Bank of New York Mellon Corp Makes New Investment in PROG Holdings, Inc $PRG

Bank of New York Mellon Corp purchased a new stake in PROG Holdings, Inc (NYSE:PRG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 670,015 shares of the fintech holding company's stock, valued at approximately $31,229,000. Bank of New York Mellon Corp owned approximately 1.67% of PROG as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP boosted its position in shares of PROG by 82.8% in the 4th quarter. Quarry LP now owns 1,117 shares of the fintech holding company's stock valued at $33,000 after purchasing an additional 506 shares during the period. Global Assets Advisory LLC acquired a new stake in shares of PROG in the first quarter worth about $38,000. Federation des caisses Desjardins du Quebec acquired a new stake in PROG in the 4th quarter worth approximately $44,000. WealthCollab LLC boosted its holdings in shares of PROG by 61.9% during the 2nd quarter. WealthCollab LLC now owns 2,092 shares of the fintech holding company's stock worth $61,000 after buying an additional 800 shares during the period. Finally, Strs Ohio acquired a new stake in shares of PROG in the first quarter valued at about $129,000. Institutional investors and hedge funds own 97.92% of the company's stock.

Insiders Place Their Bets

In other PROG news, insider Michael Todd King sold 1,070 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $46.00, for a total value of $49,220.00. Following the transaction, the insider directly owned 60,825 shares of the company's stock, valued at $2,797,950. This represents a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO George M. Sewell sold 2,000 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $45.53, for a total transaction of $91,060.00. Following the transaction, the chief accounting officer directly owned 28,385 shares in the company, valued at approximately $1,292,369.05. This represents a 6.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 4,000 shares of company stock valued at $183,060. Company insiders own 3.72% of the company's stock.

PROG Stock Down 1.2%

Shares of PROG stock opened at $39.19 on Friday. The company has a market capitalization of $1.56 billion, a P/E ratio of 10.83 and a beta of 1.79. The company has a debt-to-equity ratio of 1.10, a current ratio of 4.03 and a quick ratio of 2.29. The business has a 50-day moving average of $43.19 and a two-hundred day moving average of $36.70. PROG Holdings, Inc has a 1 year low of $25.80 and a 1 year high of $47.73.

PROG (NYSE:PRG - Get Free Report) last announced its earnings results on Wednesday, July 29th. The fintech holding company reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.24. PROG had a net margin of 5.57% and a return on equity of 21.88%. The firm had revenue of $719.72 million during the quarter, compared to analyst estimates of $713.50 million. PROG has set its Q3 2026 guidance at 1.000-1.200 EPS and its FY 2026 guidance at 4.750-5.000 EPS. As a group, equities analysts predict that PROG Holdings, Inc will post 4.95 EPS for the current year.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 18th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, August 18th. PROG's payout ratio is currently 15.47%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PRG shares. KeyCorp upped their target price on shares of PROG from $45.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. B. Riley Financial increased their price objective on shares of PROG from $57.00 to $64.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings upgraded shares of PROG from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, June 24th. Wall Street Zen cut PROG from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Zacks Research upgraded PROG from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $49.44.

About PROG

PROG Holdings, Inc, formerly known as Aaron’s, is a North American provider of lease-to-own and consumer finance solutions. The company operates through two primary segments: Aaron’s Business Solutions and Progressive Financial Services. Through Aaron’s Business Solutions, PROG offers customers access to furniture, electronics, home appliances and technology products via lease ownership arrangements, serving both individual consumers and small businesses.

The Progressive Financial Services segment provides lease-purchase and retail point-of-sale financing programs to customers with limited credit histories.

Want to see what other hedge funds are holding PRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PROG Holdings, Inc (NYSE:PRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source