Massachusetts Financial Services Co. MA Sells 1,626 Shares of PROG Holdings, Inc. (NYSE:PRG)

Massachusetts Financial Services Co. MA decreased its position in PROG Holdings, Inc. (NYSE:PRG) by 2.4% during the third quarter, HoldingsChannel.com reports. The fund owned 67,077 shares of the company’s stock after selling 1,626 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in PROG were worth $3,253,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PRG. Whittier Trust Co. bought a new stake in PROG in the 3rd quarter worth approximately $26,000. Financial Management Professionals Inc. bought a new position in shares of PROG during the 3rd quarter valued at approximately $33,000. GAMMA Investing LLC increased its position in shares of PROG by 72.0% during the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after purchasing an additional 337 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of PROG during the 2nd quarter valued at approximately $47,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of PROG during the 1st quarter valued at approximately $59,000. Institutional investors own 97.92% of the company’s stock.

Insiders Place Their Bets

In related news, insider Michael Todd King sold 1,500 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $46.97, for a total transaction of $70,455.00. Following the completion of the sale, the insider now directly owns 37,017 shares in the company, valued at $1,738,688.49. This represents a 3.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP George M. Sewell sold 3,500 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $48.88, for a total value of $171,080.00. Following the sale, the vice president now owns 12,639 shares of the company’s stock, valued at $617,794.32. This trade represents a 21.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,207 shares of company stock worth $5,759,152. 2.74% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PRG has been the topic of several analyst reports. Jefferies Financial Group boosted their target price on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Stephens initiated coverage on PROG in a research report on Wednesday, November 13th. They set an “overweight” rating and a $60.00 target price on the stock. KeyCorp boosted their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research report on Thursday, October 24th. Finally, 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 report on Monday, August 19th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.83.

PROG Price Performance

Shares of PRG stock opened at $49.14 on Wednesday. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $50.28. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 13.61 and a beta of 2.11. The stock has a fifty day simple moving average of $47.17 and a two-hundred day simple moving average of $41.97. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The business had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same period in the prior year, the business earned $0.90 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, analysts predict that PROG Holdings, Inc. will post 3.35 EPS for the current fiscal year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG’s dividend payout ratio is 13.30%.

PROG 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.