PROG (NYSE:PRG) Shares Gap Up Following Insider Buying Activity

PROG Holdings, Inc. (NYSE:PRG) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $28.48, but opened at $29.77. PROG shares last traded at $29.42, with a volume of 39,357 shares.

Specifically, Director Douglas C. Curling acquired 10,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was acquired at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the transaction, the director now directly owns 45,913 shares in the company, valued at $1,371,880.44. This trade represents a 27.85 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. TD Cowen raised PROG to a “strong-buy” rating in a report on Friday, November 29th. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and dropped their price objective for the company from $58.00 to $29.00 in a report on Wednesday. Finally, Stephens reissued an “overweight” rating and issued a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. Two 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 stock. Based on data from MarketBeat.com, PROG currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

PROG Price Performance

The firm’s fifty day moving average price is $40.85 and its 200-day moving average price is $44.58. The stock has a market cap of $1.15 billion, a P/E ratio of 6.10 and a beta of 2.18. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99.

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. The business had revenue of $623.30 million during the quarter, compared to analyst estimates of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. PROG’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the business posted $0.72 earnings per share. Analysts forecast that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be given a dividend of $0.13 per share. This is a boost from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 1.88%. PROG’s dividend payout ratio (DPR) is 10.57%.

Institutional Investors Weigh In On PROG

Large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp raised its holdings in PROG by 170.3% in the 4th quarter. Mackenzie Financial Corp now owns 29,706 shares of the company’s stock worth $1,255,000 after purchasing an additional 18,715 shares during the period. Castleark Management LLC bought a new position in shares of PROG during the 4th quarter valued at about $4,416,000. PharVision Advisers LLC bought a new position in shares of PROG during the 4th quarter valued at approximately $288,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of PROG by 17.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 123,881 shares of the company’s stock worth $5,235,000 after buying an additional 18,760 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its stake in PROG by 11.7% during the fourth quarter. Voloridge Investment Management LLC now owns 257,141 shares of the company’s stock worth $10,867,000 after acquiring an additional 26,964 shares during the last quarter. Institutional investors own 97.92% of the company’s stock.

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.