PROG (NYSE:PRG) Price Target Raised to $46.00

PROG (NYSE:PRG) had its target price increased by KeyCorp from $44.00 to $46.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also recently commented on PRG. Loop Capital increased their target price on shares of PROG from $35.00 to $41.00 and gave the stock a hold rating in a report on Thursday. TD Cowen increased their target price on shares of PROG from $40.00 to $47.00 and gave the stock a buy rating in a report on Thursday. Finally, BTIG Research started coverage on shares of PROG in a report on Friday, June 7th. They issued a neutral rating for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, PROG presently has an average rating of Moderate Buy and a consensus target price of $42.60.

PROG Trading Up 0.4 %

Shares of PROG stock opened at $42.41 on Thursday. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 17.31 and a beta of 2.10. The company has a quick ratio of 1.83, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. PROG has a 12-month low of $26.39 and a 12-month high of $44.81. The firm’s 50-day moving average price is $35.29 and its two-hundred day moving average price is $33.34.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. The firm had revenue of $592.16 million during the quarter, compared to analysts’ expectations of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.92 earnings per share. On average, analysts forecast that PROG will post 3.33 earnings per share for the current fiscal year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Shareholders of record on Tuesday, May 28th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.48 annualized dividend and a yield of 1.13%. PROG’s payout ratio is 19.59%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Ceredex Value Advisors LLC raised its holdings in PROG by 1.3% during the 2nd quarter. Ceredex Value Advisors LLC now owns 291,550 shares of the company’s stock worth $10,111,000 after purchasing an additional 3,750 shares during the last quarter. Blue Trust Inc. raised its holdings in PROG by 2,015.1% during the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $68,000 after purchasing an additional 1,874 shares during the last quarter. Diversified Trust Co raised its holdings in PROG by 8.4% during the 2nd quarter. Diversified Trust Co now owns 7,329 shares of the company’s stock worth $254,000 after purchasing an additional 569 shares during the last quarter. SG Americas Securities LLC raised its holdings in PROG by 954.5% during the 2nd quarter. SG Americas Securities LLC now owns 50,574 shares of the company’s stock worth $1,754,000 after purchasing an additional 45,778 shares during the last quarter. Finally, SG Capital Management LLC bought a new position in PROG during the 1st quarter worth approximately $5,932,000. 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.