Strength Seen in PROG Holdings (PRG): Can Its 5.5% Jump Turn into More Strength?
PROG Holdings (PRG) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
What Makes PROG Holdings (PRG) a New Strong Buy Stock
PROG Holdings (PRG) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Panagora Asset Management Inc. Sells 1,037 Shares of PROG Holdings, Inc. (NYSE:PRG)
Panagora Asset Management Inc. lessened its stake in PROG Holdings, Inc. (NYSE:PRG – Free Report) by 0.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 115,114 shares of the company’s stock after selling 1,037 shares during the period. Panagora Asset Management Inc. owned about 0.26% of PROG worth $3,558,000 as of its most recent SEC filing. Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Blue Trust Inc. acquired a new position in PROG in the fourth quarter valued at $27,000. Acadian Asset Management LLC bought a new stake in shares of PROG during the 3rd quarter valued at about $33,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in PROG during the third quarter worth approximately $103,000. Meeder Asset Management Inc. bought a new stake in PROG in the fourth quarter worth approximately $169,000. Finally, Diversified Trust Co lifted its stake in PROG by 6.2% in the fourth quarter. Diversified Trust Co now owns 6,760 shares of the company’s stock valued at $209,000 after buying an additional 397 shares during the period. Institutional investors and hedge funds own 97.92% of the company’s stock. PROG Stock Up 0.6 % PRG stock opened at $36.36 on Monday. The firm has a market capitalization of $1.57 billion, a PE ratio of 14.84 and a beta of 2.06. The company has a quick ratio of 1.83, a current ratio of 3.91 and a debt-to-equity ratio of 1.01. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $44.81. The stock’s 50 day moving average is $33.56 and its 200-day moving average is $31.34. PROG (NYSE:PRG – Get Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.08. PROG had a return on equity of 26.67% and a net margin of 4.71%. The business had revenue of $641.87 million for the quarter, compared to analysts’ expectations of $632.24 million. Sell-side analysts expect that PROG Holdings, Inc. will post 3 EPS for the current fiscal year. PROG Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 11th. Shareholders of record on Tuesday, May 28th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend is Friday, May 24th. PROG’s payout ratio is 19.59%. Analyst Ratings Changes PRG has been the topic of several research reports. TD Cowen upped their price objective on shares of PROG from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Loop Capital upped their price objective on shares of PROG from $31.00 to $35.00 and gave the stock a “hold” rating in a report on Thursday, April 25th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $39.60. Get Our Latest Analysis on PRG PROG Profile (Free Report) 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.
Natixis Advisors L.P. Sells 1,814 Shares of PROG Holdings, Inc. (NYSE:PRG)
Natixis Advisors L.P. reduced its position in shares of PROG Holdings, Inc. (NYSE:PRG – Free Report) by 12.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,167 shares of the company’s stock after selling 1,814 shares during the period. Natixis Advisors L.P.’s holdings in PROG were worth $406,000 as of its most recent filing with the Securities and Exchange Commission. Other institutional investors have also added to or reduced their stakes in the company. Qube Research & Technologies Ltd increased its holdings in shares of PROG by 284.5% during the third quarter. Qube Research & Technologies Ltd now owns 266,456 shares of the company’s stock worth $8,849,000 after purchasing an additional 197,152 shares during the period. Cambria Investment Management L.P. increased its stake in PROG by 1,451.8% during the 3rd quarter. Cambria Investment Management L.P. now owns 210,054 shares of the company’s stock worth $6,976,000 after acquiring an additional 196,518 shares during the period. Assenagon Asset Management S.A. raised its holdings in PROG by 719.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 178,859 shares of the company’s stock valued at $5,529,000 after acquiring an additional 157,024 shares in the last quarter. Nomura Holdings Inc. lifted its position in shares of PROG by 621.5% during the 3rd quarter. Nomura Holdings Inc. now owns 144,294 shares of the company’s stock valued at $4,792,000 after acquiring an additional 124,294 shares during the period. Finally, Knights of Columbus Asset Advisors LLC lifted its position in shares of PROG by 198.7% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 169,738 shares of the company’s stock valued at $5,247,000 after acquiring an additional 112,907 shares during the period. 97.92% of the stock is currently owned by institutional investors. PROG Stock Performance NYSE:PRG opened at $36.36 on Monday. PROG Holdings, Inc. has a twelve month low of $26.39 and a twelve month high of $44.81. The company has a quick ratio of 1.83, a current ratio of 3.91 and a debt-to-equity ratio of 1.01. The stock’s 50-day simple moving average is $33.56 and its 200 day simple moving average is $31.34. The firm has a market capitalization of $1.57 billion, a PE ratio of 14.84 and a beta of 2.06. PROG (NYSE:PRG – Get Free Report) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. The company had revenue of $641.87 million for the quarter, compared to the consensus estimate of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. On average, analysts anticipate that PROG Holdings, Inc. will post 3 EPS for the current fiscal year. PROG Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 28th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, May 24th. This represents a $0.48 annualized dividend and a dividend yield of 1.32%. PROG’s dividend payout ratio (DPR) is presently 19.59%. Analyst Ratings Changes PRG has been the subject of a number of analyst reports. TD Cowen boosted their price target on PROG from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Loop Capital boosted their target price on shares of PROG from $31.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, April 25th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.60. Read Our Latest Analysis on PROG About PROG (Free Report) 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.
