PROG Holdings, Inc. (NYSE:PRG) CEO Steven A. Michaels Sells 27,324 Shares of Stock

PROG Holdings, Inc. (NYSE:PRG) CEO Steven A. Michaels sold 27,324 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.19, for a total value of $1,289,419.56. Following the completion of the transaction, the chief executive officer now owns 409,209 shares of the company’s stock, valued at $19,310,572.71. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

PROG Stock Performance

Shares of PRG opened at $48.24 on Wednesday. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. The firm’s fifty day simple moving average is $46.76 and its two-hundred day simple moving average is $40.94. PROG Holdings, Inc. has a 12 month low of $26.39 and a 12 month high of $50.28. The stock has a market capitalization of $2.00 billion, a P/E ratio of 13.36 and a beta of 2.11.

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

PROG Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend is Tuesday, November 19th. PROG’s dividend payout ratio is presently 13.30%.

Institutional Investors Weigh In On PROG

Several hedge funds and other institutional investors have recently bought and sold shares of PRG. Whittier Trust Co. bought a new stake in PROG in the 3rd quarter valued at about $26,000. Financial Management Professionals Inc. acquired a new stake in PROG in the third quarter valued at approximately $33,000. GAMMA Investing LLC increased its holdings in shares of PROG by 72.0% during the third quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after acquiring an additional 337 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of PROG during the second quarter worth approximately $47,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of PROG in the 1st quarter worth $59,000. 97.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. TD Cowen lifted their target price on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Jefferies Financial Group boosted their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Thursday, October 24th. Loop Capital raised PROG from a “hold” rating to a “buy” rating and lifted their target price for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Finally, KeyCorp increased their price target on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.60.

About PROG

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.