PROG (NYSE:PRG) Sets New 52-Week High at $46.50

PROG Holdings, Inc. (NYSE:PRG) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $46.50 and last traded at $46.03, with a volume of 198089 shares traded. The stock had previously closed at $45.42.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PRG. KeyCorp increased their price objective on shares of PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. TD Cowen raised their target price on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Loop Capital raised shares of 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 note on Monday. Finally, BTIG Research started coverage on shares of PROG in a research note on Friday, June 7th. They set a “neutral” rating for the company. One investment analyst has rated the stock with a hold rating and five have given 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 $45.40.

PROG Stock Up 4.0 %

The firm has a market capitalization of $2.04 billion, a PE ratio of 19.28 and a beta of 2.09. The business’s 50 day simple moving average is $38.10 and its 200 day simple moving average is $35.09. 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 released its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, topping 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 firm had revenue of $592.16 million during the quarter, compared to analysts’ expectations of $573.23 million. During the same period in the previous year, the company earned $0.92 EPS. The firm’s revenue for the quarter 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 year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.02%. PROG’s dividend payout ratio is presently 19.59%.

Hedge Funds Weigh In On PROG

A number of large investors have recently made changes to their positions in the company. Algert Global LLC lifted its holdings in PROG by 136.0% during the 2nd quarter. Algert Global LLC now owns 63,051 shares of the company’s stock valued at $2,187,000 after buying an additional 36,336 shares in the last quarter. Millennium Management LLC lifted its holdings in PROG by 497.6% during the 2nd quarter. Millennium Management LLC now owns 160,896 shares of the company’s stock valued at $5,580,000 after buying an additional 133,972 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in PROG by 0.8% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock valued at $31,076,000 after buying an additional 6,803 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in PROG during the 2nd quarter valued at about $88,000. Finally, Cubist Systematic Strategies LLC bought a new stake in PROG during the 2nd quarter valued at about $123,000. 97.92% of the stock is owned by hedge funds and other 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.