Summit Securities Group LLC Invests $38,000 in PROG Holdings, Inc. (NYSE:PRG)

Summit Securities Group LLC bought a new stake in PROG Holdings, Inc. (NYSE:PRG) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 891 shares of the company’s stock, valued at approximately $38,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRG. Smartleaf Asset Management LLC raised its holdings in PROG by 141.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock valued at $51,000 after acquiring an additional 707 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of PROG in the fourth quarter valued at approximately $68,000. Quarry LP lifted its position in PROG by 162.9% during the third quarter. Quarry LP now owns 1,517 shares of the company’s stock worth $74,000 after buying an additional 940 shares in the last quarter. KBC Group NV boosted its stake in PROG by 53.9% during the fourth quarter. KBC Group NV now owns 2,015 shares of the company’s stock worth $85,000 after buying an additional 706 shares during the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in PROG in the 4th quarter valued at $101,000. 97.92% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other PROG news, Director Douglas C. Curling acquired 10,000 shares of the stock in a transaction dated Friday, February 21st. The stock was acquired at an average price of $29.88 per share, with a total value of $298,800.00. Following the completion of the purchase, the director now owns 45,913 shares in the company, valued at $1,371,880.44. This trade represents a 27.85 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was acquired at an average price of $28.01 per share, with a total value of $46,216.50. Following the acquisition, the director now directly owns 18,291 shares of the company’s stock, valued at approximately $512,330.91. This represents a 9.92 % increase in their position. The disclosure for this purchase can be found here. 2.74% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Stephens reissued an “overweight” rating and set a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. Jefferies Financial Group downgraded shares of PROG from a “buy” rating to a “hold” rating and reduced their target price for the stock from $58.00 to $29.00 in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

PROG Trading Down 3.7 %

NYSE PRG opened at $26.39 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. The stock has a market capitalization of $1.08 billion, a P/E ratio of 5.81 and a beta of 2.14. The firm’s 50-day moving average is $34.35 and its two-hundred day moving average is $41.79. PROG Holdings, Inc. has a 12 month low of $25.93 and a 12 month high of $50.28.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The firm had revenue of $623.30 million for the quarter, compared to analyst estimates of $612.67 million. During the same period in the prior year, the business posted $0.72 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, sell-side analysts anticipate that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This is a boost from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.97%. PROG’s payout ratio is presently 10.57%.

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.