Ameriprise Financial Inc. Trims Position in PROG Holdings, Inc. (NYSE:PRG)

Ameriprise Financial Inc. decreased its position in shares of PROG Holdings, Inc. (NYSE:PRG) by 3.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 670,325 shares of the company’s stock after selling 22,679 shares during the quarter. Ameriprise Financial Inc.’s holdings in PROG were worth $28,328,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. LPL Financial LLC raised its holdings in PROG by 2.4% during the fourth quarter. LPL Financial LLC now owns 19,719 shares of the company’s stock valued at $833,000 after acquiring an additional 458 shares during the period. Comerica Bank grew its position in shares of 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 purchasing an additional 473 shares in the last quarter. HB Wealth Management LLC grew its position in shares of PROG by 4.1% during the fourth quarter. HB Wealth Management LLC now owns 16,176 shares of the company’s stock worth $684,000 after purchasing an additional 631 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in PROG by 0.9% during the 4th quarter. Wedge Capital Management L L P NC now owns 74,075 shares of the company’s stock valued at $3,130,000 after purchasing an additional 658 shares during the period. Finally, KBC Group NV raised its stake in PROG by 53.9% during the 4th quarter. KBC Group NV now owns 2,015 shares of the company’s stock valued at $85,000 after purchasing an additional 706 shares during the period. Institutional investors own 97.92% of the company’s stock.

Insider Buying and Selling at PROG

In other PROG news, Director Caroline Sio-Chin Sheu purchased 1,650 shares of PROG stock in a transaction dated Wednesday, February 26th. The shares were purchased at an average cost of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the acquisition, the director now owns 18,291 shares in the company, valued at $512,330.91. This represents a 9.92% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Douglas C. Curling acquired 10,000 shares of the business’s stock in a transaction 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. The trade was a 27.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.21% of the company’s stock.

Analyst Ratings Changes

PRG has been the subject of several recent analyst reports. KeyCorp dropped their price target on PROG from $50.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Jefferies Financial Group cut shares of PROG from a “buy” rating to a “hold” rating and cut their target price for the company from $58.00 to $29.00 in a research note on Wednesday, February 26th. Finally, Loop Capital decreased their price target on shares of PROG from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, PROG has a consensus rating of “Moderate Buy” and an average target price of $44.83.

PROG Trading Up 0.5%

PRG opened at $28.96 on Wednesday. The stock has a 50-day moving average of $26.54 and a 200 day moving average of $36.88. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. PROG Holdings, Inc. has a 12 month low of $23.50 and a 12 month high of $50.28. The firm has a market cap of $1.17 billion, a P/E ratio of 6.38 and a beta of 1.81.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.08. The business had revenue of $684.09 million during the quarter, compared to analyst estimates of $678.23 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. As a group, research analysts forecast that PROG Holdings, Inc. will post 3.45 EPS for the current year.

PROG Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 20th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.80%. The ex-dividend date is Tuesday, May 20th. PROG’s payout ratio is 10.66%.

PROG Company 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.