PROG (NYSE:PRG) PT Lowered to $58.00


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PROG (NYSE:PRG) had its target price cut by stock analysts at Truist Securities from $65.00 to $58.00 in a research note issued on Monday, Stock Target Advisor reports. Truist Securities’ target price points to a potential upside of 33.70% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of PROG from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 3rd. Northcoast Research reaffirmed a “neutral” rating on shares of PROG in a report on Thursday, March 4th. Truist reduced their target price on shares of PROG from $65.00 to $58.00 in a report on Monday. Finally, Morgan Stanley raised their target price on shares of PROG from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, December 15th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $59.20.

Shares of PRG opened at $43.38 on Monday. The firm has a market capitalization of $2.94 billion, a PE ratio of -13.64, a PEG ratio of 0.86 and a beta of 1.95. PROG has a 1 year low of $22.11 and a 1 year high of $67.20. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.01 and a quick ratio of 1.16. The stock’s 50-day simple moving average is $46.41.

PROG (NYSE:PRG) last issued its quarterly earnings results on Thursday, February 25th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.04. The business had revenue of $605.60 million for the quarter, compared to analysts’ expectations of $610.64 million. PROG had a negative net margin of 5.00% and a positive return on equity of 21.39%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 earnings per share. On average, equities research analysts forecast that PROG will post 3.27 EPS for the current year.

In other PROG news, VP George M. Sewell sold 958 shares of the stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $49.49, for a total value of $47,411.42. Following the transaction, the vice president now directly owns 3,244 shares in the company, valued at $160,545.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.78% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new position in shares of PROG during the fourth quarter worth approximately $26,000. Ellevest Inc. purchased a new position in shares of PROG during the fourth quarter worth approximately $43,000. Parkside Financial Bank & Trust purchased a new position in shares of PROG during the fourth quarter worth approximately $54,000. Bartlett & Co. LLC purchased a new position in shares of PROG during the fourth quarter worth approximately $55,000. Finally, First National Bank of South Miami purchased a new position in shares of PROG during the fourth quarter worth approximately $84,000. Institutional investors and hedge funds own 92.49% of the company’s stock.

PROG Company Profile

PROG Holdings, Inc operates as an omnichannel provider of lease-purchase solutions to underserved and credit-challenged customers. It operates in two segments, Progressive Leasing and Vive. The Progressive Leasing segment offers lease-purchase solutions to customers for various merchandize in the furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, and automobile electronics and accessories markets through point-of-sale and e-commerce retail partners, as well in-store, mobile, and online solutions.

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Analyst Recommendations for PROG (NYSE:PRG)

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