M&T Bank Corp Reduces Position in PROG Holdings, Inc. (NYSE:PRG)

M&T Bank Corp decreased its position in PROG Holdings, Inc. (NYSE:PRG) by 4.6% in the third quarter, HoldingsChannel.com reports. The fund owned 8,189 shares of the company’s stock after selling 399 shares during the period. M&T Bank Corp’s holdings in PROG were worth $397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Barclays PLC raised its position in PROG by 22.7% during the 3rd quarter. Barclays PLC now owns 347,155 shares of the company’s stock worth $16,834,000 after buying an additional 64,197 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of PROG in the third quarter worth $868,000. Wellington Management Group LLP raised its holdings in shares of PROG by 1.6% during the third quarter. Wellington Management Group LLP now owns 414,305 shares of the company’s stock worth $20,090,000 after purchasing an additional 6,517 shares during the last quarter. Weiss Asset Management LP acquired a new position in PROG during the third quarter valued at $560,000. Finally, State Street Corp boosted its holdings in PROG by 6.9% in the third quarter. State Street Corp now owns 1,776,377 shares of the company’s stock valued at $86,137,000 after purchasing an additional 114,498 shares during the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.

Wall Street Analysts Forecast Growth

PRG has been the subject of several analyst reports. KeyCorp boosted their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group boosted their price target on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. TD Cowen raised shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a report on Thursday, October 24th. Finally, Stephens initiated coverage on shares of PROG in a research report on Wednesday, November 13th. They set an “overweight” rating and a $60.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, PROG currently has a consensus rating of “Buy” and an average price target of $53.83.

PROG Trading Down 4.1 %

Shares of NYSE:PRG opened at $42.10 on Thursday. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 11.66 and a beta of 2.15. The business’s 50 day moving average price is $46.68 and its 200-day moving average price is $43.14. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. PROG Holdings, Inc. has a 1 year low of $27.84 and a 1 year high of $50.28.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities research analysts forecast that PROG Holdings, Inc. will post 3.36 earnings per share for the current fiscal year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.14%. PROG’s payout ratio is currently 13.30%.

Insider Activity

In other news, insider Michael Todd King sold 1,500 shares of the stock in a transaction dated 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 sale, the insider now directly owns 37,017 shares in the company, valued at $1,738,688.49. This represents a 3.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Garner sold 5,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $5,309,518.80. This represents a 4.44 % 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 worth $5,759,152 over the last quarter. 2.74% of the stock is currently 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.