Massachusetts Financial Services Co. MA Sells 1,626 Shares of PROG Holdings, Inc. (NYSE:PRG)

Massachusetts Financial Services Co. MA decreased its position in PROG Holdings, Inc. (NYSE:PRG) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,077 shares of the company’s stock after selling 1,626 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.16% of PROG worth $3,253,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PRG. CANADA LIFE ASSURANCE Co raised its holdings in PROG by 8.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 41,065 shares of the company’s stock worth $1,414,000 after purchasing an additional 3,120 shares in the last quarter. Burney Co. bought a new position in shares of PROG during the first quarter valued at $2,397,000. DekaBank Deutsche Girozentrale bought a new position in shares of PROG during the first quarter valued at $59,000. SG Capital Management LLC bought a new position in shares of PROG during the first quarter valued at $5,932,000. Finally, SG Americas Securities LLC increased its holdings in shares of PROG by 954.5% during the second quarter. SG Americas Securities LLC now owns 50,574 shares of the company’s stock valued at $1,754,000 after acquiring an additional 45,778 shares in the last quarter. Institutional investors own 97.92% of the company’s stock.

PROG Trading Up 2.2 %

Shares of NYSE:PRG opened at $49.14 on Wednesday. PROG Holdings, Inc. has a 52-week low of $26.39 and a 52-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 stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 13.61 and a beta of 2.11. The stock’s 50-day simple moving average is $47.17 and its two-hundred day simple moving average is $41.97.

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. Analysts expect that PROG Holdings, Inc. will post 3.35 EPS 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 0.98%. The ex-dividend date is Tuesday, November 19th. PROG’s dividend payout ratio (DPR) is presently 13.30%.

Insider Activity at PROG

In related news, insider Michael Todd King sold 1,500 shares of PROG stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $46.97, for a total transaction of $70,455.00. Following the sale, the insider now owns 37,017 shares of the company’s stock, valued at approximately $1,738,688.49. This trade represents a 3.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian Garner sold 5,000 shares of PROG stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $49.29, for a total value of $246,450.00. Following the sale, the chief financial officer now directly owns 107,720 shares in the company, valued at $5,309,518.80. This trade represents a 4.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,207 shares of company stock valued at $5,759,152. 2.74% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price target for the company from $41.00 to $55.00 in a report on Monday, August 19th. KeyCorp lifted their price objective on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group lifted their price objective on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research report on Thursday, October 24th. Finally, Stephens initiated coverage on PROG in a research report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, PROG has a consensus rating of “Moderate Buy” and an average target price of $53.83.

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.