Loop Capital Boosts PROG (NYSE:PRG) Price Target to $35.00

PROG (NYSE:PRG) had its price objective lifted by Loop Capital from $31.00 to $35.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a hold rating on the stock.

A number of other equities analysts have also commented on the stock. TD Cowen boosted their price target on shares of PROG from $38.00 to $40.00 and gave the company a buy rating in a research report on Thursday. Stephens upgraded shares of PROG from an equal weight rating to an overweight rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $39.60.

PROG Price Performance

Shares of PROG stock opened at $34.02 on Thursday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.49 and a current ratio of 3.91. The firm’s 50-day simple moving average is $32.36 and its 200-day simple moving average is $30.71. PROG has a twelve month low of $26.39 and a twelve month high of $44.81. The firm has a market cap of $1.49 billion, a P/E ratio of 13.89 and a beta of 2.08.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. The firm had revenue of $641.87 million for the quarter, compared to analyst estimates of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. As a group, research analysts expect that PROG will post 3 EPS for the current fiscal year.

PROG Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Wednesday, March 13th. PROG’s dividend payout ratio is presently 19.59%.

Hedge Funds Weigh In On PROG

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of PROG by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 5,638,231 shares of the company’s stock worth $174,278,000 after acquiring an additional 105,101 shares during the last quarter. Vulcan Value Partners LLC raised its stake in shares of PROG by 6.5% in the fourth quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock worth $31,573,000 after acquiring an additional 62,255 shares during the last quarter. Invesco Ltd. raised its stake in shares of PROG by 15.7% in the third quarter. Invesco Ltd. now owns 441,929 shares of the company’s stock worth $14,676,000 after acquiring an additional 59,859 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of PROG by 0.6% in the fourth quarter. Clearbridge Investments LLC now owns 431,007 shares of the company’s stock worth $13,322,000 after acquiring an additional 2,552 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of PROG during the fourth quarter worth approximately $12,666,000. 97.92% of the stock is owned by institutional investors.

PROG Company 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.