Millennium Management LLC Boosts Stake in PROG Holdings, Inc. (NYSE:PRG)

Millennium Management LLC grew its position in PROG Holdings, Inc. (NYSE:PRG) by 497.6% during the second quarter, HoldingsChannel.com reports. The fund owned 160,896 shares of the company’s stock after acquiring an additional 133,972 shares during the quarter. Millennium Management LLC’s holdings in PROG were worth $5,580,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new position in shares of PROG in the second quarter valued at $47,000. DekaBank Deutsche Girozentrale purchased a new position in shares of PROG in the 1st quarter worth $59,000. Blue Trust Inc. increased its holdings in shares of PROG by 2,015.1% in the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $68,000 after buying an additional 1,874 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of PROG during the 2nd quarter valued at about $73,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of PROG in the 2nd quarter valued at about $88,000. Institutional investors own 97.92% of the company’s stock.

PROG Stock Performance

Shares of PROG stock opened at $47.99 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’s fifty day moving average is $45.88 and its two-hundred day moving average is $38.93. PROG Holdings, Inc. has a 52 week low of $26.39 and a 52 week high of $50.28. The company has a market capitalization of $2.03 billion, a PE ratio of 19.75 and a beta of 2.11.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, topping 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 analysts’ expectations of $573.23 million. During the same period in the prior year, the business posted $0.92 earnings per share. The business’s revenue for the quarter was down .1% on a year-over-year basis. As a group, 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 given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date was Tuesday, August 20th. PROG’s dividend payout ratio (DPR) is presently 19.75%.

Analyst Ratings Changes

PRG has been the topic of a number of recent research reports. TD Cowen upped their price objective on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price target for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. Jefferies Financial Group boosted their price objective on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Finally, KeyCorp raised their target price on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, PROG presently has an average rating of “Moderate Buy” and an average target price of $50.40.

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.