Ceredex Value Advisors LLC Trims Stock Holdings in PROG Holdings, Inc. (NYSE:PRG)

Ceredex Value Advisors LLC lessened its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 27.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 211,750 shares of the company’s stock after selling 79,800 shares during the quarter. Ceredex Value Advisors LLC owned approximately 0.49% of PROG worth $10,268,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. purchased a new stake in shares of PROG during the third quarter worth about $26,000. Financial Management Professionals Inc. purchased a new stake in PROG in the 3rd quarter worth approximately $33,000. GAMMA Investing LLC grew its stake in PROG by 72.0% in the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock worth $39,000 after acquiring an additional 337 shares during the period. Point72 DIFC Ltd purchased a new position in shares of PROG during the 2nd quarter worth $47,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of PROG during the 1st quarter worth $59,000. Institutional investors and hedge funds own 97.92% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on PRG shares. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and upped their target price for the company from $41.00 to $55.00 in a research note on Monday, August 19th. KeyCorp increased their price objective on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group boosted their target price on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research note on Thursday, October 24th. Finally, TD Cowen boosted their price objective 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. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.60.

PROG Trading Up 0.8 %

NYSE PRG opened at $44.03 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. PROG Holdings, Inc. has a one year low of $26.39 and a one year high of $50.28. The company’s 50 day moving average price is $46.72 and its 200 day moving average price is $40.27. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 12.20 and a beta of 2.11.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The business had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same quarter in the previous year, the business posted $0.90 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. On average, sell-side analysts predict that PROG Holdings, Inc. will post 3.35 EPS for the current year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. PROG’s payout ratio is currently 13.30%.

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.