Wedge Capital Management L L P NC Has $2.80 Million Stake in PROG Holdings, Inc. (NYSE:PRG)

Wedge Capital Management L L P NC grew its position in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 41.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 105,148 shares of the company's stock after purchasing an additional 31,073 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.26% of PROG worth $2,797,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BNP Paribas Financial Markets acquired a new position in PROG in the 4th quarter valued at $4,577,000. Bank of America Corp DE boosted its holdings in PROG by 19.5% during the fourth quarter. Bank of America Corp DE now owns 144,466 shares of the company's stock valued at $6,105,000 after acquiring an additional 23,536 shares during the period. Nuveen Asset Management LLC grew its position in shares of PROG by 5.6% in the fourth quarter. Nuveen Asset Management LLC now owns 354,918 shares of the company's stock valued at $14,999,000 after purchasing an additional 18,843 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of PROG in the fourth quarter worth about $527,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of PROG in the fourth quarter worth about $1,845,000. Institutional investors own 97.92% of the company's stock.

PROG Stock Performance

Shares of NYSE:PRG traded down $0.94 during trading on Friday, hitting $29.00. 48,249 shares of the stock were exchanged, compared to its average volume of 475,800. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 6.39 and a beta of 1.79. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. PROG Holdings, Inc. has a 1-year low of $23.50 and a 1-year high of $50.28. The company's fifty day simple moving average is $27.58 and its 200-day simple moving average is $34.32.

PROG (NYSE:PRG - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.90 EPS for the quarter, topping 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 last year, the business earned $0.91 earnings per share. PROG's quarterly revenue was up 6.6% compared to the same quarter last year. Sell-side analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 20th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.79%. The ex-dividend date was Tuesday, May 20th. PROG's dividend payout ratio (DPR) is presently 10.66%.

Insider Buying and Selling

In related news, CFO Brian Garner bought 3,500 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was acquired at an average cost of $28.93 per share, with a total value of $101,255.00. Following the acquisition, the chief financial officer now owns 132,597 shares in the company, valued at approximately $3,836,031.21. This represents a 2.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven A. Michaels purchased 14,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was bought 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 $16,246,378.23. This represents a 2.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.21% of the company's stock.

Wall Street Analyst Weigh In

PRG has been the subject of several recent analyst reports. Loop Capital lowered their target price on PROG from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. KeyCorp lowered their price objective 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, Jefferies Financial Group cut shares of PROG from a "buy" rating to a "hold" rating and cut their target price for the company from $58.00 to $29.00 in a research note on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus 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.