Steven A. Michaels Sells 27,324 Shares of PROG Holdings, Inc. (NYSE:PRG) Stock

PROG Holdings, Inc. (NYSE:PRG) CEO Steven A. Michaels sold 27,324 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.19, for a total value of $1,289,419.56. Following the sale, the chief executive officer now directly owns 409,209 shares of the company’s stock, valued at $19,310,572.71. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

PROG Stock Down 0.2 %

PRG opened at $48.24 on Wednesday. The company’s 50-day moving average price is $46.76 and its two-hundred day moving average price is $40.94. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $50.28. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 13.36 and a beta of 2.11.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.01. The business had revenue of $606.10 million during the quarter, compared to analyst estimates of $601.86 million. PROG had a return on equity of 24.56% and a net margin of 6.55%. PROG’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 earnings per share. As a group, equities analysts expect that PROG Holdings, Inc. will post 3.35 earnings per share for the current year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.48 annualized dividend and a dividend yield of 1.00%. PROG’s dividend payout ratio is currently 13.30%.

Institutional Trading of PROG

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its stake in PROG by 72.0% in the 3rd 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 boosted its position in shares of PROG by 7.1% in the third quarter. Diversified Trust Co now owns 7,849 shares of the company’s stock valued at $381,000 after acquiring an additional 520 shares during the period. Texas Permanent School Fund Corp grew its stake in PROG by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 39,140 shares of the company’s stock valued at $1,348,000 after acquiring an additional 525 shares in the last quarter. Inspire Advisors LLC increased its holdings in PROG by 4.2% during the 3rd quarter. Inspire Advisors LLC now owns 12,884 shares of the company’s stock worth $625,000 after acquiring an additional 525 shares during the period. Finally, Whittier Trust Co. purchased a new stake in PROG in the 3rd quarter worth approximately $26,000. 97.92% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PRG. KeyCorp upped their price target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Loop Capital upgraded shares of 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 research note on Monday, August 19th. Jefferies Financial Group raised their price target on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research report on Thursday, October 24th. Finally, TD Cowen lifted their target price on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.60.

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.