PROG (NYSE:PRG) Reaches New 1-Year Low – Should You Sell?

Shares of PROG Holdings, Inc. (NYSE:PRG) hit a new 52-week low during trading on Thursday . The company traded as low as $25.24 and last traded at $25.52, with a volume of 99776 shares traded. The stock had previously closed at $28.07.

Analysts Set New Price Targets

PRG has been the topic of several recent analyst reports. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and decreased their target price for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Stephens reiterated an “overweight” rating and issued a $60.00 price objective 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

PROG Stock Performance

The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 5.52 and a beta of 1.96. The firm’s fifty day moving average price is $32.72 and its 200 day moving average price is $41.17.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. The business had revenue of $623.30 million during the quarter, compared to analyst estimates of $612.67 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period last year, the business posted $0.72 earnings per share. Analysts forecast that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, March 13th. This is a positive change from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 2.07%. PROG’s dividend payout ratio is 10.57%.

Insider Activity

In related news, Director Caroline Sio-Chin Sheu acquired 1,650 shares of PROG stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average cost of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the purchase, the director now owns 18,291 shares in the company, valued at approximately $512,330.91. The trade was a 9.92 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas C. Curling purchased 10,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were bought at an average price 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. This trade represents a 27.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.74% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its position in shares of PROG by 5.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,601 shares of the company’s stock worth $1,096,000 after purchasing an additional 1,104 shares during the last quarter. Glenmede Trust Co. NA acquired a new stake in PROG in the third quarter valued at $273,000. Verition Fund Management LLC purchased a new stake in PROG during the 3rd quarter worth about $1,376,000. Point72 DIFC Ltd increased its holdings in shares of PROG by 268.2% in the 3rd quarter. Point72 DIFC Ltd now owns 4,985 shares of the company’s stock valued at $242,000 after acquiring an additional 3,631 shares during the last quarter. Finally, Quarry LP raised its position in shares of PROG by 162.9% during the 3rd quarter. Quarry LP now owns 1,517 shares of the company’s stock worth $74,000 after acquiring an additional 940 shares in the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.

About PROG

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.