Federated Hermes Inc. Has $9.59 Million Stock Holdings in PROG Holdings, Inc. (NYSE:PRG)

Federated Hermes Inc. cut its holdings in PROG Holdings, Inc. (NYSE:PRG) by 24.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 276,536 shares of the company’s stock after selling 91,782 shares during the quarter. Federated Hermes Inc. owned about 0.64% of PROG worth $9,590,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. DekaBank Deutsche Girozentrale bought a new stake in PROG in the 1st quarter valued at approximately $59,000. Blue Trust Inc. lifted its stake in PROG by 2,015.1% in the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock valued at $68,000 after acquiring an additional 1,874 shares in the last quarter. nVerses Capital LLC bought a new stake in PROG in the 2nd quarter valued at approximately $73,000. Meeder Asset Management Inc. lifted its stake in PROG by 28.8% in the 2nd quarter. Meeder Asset Management Inc. now owns 7,060 shares of the company’s stock valued at $245,000 after acquiring an additional 1,578 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in PROG by 8.4% in the 2nd quarter. Diversified Trust Co now owns 7,329 shares of the company’s stock valued at $254,000 after acquiring an additional 569 shares in the last quarter. 97.92% of the stock is currently owned by institutional investors and hedge funds.

PROG Trading Down 1.4 %

Shares of PROG stock opened at $46.48 on Wednesday. PROG Holdings, Inc. has a 12-month low of $26.39 and a 12-month high of $47.93. The stock has a market cap of $2.01 billion, a P/E ratio of 18.97 and a beta of 2.11. 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 business’s 50 day moving average is $42.35 and its 200-day moving average is $37.04.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business had revenue of $592.16 million for the quarter, compared to analysts’ expectations of $573.23 million. During the same quarter in the prior year, the business earned $0.92 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. Equities research analysts predict that PROG Holdings, Inc. will post 3.34 earnings per share for the current fiscal year.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Tuesday, August 20th. PROG’s dividend payout ratio (DPR) is presently 19.59%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PRG shares. KeyCorp boosted their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and upped their price objective for the stock from $41.00 to $55.00 in a research note on Monday, August 19th. BTIG Research assumed coverage on PROG in a research note on Friday, June 7th. They set a “neutral” rating on the stock. Finally, TD Cowen upped their price objective on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PROG has a consensus rating of “Moderate Buy” and a consensus price target of $47.20.

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.