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

Stephens restated their overweight rating on shares of PROG (NYSE:PRG) in a report published on Thursday,Benzinga reports. The firm currently has a $60.00 price target on the stock.

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

PROG Price Performance

NYSE PRG opened at $42.30 on Thursday. The stock has a 50-day simple moving average of $45.61 and a 200 day simple moving average of $43.58. PROG has a twelve month low of $27.84 and a twelve month high of $50.28. The stock has a market capitalization of $1.76 billion, a PE ratio of 11.72 and a beta of 2.15. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The company had revenue of $606.10 million for the quarter, compared to the consensus estimate of $601.86 million. During the same quarter in the previous year, the firm posted $0.90 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. Research analysts anticipate that PROG will post 3.36 EPS for the current year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 1.13%. PROG’s dividend payout ratio (DPR) is 13.30%.

Insider Buying and Selling at PROG

In other news, CEO Steven A. Michaels sold 27,324 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 409,209 shares in the company, valued at $19,310,572.71. The trade was a 6.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Curtis Linn Doman sold 62,815 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $48.75, for a total value of $3,062,231.25. Following the transaction, the director now directly owns 174,524 shares in the company, valued at $8,508,045. This trade represents a 26.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,207 shares of company stock worth $5,759,152. 2.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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.