PROG (NYSE:PRG) Stock Gets Price Target Trim from TD Cowen

PROG (NYSE:PRG) had its price objective trimmed by TD Cowen from $50.00 to $45.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the fintech holding company’s stock.

Several other research analysts also recently commented on the company. B. Riley Financial raised their target price on PROG from $57.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Zacks Research cut PROG from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. KeyCorp upped their price target on PROG from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Thursday, October 8th. Finally, Jefferies Financial Group cut their price objective on shares of PROG from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, October 7th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.38.

PROG Price Performance

Shares of NYSE:PRG opened at $34.66 on Thursday. The company has a 50-day moving average price of $34.03 and a two-hundred day moving average price of $35.63. The firm has a market capitalization of $1.38 billion, a PE ratio of 9.34 and a beta of 1.78. PROG has a twelve month low of $25.18 and a twelve month high of $47.73. The company has a quick ratio of 2.29, a current ratio of 3.81 and a debt-to-equity ratio of 1.07.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, October 28th. The fintech holding company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). The company had revenue of $725.78 million during the quarter, compared to the consensus estimate of $735.28 million. PROG had a return on equity of 22.01% and a net margin of 5.46%. Equities analysts forecast that PROG will post 4.77 EPS for the current year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 18th were issued a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $0.56 annualized dividend and a dividend yield of 1.6%. PROG’s dividend payout ratio is presently 15.09%.

Insiders Place Their Bets

In related news, insider Michael King sold 1,070 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $46.00, for a total value of $49,220.00. Following the sale, the insider owned 60,825 shares in the company, valued at approximately $2,797,950. This trade represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO George M. Sewell sold 2,000 shares of PROG stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $45.53, for a total value of $91,060.00. Following the sale, the chief accounting officer directly owned 28,385 shares of the company’s stock, valued at $1,292,369.05. This represents a 6.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,000 shares of company stock worth $183,060 in the last quarter. 3.72% of the stock is currently owned by company insiders.

Institutional Trading of PROG

Institutional investors and hedge funds have recently modified their holdings of the business. First Trust Advisors LP grew its position in PROG by 588.0% in the first quarter. First Trust Advisors LP now owns 840,029 shares of the fintech holding company’s stock worth $24,100,000 after acquiring an additional 717,932 shares in the last quarter. Wellington Management Group LLP increased its stake in PROG by 12.5% in the second quarter. Wellington Management Group LLP now owns 697,324 shares of the fintech holding company’s stock valued at $32,502,000 after acquiring an additional 77,291 shares during the last quarter. Bank of New York Mellon Corp bought a new position in PROG in the second quarter valued at $31,229,000. Ancora Advisors LLC purchased a new stake in PROG during the second quarter valued at about $22,288,000. Finally, Principal Financial Group Inc. raised its position in PROG by 6.5% during the first quarter. Principal Financial Group Inc. now owns 292,744 shares of the fintech holding company’s stock valued at $8,399,000 after purchasing an additional 17,789 shares in the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.

Trending Headlines about PROG

Here are the key news stories impacting PROG this week:

• Positive Sentiment: Strong quarter and larger buyback: PROG reported a strong quarter and expanded its stock-repurchase program, potentially supporting per-share earnings and signaling management believes the shares are undervalued. However, the company also lowered its outlook. PROG Holdings Stock Has Strong Quarter But Cuts Outlook And Expands Buyback
• Positive Sentiment: Analysts see considerable upside: The average analyst price target is reported at $47.38, well above the recent trading level, while TD Cowen maintained a “buy” rating despite reducing its target from $50 to $45. The revised target still implies meaningful upside. PROG Holdings Stock Has Average Price Target of $47.38 According to Analysts TD Cowen price target update
• Neutral Sentiment: Investor focus remains on management’s outlook: A review of questions from PROG’s third-quarter earnings call highlights analyst scrutiny of growth, profitability, and the reasons behind the revised guidance. The discussion may help investors assess whether the outlook reduction is temporary or reflects broader consumer-credit and demand concerns. 5 must-read analyst questions from PROG’s Q3 earnings call
• Neutral Sentiment: Analyst opinions are mixed: Coverage of PROG alongside other industrial-goods companies indicates that analysts remain divided, limiting the strength of the bullish case despite favorable price targets. Analysts’ Opinions Are Mixed on These Industrial Goods Stocks
• Negative Sentiment: Earnings disappointment and guidance cut: PROG recently missed quarterly earnings and revenue expectations, and the reduced outlook pushed the stock to a new 52-week low. These factors remain key risks, even with the buyback and long-term analyst upside. PROG Reaches New 52-Week Low on Disappointing Earnings

PROG Company Profile

PROG Holdings, Inc is a financial technology company that provides consumer payment and lease-to-own solutions through its operating businesses. Its services are designed to help consumers acquire household goods and other merchandise through retail stores, e-commerce websites and other merchant channels.

The company’s primary business is Progressive Leasing, a lease-to-own provider that gives consumers an alternative to traditional credit when purchasing products such as furniture, appliances, electronics, mattresses and other household merchandise.