SG Capital Management LLC Takes Position in PROG Holdings, Inc. (NYSE:PRG)

SG Capital Management LLC bought a new stake in shares of PROG Holdings, Inc. (NYSE:PRG) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 172,228 shares of the company’s stock, valued at approximately $5,932,000. PROG makes up about 1.9% of SG Capital Management LLC’s investment portfolio, making the stock its 21st biggest position. SG Capital Management LLC owned approximately 0.40% of PROG as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale purchased a new position in shares of PROG during the 1st quarter valued at approximately $59,000. Burney Co. purchased a new stake in PROG in the 1st quarter worth $2,397,000. Keeley Teton Advisors LLC increased its holdings in PROG by 35.3% in the 1st quarter. Keeley Teton Advisors LLC now owns 49,574 shares of the company’s stock worth $1,707,000 after acquiring an additional 12,928 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in PROG by 8.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 41,065 shares of the company’s stock worth $1,414,000 after acquiring an additional 3,120 shares in the last quarter. Finally, UniSuper Management Pty Ltd purchased a new stake in PROG in the 1st quarter worth $382,000. 97.92% of the stock is owned by hedge funds and other institutional investors.

PROG Price Performance

PRG traded down $1.95 on Friday, hitting $42.23. 388,832 shares of the company’s stock were exchanged, compared to its average volume of 649,011. PROG Holdings, Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $46.40. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average price of $36.30 and a 200-day moving average price of $33.94. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 17.24 and a beta of 2.09.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.22. The company had revenue of $592.16 million for 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 firm’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.92 EPS. As a group, equities analysts anticipate that PROG Holdings, Inc. will post 3.34 earnings per share for the current year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th were given 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 dividend yield of 1.14%. PROG’s payout ratio is 19.59%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. BTIG Research assumed coverage on shares of PROG in a report on Friday, June 7th. They issued a “neutral” rating for the company. KeyCorp boosted their price target on shares of PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. TD Cowen boosted their price target on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Loop Capital boosted their price target on shares of PROG from $35.00 to $41.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.60.

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.