Caroline Sio-Chin Sheu Purchases 1,650 Shares of PROG Holdings, Inc. (NYSE:PRG) Stock

PROG Holdings, Inc. (NYSE:PRG) Director Caroline Sio-Chin Sheu bought 1,650 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the acquisition, the director now owns 18,291 shares in the company, valued at approximately $512,330.91. This represents a 9.92 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

PROG Price Performance

Shares of NYSE PRG opened at $27.97 on Friday. The firm has a market cap of $1.16 billion, a P/E ratio of 6.16 and a beta of 2.18. PROG Holdings, Inc. has a twelve month low of $27.61 and a twelve month high of $50.28. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average of $40.57 and a 200 day moving average of $44.46.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. PROG had a return on equity of 24.25% and a net margin of 8.01%. The firm had revenue of $623.30 million during the quarter, compared to analysts’ expectations of $612.67 million. During the same quarter in the previous year, the business earned $0.72 earnings per share. The company’s revenue was up 7.9% on a year-over-year basis. As a group, research analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th will be paid a $0.13 dividend. The ex-dividend date is Thursday, March 13th. This is a positive change from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.86%. PROG’s payout ratio is currently 10.57%.

Wall Street Analyst Weigh In

Several research firms recently commented on PRG. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $58.00 to $29.00 in a research note on Wednesday. Stephens restated an “overweight” rating and issued a $60.00 price target on shares of PROG in a research note on Thursday, January 2nd. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research note on Friday, November 29th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new stake in PROG during the 4th quarter valued at $38,000. Sterling Capital Management LLC grew its holdings in shares of PROG by 765.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,082 shares of the company’s stock worth $46,000 after acquiring an additional 957 shares during the period. Smartleaf Asset Management LLC lifted its holdings in PROG by 141.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock valued at $51,000 after acquiring an additional 707 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in PROG by 248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company’s stock valued at $57,000 after acquiring an additional 977 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in PROG in the fourth quarter worth about $68,000. Institutional investors own 97.92% of the company’s stock.

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.