PROG (NYSE:PRG) Price Target Raised to $58.00 at Jefferies Financial Group

PROG (NYSE:PRG) had its price target increased by stock analysts at Jefferies Financial Group from $50.00 to $58.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 21.52% from the stock’s previous close.

A number of other research analysts have also issued reports on the company. TD Cowen boosted their price objective on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. KeyCorp boosted their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and boosted their price objective for the company from $41.00 to $55.00 in a research report on Monday, August 19th. Finally, BTIG Research initiated coverage on PROG in a research report on Friday, June 7th. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, PROG presently has an average rating of “Moderate Buy” and an average target price of $50.40.

PROG Stock Performance

Shares of PRG traded down $0.76 during mid-day trading on Tuesday, hitting $47.73. The stock had a trading volume of 88,053 shares, compared to its average volume of 419,960. The company has a market cap of $2.06 billion, a PE ratio of 19.48 and a beta of 2.11. The company’s fifty day simple moving average is $45.05 and its two-hundred day simple moving average is $38.11. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. PROG has a fifty-two week low of $26.39 and a fifty-two week high of $50.28.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $573.23 million. During the same quarter in the previous year, the firm posted $0.92 EPS. The business’s revenue for the quarter was down .1% compared to the same quarter last year. On average, equities analysts expect that PROG will post 3.34 earnings per share for the current year.

Institutional Trading of PROG

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd bought a new stake in shares of PROG in the 2nd quarter worth $47,000. DekaBank Deutsche Girozentrale bought a new stake in shares of PROG in the 1st quarter worth $59,000. Blue Trust Inc. raised its stake in shares of PROG by 2,015.1% in the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $68,000 after buying an additional 1,874 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of PROG in the 2nd quarter worth $73,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of PROG in the 2nd quarter worth $88,000. 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.