PROG Holdings, Inc. (NYSE:PRG) Receives $49.00 Consensus Target Price from Brokerages

PROG Holdings, Inc. (NYSE:PRG) has earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $49.00.

A number of research analysts have issued reports on PRG shares. Jefferies Financial Group cut PROG from a “buy” rating to a “hold” rating and lowered their price objective for the company from $58.00 to $29.00 in a research note on Wednesday, February 26th. Stephens reaffirmed an “overweight” rating and issued a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd.

PROG Stock Performance

NYSE PRG opened at $25.07 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. The stock has a market capitalization of $1.02 billion, a PE ratio of 5.52 and a beta of 1.96. The company’s 50 day simple moving average is $32.72 and its two-hundred day simple moving average is $41.13. PROG has a 1 year low of $23.78 and a 1 year high of $50.28.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company had revenue of $623.30 million during the quarter, compared to analyst estimates of $612.67 million. During the same period last year, the business earned $0.72 EPS. PROG’s quarterly revenue was up 7.9% compared to the same quarter last year. Analysts predict that PROG will post 3.45 earnings per share for the current fiscal year.

PROG Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Thursday, March 13th. This is an increase from PROG’s previous quarterly dividend of $0.12. PROG’s dividend payout ratio (DPR) is presently 10.57%.

Insider Activity

In other news, Director Douglas C. Curling purchased 10,000 shares of the business’s stock in a transaction on Friday, February 21st. The stock was acquired at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the purchase, the director now directly owns 45,913 shares in the company, valued at $1,371,880.44. This trade represents a 27.85 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the stock in a transaction dated Wednesday, February 26th. The stock was acquired at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the purchase, the director now directly owns 18,291 shares in the company, valued at approximately $512,330.91. This trade represents a 9.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.74% of the stock is owned by corporate insiders.

Institutional Trading of PROG

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its stake in shares of PROG by 5.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,601 shares of the company’s stock worth $1,096,000 after purchasing an additional 1,104 shares in the last quarter. FMR LLC increased its position in PROG by 1.3% in the third quarter. FMR LLC now owns 2,430,318 shares of the company’s stock worth $117,846,000 after buying an additional 30,030 shares in the last quarter. Glenmede Trust Co. NA purchased a new stake in PROG in the third quarter worth about $273,000. Verition Fund Management LLC bought a new position in shares of PROG in the third quarter worth about $1,376,000. Finally, Point72 DIFC Ltd lifted its position in shares of PROG by 268.2% during the 3rd quarter. Point72 DIFC Ltd now owns 4,985 shares of the company’s stock valued at $242,000 after buying an additional 3,631 shares in the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

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.