Quantbot Technologies LP Makes New $718,000 Investment in PROG Holdings, Inc. (NYSE:PRG)

Quantbot Technologies LP bought a new position in PROG Holdings, Inc. (NYSE:PRG) in the third quarter, according to its most recent disclosure with the SEC. The firm bought 14,801 shares of the company’s stock, valued at approximately $718,000.

Several other institutional investors have also modified their holdings of PRG. Whittier Trust Co. acquired a new stake in PROG during the third quarter worth about $26,000. Financial Management Professionals Inc. acquired a new stake in shares of PROG during the 3rd quarter worth approximately $33,000. GAMMA Investing LLC lifted its holdings in PROG by 72.0% in the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after acquiring an additional 337 shares during the last quarter. Point72 DIFC Ltd acquired a new position in PROG in the second quarter valued at approximately $47,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in PROG in the first quarter worth approximately $59,000. Hedge funds and other institutional investors own 97.92% of the company’s stock.

Wall Street Analysts Forecast Growth

PRG has been the topic of several recent analyst reports. Stephens initiated coverage on PROG in a research note on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price target on the stock. TD Cowen raised shares of PROG to a “strong-buy” rating in a research note on Friday. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and boosted their price target for the company from $41.00 to $55.00 in a research note 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 objective on the stock in a report on Thursday, October 24th. Finally, KeyCorp lifted their target price on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $53.83.

PROG Price Performance

Shares of PRG opened at $48.42 on Tuesday. The company has a market cap of $2.01 billion, a P/E ratio of 13.49 and a beta of 2.11. PROG Holdings, Inc. has a fifty-two week low of $27.84 and a fifty-two week high of $50.28. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. The firm’s 50 day moving average price is $47.15 and its 200 day moving average price is $42.24.

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

PROG Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.99%. PROG’s payout ratio is 13.30%.

Insider Activity at PROG

In other news, CEO Steven A. Michaels sold 27,324 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the sale, the chief executive officer now owns 409,209 shares of the company’s stock, valued at approximately $19,310,572.71. This trade represents a 6.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Todd King sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the completion of the transaction, the insider now directly owns 37,017 shares of the company’s stock, valued at $1,738,688.49. This trade represents a 3.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,207 shares of company stock valued at $5,759,152 over the last 90 days. 2.74% of the stock is owned by corporate insiders.

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.