Michael Todd King Sells 1,500 Shares of PROG Holdings, Inc. (NYSE:PRG) Stock

PROG Holdings, Inc. (NYSE:PRG) insider Michael Todd King sold 1,500 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the completion of the transaction, the insider now directly owns 37,017 shares of the company’s stock, valued at approximately $1,738,688.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

PROG Stock Up 1.2 %

PRG stock opened at $48.84 on Thursday. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 13.53 and a beta of 2.11. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $50.28. The business has a 50 day moving average price of $46.80 and a two-hundred day moving average price of $41.04. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94.

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

PROG Announces Dividend

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

Institutional Investors Weigh In On PROG

A number of institutional investors and hedge funds have recently modified their holdings of PRG. FMR LLC raised its stake in PROG by 1.3% in the 3rd quarter. FMR LLC now owns 2,430,318 shares of the company’s stock valued at $117,846,000 after acquiring an additional 30,030 shares during the period. D. E. Shaw & Co. Inc. raised its position in shares of PROG by 0.8% in the second quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock valued at $31,076,000 after purchasing an additional 6,803 shares during the period. American Century Companies Inc. lifted its stake in shares of PROG by 14.1% during the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock worth $23,746,000 after buying an additional 84,497 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of PROG by 2.3% during the 1st quarter. Clearbridge Investments LLC now owns 440,814 shares of the company’s stock worth $15,182,000 after buying an additional 9,807 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of PROG during the 3rd quarter worth about $19,079,000. 97.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

PRG has been the topic of several recent analyst reports. KeyCorp lifted their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. TD Cowen boosted their target price on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a research report on Thursday, October 24th. Jefferies Financial Group lifted their price objective on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Finally, Loop Capital raised 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 research 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. According to MarketBeat, PROG currently has an average rating of “Moderate Buy” and a consensus target price of $53.83.

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.