Fourth Sail Capital LP Purchases Shares of 158,607 PROG Holdings, Inc. (NYSE:PRG)

Fourth Sail Capital LP acquired a new position in PROG Holdings, Inc. (NYSE:PRG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 158,607 shares of the company’s stock, valued at approximately $5,500,000. PROG accounts for approximately 1.3% of Fourth Sail Capital LP’s holdings, making the stock its 20th biggest holding. Fourth Sail Capital LP owned about 0.37% of PROG as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its stake in PROG by 218.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 66,542 shares of the company’s stock worth $2,057,000 after acquiring an additional 45,631 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of PROG during the 4th quarter valued at $430,000. Norges Bank purchased a new position in shares of PROG during the 4th quarter valued at $12,666,000. Dynamic Technology Lab Private Ltd bought a new position in PROG in the 4th quarter worth $1,056,000. Finally, Clearbridge Investments LLC increased its stake in PROG by 0.6% in the 4th quarter. Clearbridge Investments LLC now owns 431,007 shares of the company’s stock worth $13,322,000 after buying an additional 2,552 shares in the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

PROG Price Performance

NYSE:PRG opened at $47.14 on Tuesday. The business’s 50-day moving average is $42.07 and its 200 day moving average is $36.93. PROG Holdings, Inc. has a 12 month low of $26.39 and a 12 month high of $47.85. The company has a market capitalization of $2.04 billion, a P/E ratio of 19.24 and a beta of 2.11. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The firm had revenue of $592.16 million during the quarter, compared to the consensus estimate of $573.23 million. During the same period in the prior year, the company earned $0.92 EPS. The company’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities research analysts forecast that PROG Holdings, Inc. will post 3.34 earnings per share for the current fiscal year.

PROG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.02%. PROG’s payout ratio is currently 19.59%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. KeyCorp boosted their price objective on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. TD Cowen boosted their price target on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. BTIG Research started coverage on shares of PROG in a report on Friday, June 7th. They set a “neutral” rating for the company. Finally, Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and lifted their price objective for the company from $41.00 to $55.00 in a research report on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.20.

PROG 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.