Wellington Management Group LLP Grows Stock Position in PROG Holdings, Inc. (NYSE:PRG)

Wellington Management Group LLP increased its stake in PROG Holdings, Inc. (NYSE:PRG) by 16.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 200,253 shares of the company’s stock after buying an additional 27,826 shares during the quarter. Wellington Management Group LLP owned about 0.46% of PROG worth $6,190,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Comerica Bank lifted its holdings in shares of PROG by 0.6% in the 4th quarter. Comerica Bank now owns 62,643 shares of the company’s stock worth $1,936,000 after acquiring an additional 393 shares during the last quarter. Diversified Trust Co lifted its stake in PROG by 6.2% in the fourth quarter. Diversified Trust Co now owns 6,760 shares of the company’s stock worth $209,000 after purchasing an additional 397 shares during the last quarter. Blue Trust Inc. purchased a new position in shares of PROG during the fourth quarter valued at approximately $27,000. Acadian Asset Management LLC bought a new position in shares of PROG during the third quarter valued at approximately $33,000. Finally, Exchange Traded Concepts LLC raised its holdings in shares of PROG by 15.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 12,895 shares of the company’s stock worth $399,000 after buying an additional 1,694 shares during the period. 97.92% of the stock is owned by hedge funds and other institutional investors.

PROG Stock Performance

PRG stock opened at $34.68 on Friday. PROG Holdings, Inc. has a 1-year low of $26.39 and a 1-year high of $44.81. The business has a 50-day moving average price of $35.28 and a 200 day moving average price of $32.86. The company has a market capitalization of $1.50 billion, a P/E ratio of 14.16 and a beta of 2.12. The company has a debt-to-equity ratio of 1.01, a current ratio of 3.91 and a quick ratio of 1.83.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08. PROG had a net margin of 4.71% and a return on equity of 26.67%. The business had revenue of $641.87 million during the quarter, compared to analyst estimates of $632.24 million. As a group, equities research analysts forecast that PROG Holdings, Inc. will post 3 EPS for the current fiscal year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.38%. PROG’s dividend payout ratio is presently 19.59%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PRG shares. Loop Capital upped their price objective on PROG from $31.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, April 25th. TD Cowen raised their price target on shares of PROG from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Finally, BTIG Research began coverage on shares of PROG in a research report on Friday, June 7th. They issued a “neutral” rating for the company. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, PROG has an average rating of “Moderate Buy” and a consensus price target of $39.60.

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.