Breach Inlet Capital Management LLC Raises Stock Position in PROG Holdings, Inc. (NYSE:PRG)

Breach Inlet Capital Management LLC lifted its holdings in shares of PROG Holdings, Inc. (NYSE:PRG) by 53.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 292,390 shares of the company’s stock after buying an additional 102,343 shares during the period. PROG comprises 8.7% of Breach Inlet Capital Management LLC’s holdings, making the stock its 6th largest position. Breach Inlet Capital Management LLC owned approximately 0.70% of PROG worth $12,356,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in PROG by 1.6% during the fourth 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 last quarter. State Street Corp increased its stake in shares of PROG by 6.9% during the 3rd quarter. State Street Corp now owns 1,776,377 shares of the company’s stock worth $86,137,000 after purchasing an additional 114,498 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of PROG by 36.8% in the 4th 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 period. Arrowstreet Capital Limited Partnership lifted its stake in PROG by 1.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 562,539 shares of the company’s stock valued at $23,773,000 after purchasing an additional 9,162 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in PROG by 1.8% during the fourth quarter. Wellington Management Group LLP now owns 421,769 shares of the company’s stock worth $17,824,000 after purchasing an additional 7,464 shares during the period. Institutional investors own 97.92% of the company’s stock.

PROG Price Performance

PROG stock opened at $25.07 on Friday. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 5.52 and a beta of 1.96. The stock’s 50 day moving average is $32.72 and its 200-day moving average is $41.17. 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 Holdings, Inc. has a 12 month low of $23.78 and a 12 month high of $50.28.

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

PROG Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 13th. This is a boost from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 2.07%. PROG’s dividend payout ratio (DPR) is currently 10.57%.

Insider Activity at PROG

In other news, Director Douglas C. Curling bought 10,000 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was bought at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the transaction, the director now owns 45,913 shares of the company’s stock, valued at $1,371,880.44. This represents a 27.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Caroline Sio-Chin Sheu purchased 1,650 shares of PROG stock in a transaction that occurred on Wednesday, February 26th. The shares were purchased at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the transaction, the director now directly owns 18,291 shares in the company, valued at $512,330.91. This represents a 9.92 % increase in their position. The disclosure for this purchase can be found here. 2.74% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.