Charles Schwab Investment Management Inc. Has $46.95 Million Position in PROG Holdings, Inc. (NYSE:PRG)

Charles Schwab Investment Management Inc. trimmed its stake in PROG Holdings, Inc. (NYSE:PRG) by 2.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 968,297 shares of the company’s stock after selling 29,139 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in PROG were worth $46,953,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. acquired a new stake in shares of PROG in the 3rd quarter valued at about $19,079,000. Diversify Wealth Management LLC bought a new stake in shares of PROG during the second quarter worth about $8,794,000. Fourth Sail Capital LP bought a new position in shares of PROG in the second quarter valued at approximately $5,500,000. Millennium Management LLC raised its holdings in shares of PROG by 497.6% in the second quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after purchasing an additional 133,972 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of PROG by 14.1% in the second quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock valued at $23,746,000 after acquiring an additional 84,497 shares in the last quarter. 97.92% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Michael Todd King sold 1,500 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 37,017 shares in the company, valued at approximately $1,738,688.49. The trade was a 3.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Curtis Linn Doman sold 62,815 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $48.75, for a total transaction of $3,062,231.25. Following the completion of the transaction, the director now owns 174,524 shares of the company’s stock, valued at approximately $8,508,045. The trade was a 26.47 % 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 owned by corporate insiders.

Analysts Set New Price Targets

PRG has been the subject of a number of research reports. TD Cowen raised shares of PROG to a “strong-buy” rating in a research report on Friday. KeyCorp lifted their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Jefferies Financial Group lifted their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Finally, Stephens started coverage on PROG in a research report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price objective for the company. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $53.83.

PROG Stock Performance

PROG stock opened at $48.66 on Monday. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 13.48 and a beta of 2.11. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. The stock’s 50 day simple moving average is $47.15 and its two-hundred day simple moving average is $42.24. PROG Holdings, Inc. has a fifty-two week low of $26.62 and a fifty-two week high of $50.28.

PROG (NYSE:PRG) last announced 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 6.55% and a return on equity of 24.56%. The business had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. During the same quarter last year, the firm earned $0.90 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, analysts expect that PROG Holdings, Inc. will post 3.35 earnings per share for the current fiscal year.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 annualized dividend and a yield of 0.99%. 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.