PROG (NYSE:PRG) Shares Up 5.9%

Shares of PROG Holdings, Inc. (NYSE:PRG) shot up 5.9% on Wednesday . The company traded as high as $36.00 and last traded at $34.70. 119,711 shares were traded during trading, a decline of 69% from the average session volume of 390,350 shares. The stock had previously closed at $32.77.

Analysts Set New Price Targets

PRG has been the topic of several recent research reports. TD Cowen began coverage on shares of PROG in a report on Friday, March 8th. They set an “outperform” rating and a $37.00 price objective on the stock. Stephens upgraded shares of PROG from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, PROG currently has an average rating of “Moderate Buy” and a consensus price target of $39.60.

PROG Trading Up 8.8 %

The firm has a market capitalization of $1.56 billion, a P/E ratio of 12.05 and a beta of 2.08. The company has a quick ratio of 1.49, a current ratio of 3.66 and a debt-to-equity ratio of 1.00. The business’s 50 day moving average is $32.20 and its two-hundred day moving average is $30.63.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, February 21st. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.05. The business had revenue of $577.40 million for the quarter, compared to analysts’ expectations of $568.35 million. PROG had a return on equity of 28.83% and a net margin of 5.77%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.84 earnings per share. Analysts expect that PROG Holdings, Inc. will post 2.83 EPS for the current year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.12 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 annualized dividend and a dividend yield of 1.35%. PROG’s payout ratio is presently 16.22%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. boosted its stake in shares of PROG by 719.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 178,859 shares of the company’s stock valued at $5,529,000 after purchasing an additional 157,024 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of PROG by 33.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 145,706 shares of the company’s stock valued at $4,839,000 after purchasing an additional 36,776 shares during the period. Victory Capital Management Inc. boosted its position in shares of PROG by 161.0% during the 3rd quarter. Victory Capital Management Inc. now owns 107,286 shares of the company’s stock worth $3,563,000 after purchasing an additional 66,185 shares during the period. Illinois Municipal Retirement Fund purchased a new stake in shares of PROG during the third quarter worth $921,000. Finally, Nomura Holdings Inc. boosted its position in shares of PROG by 621.5% during the 3rd quarter. Nomura Holdings Inc. now owns 144,294 shares of the company’s stock worth $4,792,000 after acquiring an additional 124,294 shares in the last quarter. 97.92% of the stock is currently owned by 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.