been given a consensus rating of “Buy” by the seven analysts that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $53.83.

A number of analysts have recently commented on the company. Jefferies Financial Group boosted their price objective on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Stephens initiated coverage on shares of PROG in a research note on Wednesday, November 13th. They set an “overweight” rating and a $60.00 target price for the company. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a report on Thursday, October 24th. KeyCorp raised their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Loop Capital raised PROG from a “hold” rating to a “buy” rating and lifted their price objective for the company from $41.00 to $55.00 in a report on Monday, August 19th.

PROG Stock Performance

NYSE:PRG opened at $47.38 on Friday. The firm’s fifty day simple moving average is $47.07 and its 200 day simple moving average is $42.45. 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 has a twelve month low of $27.84 and a twelve month high of $50.28. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 13.12 and a beta of 2.15.

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

PROG Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a yield of 1.01%. PROG’s dividend payout ratio (DPR) is 13.30%.

Insider Buying and Selling at PROG

In related news, CEO Steven A. Michaels sold 27,324 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the sale, the chief executive officer now owns 409,209 shares in the company, valued at $19,310,572.71. This represents a 6.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian Garner sold 15,484 shares of PROG stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $48.27, for a total transaction of $747,412.68. Following the completion of the sale, the chief financial officer now directly owns 92,236 shares of the company’s stock, valued at approximately $4,452,231.72. This trade represents a 14.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,207 shares of company stock valued at $5,759,152 in the last three months. 2.74% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PROG

A number of hedge funds have recently added to or reduced their stakes in PRG. Whittier Trust Co. purchased a new position in shares of PROG during the 3rd quarter valued at $26,000. Financial Management Professionals Inc. purchased a new position in shares of PROG during the third quarter valued at approximately $33,000. GAMMA Investing LLC raised its position in shares of PROG by 72.0% in the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock worth $39,000 after acquiring an additional 337 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in PROG in the second quarter worth about $47,000. Finally, Quarry LP raised its holdings in PROG by 162.9% in the third quarter. Quarry LP now owns 1,517 shares of the company’s stock worth $74,000 after buying an additional 940 shares during the last quarter. Institutional investors and hedge funds own 97.92% 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.