Point72 DIFC Ltd Invests $47,000 in PROG Holdings, Inc. (NYSE:PRG)

Point72 DIFC Ltd acquired a new position in PROG Holdings, Inc. (NYSE:PRG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,354 shares of the company’s stock, valued at approximately $47,000.

Several other large investors have also added to or reduced their stakes in the business. Janney Montgomery Scott LLC acquired a new position in shares of PROG during the 4th quarter worth about $430,000. Norges Bank bought a new stake in PROG during the fourth quarter worth about $12,666,000. Allianz Asset Management GmbH boosted its position in PROG by 31.8% during the fourth quarter. Allianz Asset Management GmbH now owns 290,107 shares of the company’s stock valued at $8,967,000 after purchasing an additional 69,948 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its stake in PROG by 187.2% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 27,694 shares of the company’s stock valued at $856,000 after purchasing an additional 18,050 shares in the last quarter. Finally, Vulcan Value Partners LLC increased its position in shares of PROG by 6.5% during the 4th quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock worth $31,573,000 after purchasing an additional 62,255 shares during the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.

PROG Trading Down 0.1 %

Shares of PRG stock opened at $48.19 on Friday. PROG Holdings, Inc. has a 12-month low of $26.39 and a 12-month high of $50.28. The company has a market capitalization of $2.04 billion, a PE ratio of 19.67 and a beta of 2.11. The firm has a 50 day moving average price of $44.77 and a two-hundred day moving average price of $37.95. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $573.23 million. During the same period last year, the firm posted $0.92 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, analysts predict that PROG Holdings, Inc. will post 3.34 earnings per share for the current 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. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 1.00%. PROG’s dividend payout ratio (DPR) is presently 19.59%.

Wall Street Analysts Forecast Growth

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

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.