Summit Securities Group LLC Takes Position in PROG Holdings, Inc. (NYSE:PRG)

Summit Securities Group LLC bought a new position in shares of PROG Holdings, Inc. (NYSE:PRG) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 891 shares of the company’s stock, valued at approximately $38,000.

Several other large investors have also recently bought and sold shares of PRG. Vanguard Group Inc. boosted its position in shares of PROG by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 4,937,208 shares of the company’s stock worth $208,646,000 after acquiring an additional 76,810 shares in the last quarter. FMR LLC lifted its stake in PROG by 1.3% during the third quarter. FMR LLC now owns 2,430,318 shares of the company’s stock worth $117,846,000 after purchasing an additional 30,030 shares during the last quarter. State Street Corp boosted its holdings in PROG by 6.9% in the third quarter. State Street Corp now owns 1,776,377 shares of the company’s stock valued at $86,137,000 after purchasing an additional 114,498 shares in the last quarter. Allianz Asset Management GmbH increased its stake in PROG by 36.8% in the fourth quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company’s stock valued at $32,951,000 after purchasing an additional 209,805 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in PROG by 1.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 562,539 shares of the company’s stock worth $23,773,000 after purchasing an additional 9,162 shares in the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.

PROG Stock Down 3.7 %

Shares of NYSE:PRG opened at $26.39 on Monday. 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 cap of $1.08 billion, a P/E ratio of 5.81 and a beta of 2.14. PROG Holdings, Inc. has a 1-year low of $25.93 and a 1-year high of $50.28. The firm has a fifty day moving average price of $34.35 and a 200 day moving average price of $41.79.

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

PROG Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Thursday, March 13th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.97%. This is a positive change from PROG’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, March 13th. PROG’s dividend payout ratio (DPR) is 10.57%.

Wall Street Analysts Forecast Growth

PRG has been the subject of several research analyst reports. Stephens restated an “overweight” rating and issued a $60.00 target price on shares of PROG in a report on Thursday, January 2nd. Jefferies Financial Group downgraded shares of PROG from a “buy” rating to a “hold” rating and decreased their price objective for the company from $58.00 to $29.00 in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Insider Buying and Selling at PROG

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

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.