Meeder Asset Management Inc. Has $566,000 Stake in PROG Holdings, Inc. (NYSE:PRG)

Meeder Asset Management Inc. increased its stake in PROG Holdings, Inc. (NYSE:PRG) by 28.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 13,398 shares of the company’s stock after purchasing an additional 2,954 shares during the quarter. Meeder Asset Management Inc.’s holdings in PROG were worth $566,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of PROG by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 4,937,208 shares of the company’s stock worth $208,646,000 after buying an additional 76,810 shares during the period. FMR LLC lifted its position in PROG by 1.3% during the 3rd quarter. FMR LLC now owns 2,430,318 shares of the company’s stock worth $117,846,000 after acquiring an additional 30,030 shares during the last quarter. State Street Corp boosted its holdings in PROG by 6.9% during the third quarter. State Street Corp now owns 1,776,377 shares of the company’s stock valued at $86,137,000 after acquiring an additional 114,498 shares during the period. Allianz Asset Management GmbH grew its position in shares of PROG by 36.8% in the fourth quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company’s stock valued at $32,951,000 after purchasing an additional 209,805 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of PROG by 1.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 562,539 shares of the company’s stock worth $23,773,000 after purchasing an additional 9,162 shares during the period. Institutional investors own 97.92% of the company’s stock.

Wall Street Analysts Forecast Growth

PRG has been the topic of a number of research analyst reports. Jefferies Financial Group lowered PROG from a “buy” rating to a “hold” rating and lowered their target price for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Stephens reaffirmed an “overweight” rating and set a $60.00 target price on shares of PROG in a research report on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

Insider Activity

In related news, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was bought at an average cost of $28.01 per share, with a total value of $46,216.50. Following the completion of the acquisition, the director now owns 18,291 shares in the company, valued at $512,330.91. The trade was a 9.92 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas C. Curling bought 10,000 shares of the stock in a transaction dated Friday, February 21st. The stock was purchased at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the acquisition, the director now owns 45,913 shares in the company, valued at $1,371,880.44. The trade was a 27.85 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.74% of the company’s stock.

PROG Stock Performance

Shares of NYSE PRG opened at $26.59 on Tuesday. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 5.86 and a beta of 2.14. PROG Holdings, Inc. has a one year low of $25.93 and a one year high of $50.28. The business has a fifty day simple moving average of $34.02 and a 200 day simple moving average of $41.66. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company had revenue of $623.30 million during the quarter, compared to analysts’ expectations of $612.67 million. During the same quarter in the prior year, the company posted $0.72 EPS. The business’s revenue was up 7.9% on a year-over-year basis. Sell-side analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current year.

PROG Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.96%. This is an increase from PROG’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, March 13th. PROG’s payout ratio is presently 10.57%.

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.