Cim Investment Management Inc. Decreases Holdings in PROG Holdings, Inc. (NYSE:PRG)

Cim Investment Management Inc. lowered its position in PROG Holdings, Inc. (NYSE:PRG) by 19.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,518 shares of the company’s stock after selling 1,567 shares during the quarter. Cim Investment Management Inc.’s holdings in PROG were worth $226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Millennium Management LLC boosted its stake in shares of PROG by 497.6% in the 2nd quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after purchasing an additional 133,972 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in PROG by 0.8% during the second quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock valued at $31,076,000 after buying an additional 6,803 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of PROG during the second quarter valued at about $88,000. Cubist Systematic Strategies LLC purchased a new position in shares of PROG in the second quarter worth about $123,000. Finally, Point72 DIFC Ltd purchased a new stake in PROG during the 2nd quarter valued at about $47,000. 97.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. KeyCorp boosted their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and increased their price target for the company from $41.00 to $55.00 in a research report on Monday, August 19th. TD Cowen raised their price target on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, BTIG Research started coverage on shares of PROG in a research note on Friday, June 7th. They set a “neutral” rating for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.20.

PROG Stock Performance

Shares of PRG stock opened at $48.19 on Friday. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. The stock has a fifty day moving average of $44.77 and a 200 day moving average of $37.91. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 19.67 and a beta of 2.11. PROG Holdings, Inc. has a 52 week low of $26.39 and a 52 week high of $50.28.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. PROG had a net margin of 4.57% and a return on equity of 26.30%. The firm had revenue of $592.16 million for the quarter, compared to analyst estimates of $573.23 million. During the same quarter in the previous year, the firm posted $0.92 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, research analysts expect that PROG Holdings, Inc. will post 3.34 earnings per share for the current year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.00%. PROG’s dividend payout ratio (DPR) is 19.59%.

About PROG

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.