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

Shares of PROG Holdings, Inc. (NYSE:PRG) have been assigned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $49.00.

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

Insider Activity

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

Institutional Investors Weigh In On PROG

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in shares of PROG by 2,450.4% during the first quarter. GAMMA Investing LLC now owns 17,955 shares of the company’s stock worth $478,000 after purchasing an additional 17,251 shares during the period. Wellington Management Group LLP lifted its holdings in shares of PROG by 1.8% during the fourth quarter. Wellington Management Group LLP now owns 421,769 shares of the company’s stock worth $17,824,000 after purchasing an additional 7,464 shares during the period. Jefferies Financial Group Inc. acquired a new stake in shares of PROG during the fourth quarter worth $1,845,000. Mackenzie Financial Corp lifted its holdings in shares of PROG by 170.3% during the fourth quarter. Mackenzie Financial Corp now owns 29,706 shares of the company’s stock worth $1,255,000 after purchasing an additional 18,715 shares during the period. Finally, Castleark Management LLC acquired a new stake in shares of PROG during the fourth quarter worth $4,416,000. 97.92% of the stock is owned by institutional investors and hedge funds.

PROG Stock Up 11.6 %

PRG stock opened at $26.81 on Thursday. The company’s 50 day moving average price is $31.00 and its 200 day moving average price is $40.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. PROG has a fifty-two week low of $23.50 and a fifty-two week high of $50.28. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 5.91 and a beta of 1.96.

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

PROG Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th were issued a $0.13 dividend. This is an increase from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Thursday, March 13th. PROG’s dividend payout ratio is presently 10.57%.

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.