PROG Holdings, Inc. (NYSE:PRG) Receives $53.83 Consensus Target Price from Brokerages

PROG Holdings, Inc. (NYSE:PRG) has been given a consensus recommendation of “Buy” by the seven brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $53.83.

A number of research analysts have weighed in on the company. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price target for the company from $41.00 to $55.00 in a research note on Monday, August 19th. TD Cowen raised shares of PROG to a “strong-buy” rating in a research note on Friday. Jefferies Financial Group boosted their target price on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a research note on Thursday, October 24th. Finally, 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.

PROG Price Performance

Shares of NYSE PRG opened at $48.66 on Friday. The company has a fifty day moving average price of $47.15 and a 200 day moving average price of $42.24. PROG has a 1-year low of $26.62 and a 1-year high of $50.28. The firm has a market cap of $2.02 billion, a PE ratio of 13.48 and a beta of 2.11. 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 posted its quarterly earnings data 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. The company had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. PROG had a return on equity of 24.56% and a net margin of 6.55%. PROG’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 earnings per share. Research analysts predict that PROG will post 3.35 earnings per share for the current fiscal year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.99%. PROG’s dividend payout ratio (DPR) is currently 13.30%.

Insider Buying and Selling

In other PROG news, CFO Brian Garner sold 5,000 shares of PROG stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total value of $246,450.00. Following the completion of the transaction, the chief financial officer now directly owns 107,720 shares of the company’s stock, valued at $5,309,518.80. The trade was a 4.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven A. Michaels sold 27,324 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.19, for a total value of $1,289,419.56. Following the sale, the chief executive officer now directly owns 409,209 shares in the company, valued at approximately $19,310,572.71. This trade represents a 6.26 % 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 valued at $5,759,152. Insiders own 2.74% of the company’s stock.

Institutional Investors Weigh In On PROG

Institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new stake in shares of PROG during the 3rd quarter worth approximately $19,079,000. Diversify Wealth Management LLC bought a new position in PROG during the 2nd quarter worth $8,794,000. SG Capital Management LLC acquired a new position in shares of PROG in the first quarter worth approximately $5,932,000. Fourth Sail Capital LP bought a new stake in shares of PROG in the 2nd quarter valued at $5,500,000. Finally, Millennium Management LLC grew its holdings in PROG by 497.6% during the 2nd quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock worth $5,580,000 after acquiring an additional 133,972 shares during the period. Institutional investors own 97.92% of the company’s stock.

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.