Stephens Reiterates “Overweight” Rating for PROG (NYSE:PRG)

PROG (NYSE:PRG)‘s stock had its “overweight” rating reiterated by Stephens in a report issued on Thursday,Benzinga reports. They currently have a $60.00 price objective on the stock. Stephens’ target price indicates a potential upside of 41.98% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Jefferies Financial Group boosted their target price on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. TD Cowen raised PROG to a “strong-buy” rating in a report on Friday, November 29th. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a report on Thursday, October 24th. Finally, KeyCorp upped their price target on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $53.83.

PROG Price Performance

Shares of PROG stock opened at $42.26 on Thursday. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 11.71 and a beta of 2.15. The company has a fifty day moving average of $45.62 and a 200-day moving average of $43.59. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. PROG has a 52-week low of $27.84 and a 52-week high of $50.28.

PROG (NYSE:PRG) last issued 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. The firm had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. PROG had a return on equity of 24.56% and a net margin of 6.55%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the company earned $0.90 EPS. Equities research analysts expect that PROG will post 3.36 EPS for the current year.

Insider Activity

In other PROG news, CEO Steven A. Michaels sold 27,324 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the completion of the transaction, the chief executive officer now owns 409,209 shares in the company, valued at $19,310,572.71. This trade represents a 6.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Curtis Linn Doman sold 62,815 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $48.75, for a total value of $3,062,231.25. Following the sale, the director now directly owns 174,524 shares in the company, valued at $8,508,045. The trade was a 26.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 119,207 shares of company stock worth $5,759,152 over the last 90 days. Corporate insiders own 2.74% of the company’s stock.

Hedge Funds Weigh In On PROG

A number of large investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of PROG by 8.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,115 shares of the company’s stock worth $351,000 after purchasing an additional 805 shares during the last quarter. TD Asset Management Inc boosted its position in PROG by 14.4% in the 2nd quarter. TD Asset Management Inc now owns 35,700 shares of the company’s stock valued at $1,238,000 after buying an additional 4,500 shares during the period. Great Lakes Advisors LLC grew its stake in PROG by 3.7% in the 2nd quarter. Great Lakes Advisors LLC now owns 96,479 shares of the company’s stock worth $3,346,000 after acquiring an additional 3,479 shares in the last quarter. Quest Partners LLC purchased a new position in shares of PROG during the second quarter worth approximately $376,000. Finally, American Century Companies Inc. boosted its holdings in shares of PROG by 14.1% in the second quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock valued at $23,746,000 after purchasing an additional 84,497 shares during the period. Hedge funds and other institutional investors 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.