Renaissance Technologies LLC Sells 3,500 Shares of PROG Holdings, Inc. (NYSE:PRG)

Renaissance Technologies LLC cut its holdings in shares of PROG Holdings, Inc. (NYSE:PRG) by 3.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 89,484 shares of the company’s stock after selling 3,500 shares during the period. Renaissance Technologies LLC’s holdings in PROG were worth $3,103,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRG. Norges Bank bought a new position in shares of PROG during the 4th quarter worth approximately $12,666,000. Breach Inlet Capital Management LLC acquired a new position in PROG in the 4th quarter worth about $12,572,000. Diversify Wealth Management LLC acquired a new position in PROG in the 2nd quarter worth about $8,794,000. SG Capital Management LLC acquired a new position in PROG in the 1st quarter worth about $5,932,000. Finally, Jupiter Asset Management Ltd. increased its stake in shares of PROG by 83.6% in the first quarter. Jupiter Asset Management Ltd. now owns 260,713 shares of the company’s stock valued at $8,979,000 after buying an additional 118,698 shares during the period. 97.92% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

PROG Price Performance

PROG stock opened at $48.50 on Tuesday. PROG Holdings, Inc. has a one year low of $26.39 and a one year high of $50.28. The business has a fifty day moving average price of $45.05 and a 200-day moving average price of $38.11. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. The firm has a market capitalization of $2.09 billion, a P/E ratio of 19.79 and a beta of 2.11.

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

PROG Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a $0.12 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.99%. PROG’s dividend payout ratio is currently 19.59%.

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.