Balyasny Asset Management L.P. Has $1.61 Million Stock Holdings in PROG Holdings, Inc. (NYSE:PRG)

Balyasny Asset Management L.P. raised its stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 155.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,130 shares of the company's stock after buying an additional 23,197 shares during the period. Balyasny Asset Management L.P. owned approximately 0.09% of PROG worth $1,611,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. LPL Financial LLC grew its holdings in PROG by 2.4% during the 4th quarter. LPL Financial LLC now owns 19,719 shares of the company's stock worth $833,000 after acquiring an additional 458 shares in the last quarter. Comerica Bank raised its holdings in shares of PROG by 1.2% during the fourth quarter. Comerica Bank now owns 39,029 shares of the company's stock valued at $1,649,000 after acquiring an additional 473 shares during the period. HB Wealth Management LLC increased its stake in PROG by 4.1% in the 4th quarter. HB Wealth Management LLC now owns 16,176 shares of the company's stock valued at $684,000 after buying an additional 631 shares during the period. Wedge Capital Management L L P NC boosted its holdings in shares of 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 worth $3,130,000 after buying 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 last quarter. 97.92% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Brian Garner bought 3,500 shares of PROG stock in a transaction that occurred on Tuesday, May 13th. The shares were purchased at an average price of $28.93 per share, with a total value of $101,255.00. Following the purchase, the chief financial officer now owns 132,597 shares in the company, valued at $3,836,031.21. This represents a 2.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steven A. Michaels purchased 14,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was acquired at an average price of $29.03 per share, with a total value of $406,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 559,641 shares in the company, valued at $16,246,378.23. The trade was a 2.57% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 29,150 shares of company stock valued at $852,692 in the last ninety days. Insiders own 3.21% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Jefferies Financial Group lowered shares of PROG from a "buy" rating to a "hold" rating and reduced their target price for the company from $58.00 to $29.00 in a research note on Wednesday, February 26th. Loop Capital reduced their target price on shares of PROG from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Finally, KeyCorp lowered 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. 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.83.

PROG Price Performance

PROG stock traded up $0.05 during midday trading on Friday, reaching $30.10. 558,118 shares of the stock traded hands, compared to its average volume of 469,960. PROG Holdings, Inc. has a 12 month low of $23.50 and a 12 month high of $50.28. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.21 billion, a P/E ratio of 6.63 and a beta of 1.81. The stock's fifty day moving average is $26.67 and its 200-day moving average is $36.54.

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

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors 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 1.73%. The ex-dividend date is Tuesday, May 20th. PROG's payout ratio is currently 10.66%.

PROG 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.