PROG (NYSE:PRG) Upgraded to “Strong-Buy” at TD Cowen

PROG (NYSE:PRG) was upgraded by research analysts at TD Cowen to a “strong-buy” rating in a research report issued on Friday,Zacks.com reports.

PRG has been the topic of a number of other research reports. KeyCorp raised their price objective on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Stephens initiated coverage on shares of PROG in a research report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price target on the stock. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and lifted their price target for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research report on Thursday, October 24th. Finally, Jefferies Financial Group lifted their price target on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $53.83.

PROG Price Performance

NYSE PRG opened at $48.66 on Friday. PROG has a 12 month low of $26.62 and a 12 month high of $50.28. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. The firm has a market capitalization of $2.02 billion, a PE ratio of 13.48 and a beta of 2.11. The company’s 50 day simple moving average is $47.15 and its 200 day simple moving average is $42.20.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The business had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same quarter last year, the business earned $0.90 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities research analysts forecast that PROG will post 3.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP George M. Sewell sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $48.88, for a total value of $171,080.00. Following the completion of the transaction, the vice president now owns 12,639 shares of the company’s stock, valued at approximately $617,794.32. This trade represents a 21.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian Garner sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total transaction of $246,450.00. Following the completion of the transaction, the chief financial officer now directly owns 107,720 shares of the company’s stock, valued at $5,309,518.80. This represents a 4.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,207 shares of company stock valued at $5,759,152. Company insiders own 2.74% of the company’s stock.

Institutional Investors Weigh In On PROG

Institutional investors have recently modified their holdings of the stock. Diversify Wealth Management LLC acquired a new stake in shares of PROG during the 2nd quarter valued at $8,794,000. Fourth Sail Capital LP acquired a new stake in shares of PROG in the 2nd quarter valued at $5,500,000. Moran Wealth Management LLC acquired a new stake in shares of PROG in the 3rd quarter valued at $3,084,000. Burney Co. lifted its stake in shares of PROG by 24.2% in the 2nd quarter. Burney Co. now owns 86,401 shares of the company’s stock valued at $2,996,000 after purchasing an additional 16,810 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of PROG in the 3rd quarter valued at $1,972,000. Institutional investors and hedge funds own 97.92% of the company’s stock.

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.