Deutsche Bank AG Trims Position in PROG Holdings, Inc. (NYSE:PRG)

Deutsche Bank AG lowered its stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 17.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 154,552 shares of the company's stock after selling 33,790 shares during the quarter. Deutsche Bank AG owned 0.37% of PROG worth $6,531,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Summit Securities Group LLC bought a new position in shares of PROG in the fourth quarter worth approximately $38,000. Sterling Capital Management LLC boosted its position in PROG by 765.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,082 shares of the company's stock valued at $46,000 after buying an additional 957 shares during the period. Smartleaf Asset Management LLC grew its holdings 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 acquiring an additional 707 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of PROG by 248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company's stock valued at $57,000 after acquiring an additional 977 shares during the period. Finally, New Age Alpha Advisors LLC bought a new position in PROG during the 4th quarter valued at approximately $68,000. Institutional investors own 97.92% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Jefferies Financial Group cut shares of PROG from a "buy" rating to a "hold" rating and cut their price target for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. KeyCorp cut their target price on shares of PROG from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Finally, Loop Capital decreased their price target on shares of PROG from $45.00 to $40.00 and set a "buy" 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 given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, PROG presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.83.

PROG Stock Down 2.4%

PROG stock traded down $0.70 on Wednesday, hitting $28.86. 729,328 shares of the stock traded hands, compared to its average volume of 472,535. PROG Holdings, Inc. has a 1 year low of $23.50 and a 1 year high of $50.28. The firm has a market cap of $1.16 billion, a P/E ratio of 6.36 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. The business's fifty day simple moving average is $26.80 and its 200 day simple moving average is $36.40.

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, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $678.23 million. During the same period in the previous year, the firm posted $0.91 EPS. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, sell-side analysts forecast that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Dividend Announcement

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

Insider Buying and Selling at PROG

In other PROG news, CEO Steven A. Michaels bought 14,000 shares of the business's 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 purchase, the chief executive officer now owns 559,641 shares in the company, valued at approximately $16,246,378.23. This trade represents a 2.57% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the firm's stock in a transaction dated Wednesday, February 26th. The stock was acquired at an average price of $28.01 per share, with a total value of $46,216.50. Following the purchase, the director now directly owns 18,291 shares of the company's stock, valued at approximately $512,330.91. The trade was a 9.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 29,150 shares of company stock worth $852,692. 3.21% of the stock is owned by corporate 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.