PROG (NYSE:PRG) Hits New 12-Month High at $47.93

Shares of PROG Holdings, Inc. (NYSE:PRG) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $47.93 and last traded at $47.66, with a volume of 44220 shares traded. The stock had previously closed at $47.14.

Wall Street Analysts Forecast Growth

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

PROG Stock Performance

The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. The firm has a market capitalization of $2.01 billion, a PE ratio of 19.24 and a beta of 2.11. The company’s fifty day simple moving average is $42.07 and its 200 day simple moving average is $36.93.

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

PROG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 1.03%. PROG’s dividend payout ratio is currently 19.59%.

Institutional Investors Weigh In On PROG

Large investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA grew its stake in PROG by 218.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 66,542 shares of the company’s stock worth $2,057,000 after buying an additional 45,631 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in PROG during the fourth quarter worth about $430,000. Norges Bank purchased a new position in shares of PROG in the 4th quarter worth about $12,666,000. Dynamic Technology Lab Private Ltd bought a new position in shares of PROG during the 4th quarter valued at about $1,056,000. Finally, Clearbridge Investments LLC raised its holdings in shares of PROG by 0.6% during the 4th quarter. Clearbridge Investments LLC now owns 431,007 shares of the company’s stock valued at $13,322,000 after buying an additional 2,552 shares in the last quarter. Institutional investors own 97.92% of the company’s stock.

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.