Bank of New York Mellon Corp Decreases Stock Position in Aaron’s Holdings Company, Inc. (NYSE:PRG)

Bank of New York Mellon Corp cut its position in Aaron’s Holdings Company, Inc. (NYSE:PRG) by 6.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 354,265 shares of the company’s stock after selling 23,183 shares during the quarter. Bank of New York Mellon Corp owned 0.87% of Aaron’s worth $9,423,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Summit Securities Group LLC bought a new position in Aaron’s during the 4th quarter valued at $38,000. Sterling Capital Management LLC boosted its stake in Aaron’s by 765.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,082 shares of the company’s stock valued at $46,000 after acquiring an additional 957 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Aaron’s by 248.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company’s stock valued at $57,000 after acquiring an additional 977 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in Aaron’s during the 4th quarter valued at $68,000. Finally, Diversified Trust Co boosted its stake in Aaron’s by 7.2% during the 1st quarter. Diversified Trust Co now owns 8,647 shares of the company’s stock valued at $230,000 after acquiring an additional 583 shares during the last quarter. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PRG. BTIG Research downgraded shares of Aaron’s from a “neutral” rating to a “sell” rating and set a $24.00 price objective for the company. in a research report on Monday, July 14th. KeyCorp dropped their price objective on shares of Aaron’s from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Finally, Loop Capital dropped their price objective on shares of Aaron’s from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Aaron’s has a consensus rating of “Moderate Buy” and a consensus price target of $41.86.

Aaron’s Stock Down 1.2%

PRG opened at $28.25 on Tuesday. Aaron’s Holdings Company, Inc. has a fifty-two week low of $23.50 and a fifty-two week high of $50.28. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.98 and a quick ratio of 2.35. The firm’s fifty day moving average price is $29.22 and its two-hundred day moving average price is $31.30. The company has a market capitalization of $1.14 billion, a P/E ratio of 5.79 and a beta of 1.76.

Aaron’s (NYSE:PRG) last issued its earnings results on Wednesday, April 23rd. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.82 by $0.08. Aaron’s had a net margin of 8.38% and a return on equity of 23.11%. The company had revenue of $684.09 million for the quarter, compared to the consensus estimate of $678.23 million. During the same quarter in the previous year, the company earned $0.91 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, analysts anticipate that Aaron’s Holdings Company, Inc. will post 3.45 EPS for the current year.

Aaron’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 20th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date was Tuesday, May 20th. Aaron’s’s dividend payout ratio is currently 10.66%.

Insider Transactions at Aaron’s

In other Aaron’s news, CFO Brian Garner bought 3,500 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were bought at an average cost of $28.93 per share, for a total transaction of $101,255.00. Following the transaction, the chief financial officer owned 132,597 shares in the company, valued at approximately $3,836,031.21. This trade represents a 2.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steven A. Michaels bought 14,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were acquired at an average price of $29.03 per share, for a total transaction of $406,420.00. Following the completion of the transaction, the chief executive officer owned 559,641 shares in the company, valued at approximately $16,246,378.23. This trade represents a 2.57% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.21% of the company’s stock.

Aaron’s 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.