PROG (NYSE:PRG) Given New $46.00 Price Target at KeyCorp

PROG (NYSE:PRG) had its price objective increased by KeyCorp from $44.00 to $46.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also weighed in on PRG. TD Cowen increased their price objective on shares of PROG from $40.00 to $47.00 and gave the stock a buy rating in a research note on Thursday. BTIG Research initiated coverage on shares of PROG in a research report on Friday, June 7th. They issued a neutral rating for the company. Finally, Loop Capital upped their target price on shares of PROG from $35.00 to $41.00 and gave the stock a hold rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, PROG currently has an average rating of Moderate Buy and a consensus target price of $42.60.

PROG Stock Performance

Shares of PROG stock opened at $42.41 on Thursday. The firm has a market cap of $1.83 billion, a PE ratio of 17.31 and a beta of 2.10. The firm’s 50-day simple moving average is $35.29 and its 200-day simple moving average is $33.34. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.83 and a current ratio of 3.87. PROG has a 1 year low of $26.39 and a 1 year high of $44.81.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. The business had revenue of $592.16 million for the quarter, compared to analyst estimates of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.92 EPS. Equities analysts forecast that PROG will post 3.33 earnings per share for the current fiscal year.

PROG Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Friday, May 24th. PROG’s dividend payout ratio (DPR) is presently 19.59%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings 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 valued at $174,278,000 after acquiring an additional 105,101 shares in the last quarter. Vulcan Value Partners LLC boosted its holdings in PROG by 6.5% during the fourth quarter. Vulcan Value Partners LLC now owns 1,021,463 shares of the company’s stock worth $31,573,000 after buying an additional 62,255 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in PROG by 2.3% during the first quarter. Clearbridge Investments LLC now owns 440,814 shares of the company’s stock worth $15,182,000 after buying an additional 9,807 shares in the last quarter. Norges Bank bought a new stake in PROG during the fourth quarter worth approximately $12,666,000. Finally, Breach Inlet Capital Management LLC bought a new stake in PROG during the fourth quarter worth approximately $12,572,000. 97.92% of the stock is currently owned by institutional investors.

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.