PROG (NYSE:PRG) Shares Down 5.4% – Here’s What Happened

PROG Holdings, Inc. (NYSE:PRG) was down 5.4% on Friday . The stock traded as low as $44.50 and last traded at $44.56. Approximately 147,391 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 405,127 shares. The stock had previously closed at $47.11.

Analyst Upgrades and Downgrades

PRG has been the topic of several analyst reports. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and upped their target price for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Stephens assumed coverage on PROG in a report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price objective for the company. KeyCorp boosted their target price on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research report on Thursday, October 24th. Finally, TD Cowen raised shares of PROG to a “strong-buy” rating in a research report on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, PROG presently has a consensus rating of “Buy” and an average price target of $53.83.

PROG Stock Performance

The stock has a market capitalization of $1.83 billion, a P/E ratio of 12.22 and a beta of 2.15. The stock’s 50-day simple moving average is $46.96 and its 200 day simple moving average is $42.99. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.76 by $0.01. The business had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. PROG’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 EPS. Research analysts expect that PROG Holdings, Inc. will post 3.36 EPS for the current fiscal year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. PROG’s dividend payout ratio (DPR) is currently 13.30%.

Insider Activity at PROG

In other PROG news, CEO Steven A. Michaels sold 27,324 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.19, for a total value of $1,289,419.56. Following the completion of the sale, the chief executive officer now owns 409,209 shares of the company’s stock, valued at $19,310,572.71. The trade was a 6.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brian Garner sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total transaction of $246,450.00. Following the transaction, the chief financial officer now directly owns 107,720 shares in the company, valued at $5,309,518.80. This represents a 4.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 119,207 shares of company stock worth $5,759,152 in the last ninety days. 2.74% of the stock is owned by company insiders.

Institutional Trading of PROG

A number of institutional investors have recently modified their holdings of PRG. GAMMA Investing LLC increased its position in shares of PROG by 72.0% in the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock worth $39,000 after purchasing an additional 337 shares during the period. Diversified Trust Co increased its holdings in PROG by 7.1% in the 3rd quarter. Diversified Trust Co now owns 7,849 shares of the company’s stock valued at $381,000 after buying an additional 520 shares during the period. Inspire Advisors LLC raised its position in shares of PROG by 4.2% in the 3rd quarter. Inspire Advisors LLC now owns 12,884 shares of the company’s stock valued at $625,000 after buying an additional 525 shares in the last quarter. Whittier Trust Co. bought a new stake in shares of PROG during the 3rd quarter worth approximately $26,000. Finally, Financial Management Professionals Inc. acquired a new stake in shares of PROG during the 3rd quarter worth approximately $33,000. 97.92% of the stock is currently owned by institutional investors.

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.