Bank of Montreal Can Sells 62,570 Shares of PROG Holdings, Inc. (NYSE:PRG)

Bank of Montreal Can cut its stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 92.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,747 shares of the company's stock after selling 62,570 shares during the period. Bank of Montreal Can's holdings in PROG were worth $201,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PRG. Vanguard Group Inc. raised its holdings in shares of PROG by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 4,937,208 shares of the company's stock worth $208,646,000 after acquiring an additional 76,810 shares in the last quarter. FMR LLC lifted its position in PROG by 5.5% during the 4th quarter. FMR LLC now owns 2,564,441 shares of the company's stock worth $108,373,000 after acquiring an additional 134,123 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of PROG by 36.8% during the fourth quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company's stock worth $32,951,000 after buying an additional 209,805 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of PROG by 1.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 562,539 shares of the company's stock worth $23,773,000 after acquiring an additional 9,162 shares during the period. Finally, Wellington Management Group LLP grew its stake in PROG by 1.8% during the fourth quarter. Wellington Management Group LLP now owns 421,769 shares of the company's stock worth $17,824,000 after buying an additional 7,464 shares during the last quarter. 97.92% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other PROG news, Director Douglas C. Curling bought 10,000 shares of the business's stock in a transaction on Friday, February 21st. The stock was purchased at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the purchase, the director now directly owns 45,913 shares of the company's stock, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Caroline Sio-Chin Sheu bought 1,650 shares of the stock in a transaction on Wednesday, February 26th. The shares were acquired at an average cost of $28.01 per share, with a total value of $46,216.50. Following the purchase, the director now owns 18,291 shares of the company's stock, valued at approximately $512,330.91. This represents a 9.92 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 3.21% of the company's stock.

PROG Stock Up 1.7 %

NYSE:PRG traded up $0.45 during trading hours on Thursday, reaching $26.81. 77,571 shares of the stock were exchanged, compared to its average volume of 454,777. The stock has a market cap of $1.09 billion, a PE ratio of 5.92 and a beta of 1.96. The firm has a 50 day moving average of $26.64 and a 200 day moving average of $38.12. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. PROG Holdings, Inc. has a twelve month low of $23.50 and a twelve month high of $50.28.

PROG (NYSE:PRG - Get Free Report) last issued its quarterly 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. PROG had a return on equity of 24.25% and a net margin of 8.01%. The firm had revenue of $684.09 million during the quarter, compared to analysts' expectations of $678.23 million. During the same period in the prior year, the firm posted $0.91 earnings per share. The business's quarterly revenue was up 6.6% compared to the same quarter last year. On average, equities analysts expect that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Thursday, March 13th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.94%. This is a boost from PROG's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, March 13th. PROG's dividend payout ratio is presently 10.66%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Loop Capital reduced their target price on shares of PROG from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Stephens reaffirmed an "overweight" rating and set a $60.00 price objective on shares of PROG in a report on Thursday, January 2nd. KeyCorp cut their price target on PROG from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Finally, Jefferies Financial Group lowered PROG from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $58.00 to $29.00 in a research report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $44.83.

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.