Bank of America Corp DE Acquires 23,536 Shares of PROG Holdings, Inc. (NYSE:PRG)

Bank of America Corp DE increased its holdings in shares of PROG Holdings, Inc. (NYSE:PRG - Free Report) by 19.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 144,466 shares of the company's stock after buying an additional 23,536 shares during the quarter. Bank of America Corp DE owned about 0.35% of PROG worth $6,105,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new position in shares of PROG in the 4th quarter worth about $4,577,000. Proficio Capital Partners LLC purchased a new stake in shares of PROG during the 4th quarter valued at about $527,000. Smartleaf Asset Management LLC raised its holdings in shares of PROG by 141.1% during the 4th 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. Bank of New York Mellon Corp raised its holdings in shares of PROG by 9.9% during the 4th quarter. Bank of New York Mellon Corp now owns 377,448 shares of the company's stock valued at $15,951,000 after buying an additional 34,020 shares during the period. Finally, Great Lakes Advisors LLC raised its holdings in shares of PROG by 170.7% during the 4th quarter. Great Lakes Advisors LLC now owns 248,964 shares of the company's stock valued at $10,521,000 after buying an additional 157,006 shares during the period. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

PROG Trading Down 0.9%

Shares of PROG stock traded down $0.26 on Friday, reaching $28.84. 481,573 shares of the company were exchanged, compared to its average volume of 475,554. The stock has a fifty day moving average price of $27.08 and a 200-day moving average price of $35.35. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 6.35 and a beta of 1.81. 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 fifty-two week low of $23.50 and a fifty-two week high of $50.28.

PROG (NYSE:PRG - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $0.08. The company had revenue of $684.09 million for 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%. PROG's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 earnings per share. On average, analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders 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 yield of 1.80%. PROG's dividend payout ratio (DPR) is 10.66%.

Insider Activity at PROG

In other PROG news, CFO Brian Garner purchased 3,500 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven A. Michaels purchased 14,000 shares of the stock in a transaction on Monday, May 12th. The shares were acquired at an average cost of $29.03 per share, for a total transaction of $406,420.00. Following the transaction, the chief executive officer now owns 559,641 shares of the company's stock, valued at approximately $16,246,378.23. The trade was a 2.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.21% of the company's stock.

About PROG

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.