Allspring Global Investments Holdings LLC Sells 24,476 Shares of PROG Holdings, Inc. (NYSE:PRG)

Allspring Global Investments Holdings LLC cut its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 16.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 121,230 shares of the company’s stock after selling 24,476 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.27% of PROG worth $3,747,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. bought a new position in PROG during the 4th quarter worth approximately $27,000. BluePath Capital Management LLC acquired a new stake in shares of PROG during the third quarter worth $31,000. Acadian Asset Management LLC bought a new position in PROG during the third quarter worth $33,000. Quilter Plc acquired a new position in PROG in the first quarter valued at $1,787,400,000. Finally, Lazard Asset Management LLC bought a new stake in PROG during the fourth quarter valued at $30,000. 97.92% of the stock is owned by institutional investors and hedge funds.

PROG Price Performance

Shares of NYSE PRG opened at $32.00 on Friday. The company has a current ratio of 3.66, a quick ratio of 1.49 and a debt-to-equity ratio of 1.00. The firm’s 50-day moving average price is $32.21 and its 200-day moving average price is $30.60. The firm has a market capitalization of $1.40 billion, a P/E ratio of 10.81 and a beta of 2.08. PROG Holdings, Inc. has a 1-year low of $24.28 and a 1-year high of $44.81.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, February 21st. The company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.67 by $0.05. PROG had a return on equity of 28.83% and a net margin of 5.77%. The firm had revenue of $577.40 million during the quarter, compared to the consensus estimate of $568.35 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s quarterly revenue was down 5.7% on a year-over-year basis. Equities research analysts anticipate that PROG Holdings, Inc. will post 2.83 earnings per share for the current fiscal year.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s payout ratio is presently 16.22%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PRG shares. Stephens raised PROG from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 2nd. TD Cowen started coverage on PROG in a report on Friday, March 8th. They set an “outperform” rating and a $37.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $39.60.

PROG 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.