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

Ameriprise Financial Inc. cut its stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent disclosure 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. owned about 1.61% of PROG worth $28,328,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in PROG during the fourth quarter valued at $38,000. Sterling Capital Management LLC boosted its stake in PROG by 765.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,082 shares of the company's stock valued at $46,000 after buying an additional 957 shares during the period. Smartleaf Asset Management LLC boosted its stake in PROG by 141.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock valued at $51,000 after buying an additional 707 shares during the period. CIBC Private Wealth Group LLC boosted its stake in PROG by 248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company's stock valued at $57,000 after buying an additional 977 shares during the period. Finally, New Age Alpha Advisors LLC bought a new stake in PROG during the fourth quarter valued at $68,000. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PROG

In other PROG news, Director Douglas C. Curling purchased 10,000 shares of PROG stock in a transaction that occurred on Friday, February 21st. The shares were bought at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the acquisition, the director now directly owns 45,913 shares in the company, valued at approximately $1,371,880.44. This trade represents a 27.85% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Garner purchased 3,500 shares of PROG stock in a transaction that occurred on Tuesday, May 13th. The shares were acquired at an average price of $28.93 per share, for a total transaction of $101,255.00. Following the acquisition, the chief financial officer now owns 132,597 shares in the company, valued at $3,836,031.21. This trade represents a 2.71% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 29,150 shares of company stock worth $852,692 in the last 90 days. Company insiders own 3.21% of the company's stock.

PROG Price Performance

PRG stock traded up $0.05 during mid-day trading on Friday, hitting $30.10. 558,118 shares of the stock were exchanged, compared to its average volume of 469,354. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. The business has a fifty day moving average price of $26.67 and a 200 day moving average price of $36.64. PROG Holdings, Inc. has a 12 month low of $23.50 and a 12 month high of $50.28. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 6.63 and a beta of 1.81.

PROG (NYSE:PRG - Get Free Report) last issued its quarterly 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 firm 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 was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 earnings per share. On average, sell-side analysts anticipate that PROG Holdings, Inc. will post 3.45 EPS for the current year.

PROG Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 20th will be issued a $0.13 dividend. The ex-dividend date is Tuesday, May 20th. This represents a $0.52 annualized dividend and a dividend yield of 1.73%. PROG's dividend payout ratio is currently 10.66%.

Analysts Set New Price Targets

Several research firms recently issued reports on PRG. KeyCorp dropped their price objective on PROG from $50.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Loop Capital dropped their price objective on PROG from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Finally, Jefferies Financial Group lowered PROG from a "buy" rating to a "hold" rating and dropped their price target for the stock from $58.00 to $29.00 in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, PROG currently has a consensus rating of "Moderate Buy" and an average target price of $44.83.

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.