PROG Holdings, Inc. (NYSE:PRG) Holdings Reduced by Millennium Management LLC

Millennium Management LLC cut its stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 12.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 413,775 shares of the company's stock after selling 58,251 shares during the period. Millennium Management LLC owned approximately 1.00% of PROG worth $17,486,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Proficio Capital Partners LLC bought a new stake in PROG during the fourth quarter worth approximately $527,000. BNP Paribas Financial Markets purchased a new stake in PROG in the 4th quarter worth approximately $4,577,000. Smartleaf Asset Management LLC lifted its position in PROG by 141.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock worth $51,000 after buying an additional 707 shares in the last quarter. 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 purchasing an additional 34,020 shares in the last quarter. 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 purchasing an additional 157,006 shares in the last quarter. 97.92% of the stock is currently owned by institutional investors.

PROG Trading Down 2.4%

Shares of PRG stock opened at $28.86 on Thursday. PROG Holdings, Inc. has a 12-month low of $23.50 and a 12-month high of $50.28. The company has a market capitalization of $1.16 billion, a P/E ratio of 6.36 and a beta of 1.81. The firm has a 50-day moving average price of $26.85 and a 200 day moving average price of $36.35. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99.

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

PROG Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 20th will be paid a dividend of $0.13 per share. The ex-dividend date is Tuesday, May 20th. This represents a $0.52 annualized dividend and a dividend yield of 1.80%. PROG's dividend payout ratio (DPR) is currently 10.66%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PRG shares. KeyCorp cut their price target on shares of PROG from $50.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Loop Capital decreased their price target 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. Finally, Jefferies Financial Group lowered shares of PROG from a "buy" rating to a "hold" rating and decreased their target price for the company 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 assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $44.83.

Insider Activity

In other news, Director Douglas C. Curling bought 10,000 shares of the business's stock in a transaction on Friday, February 21st. The shares were bought at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the acquisition, the director now owns 45,913 shares in the company, valued at approximately $1,371,880.44. This trade represents a 27.85% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steven A. Michaels bought 14,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was purchased at an average price of $29.03 per share, for a total transaction of $406,420.00. Following the completion of the acquisition, the chief executive officer now owns 559,641 shares of the company's stock, valued at approximately $16,246,378.23. This trade represents a 2.57% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 29,150 shares of company stock valued at $852,692 over the last three months. 3.21% of the stock is owned by insiders.

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.

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