Rhumbline Advisers lessened its position in PROG Holdings, Inc. (NYSE:PRG – Free Report) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 117,919 shares of the company’s stock after selling 7,534 shares during the quarter. Rhumbline Advisers’ holdings in PROG were worth $3,137,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in PROG by 2.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company’s stock worth $980,000 after buying an additional 446 shares in the last quarter. LPL Financial LLC lifted its position in PROG by 2.4% during the fourth quarter. LPL Financial LLC now owns 19,719 shares of the company’s stock worth $833,000 after buying an additional 458 shares in the last quarter. Comerica Bank lifted its position in PROG by 1.2% during the fourth quarter. Comerica Bank now owns 39,029 shares of the company’s stock worth $1,649,000 after buying an additional 473 shares in the last quarter. State of Wyoming lifted its position in PROG by 10.9% during the fourth quarter. State of Wyoming now owns 5,694 shares of the company’s stock worth $241,000 after buying an additional 560 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in PROG by 141.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock worth $51,000 after buying an additional 707 shares in the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.
Insiders Place Their Bets
In other news, CEO Steven A. Michaels acquired 14,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was acquired at an average cost of $29.03 per share, with a total value of $406,420.00. Following the completion of the purchase, the chief executive officer now owns 559,641 shares of the company’s stock, valued at $16,246,378.23. This represents a 2.57% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brian Garner acquired 3,500 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was purchased at an average cost of $28.93 per share, with a total value of $101,255.00. Following the completion of the purchase, the chief financial officer now directly owns 132,597 shares of the company’s stock, valued at approximately $3,836,031.21. This represents a 2.71% increase in their position. The disclosure for this purchase can be found here. 3.21% of the stock is owned by insiders.
PROG Price Performance
PROG (NYSE:PRG – Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.08. The company had revenue of $684.09 million during the quarter, compared to analysts’ expectations of $678.23 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. As a group, research analysts anticipate that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.
PROG Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 20th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $0.52 annualized dividend and a yield of 1.82%. PROG’s dividend payout ratio (DPR) is 10.66%.
Wall Street Analyst Weigh In
PRG has been the topic of a number of analyst reports. Loop Capital reduced their price objective on PROG from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Jefferies Financial Group downgraded PROG from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $58.00 to $29.00 in a research report on Wednesday, February 26th. Finally, KeyCorp reduced their price objective on PROG from $50.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $44.83.
View Our Latest Research Report on PROG
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.
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