PROG (NYSE:PRG) Rating Increased to Outperform at Raymond James

Raymond James upgraded shares of PROG (NYSE:PRG) from a market perform rating to an outperform rating in a research note published on Thursday morning, MarketBeat.com reports. Raymond James currently has $48.00 price objective on the stock.

A number of other research firms have also weighed in on PRG. Jefferies Financial Group raised 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. KeyCorp raised their target price on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. 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 report on Thursday, July 25th. Finally, Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and raised their target price for the company from $41.00 to $55.00 in a report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, PROG currently has a consensus rating of “Moderate Buy” and an average price target of $52.60.

PROG Trading Down 1.9 %

Shares of PRG opened at $42.09 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. PROG has a 1 year low of $26.39 and a 1 year high of $50.28. The company has a 50 day simple moving average of $46.97 and a two-hundred day simple moving average of $39.92. The firm has a market cap of $1.82 billion, a P/E ratio of 17.18 and a beta of 2.11.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. PROG had a net margin of 4.57% and a return on equity of 26.30%. The firm had revenue of $606.10 million during the quarter, compared to analyst estimates of $601.86 million. During the same period last year, the firm posted $0.90 earnings per share. PROG’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts expect that PROG will post 3.34 earnings per share for the current fiscal year.

PROG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a $0.12 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 1.14%. PROG’s dividend payout ratio is presently 19.59%.

Institutional Trading of PROG

Several institutional investors and hedge funds have recently made changes to their positions in PRG. Whittier Trust Co. bought a new stake in shares of PROG in the third quarter valued at about $26,000. Financial Management Professionals Inc. bought a new stake in shares of PROG in the third quarter valued at about $33,000. GAMMA Investing LLC raised its holdings in shares of PROG by 72.0% in the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after acquiring an additional 337 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of PROG in the second quarter valued at about $47,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of PROG in the first quarter valued at about $59,000. 97.92% of the stock is currently owned by institutional investors.

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.