Stephens Reiterates “Overweight” Rating for PROG (NYSE:PRG)

PROG (NYSE:PRG)‘s stock had its “overweight” rating reissued by stock analysts at Stephens in a note issued to investors on Thursday,Benzinga reports. They currently have a $60.00 price target on the stock. Stephens’ price objective indicates a potential upside of 40.38% from the stock’s previous close.

A number of other research firms have also issued reports on PRG. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research note on Thursday, October 24th. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a research report on Friday, November 29th. KeyCorp increased their price target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group boosted their price objective on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $53.83.

PROG Trading Up 1.0 %

NYSE:PRG opened at $42.74 on Thursday. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. The firm has a fifty day simple moving average of $45.62 and a 200-day simple moving average of $43.62. PROG has a 12 month low of $27.84 and a 12 month high of $50.28. The company has a market capitalization of $1.78 billion, a P/E ratio of 11.84 and a beta of 2.15.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping 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 company had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same quarter in the previous year, the firm posted $0.90 EPS. The firm’s revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts anticipate that PROG will post 3.36 earnings per share for the current year.

Insider Transactions at PROG

In other news, CFO Brian Garner sold 5,000 shares of PROG 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 sale, the chief financial officer now owns 107,720 shares in the company, valued at $5,309,518.80. This trade represents a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP George M. Sewell sold 3,500 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $48.88, for a total transaction of $171,080.00. Following the transaction, the vice president now owns 12,639 shares of the company’s stock, valued at approximately $617,794.32. This trade represents a 21.69 % decrease in their position. 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 ninety days. 2.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PROG

Institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in PROG by 8.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,115 shares of the company’s stock valued at $351,000 after purchasing an additional 805 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of PROG by 14.4% in the second quarter. TD Asset Management Inc now owns 35,700 shares of the company’s stock worth $1,238,000 after buying an additional 4,500 shares in the last quarter. Great Lakes Advisors LLC lifted its stake in shares of PROG by 3.7% in the second quarter. Great Lakes Advisors LLC now owns 96,479 shares of the company’s stock worth $3,346,000 after buying an additional 3,479 shares in the last quarter. Quest Partners LLC acquired a new position in PROG during the second quarter worth about $376,000. Finally, American Century Companies Inc. raised its holdings in PROG by 14.1% in the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock valued at $23,746,000 after acquiring an additional 84,497 shares during the last quarter. 97.92% of the stock is currently owned by institutional investors and hedge funds.

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.