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

Wedge Capital Management L L P NC grew its stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 41.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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.

Several other large investors also recently modified their holdings of PRG. KBC Group NV raised its position in shares of PROG by 53.9% in the fourth quarter. KBC Group NV now owns 2,015 shares of the company's stock valued at $85,000 after purchasing an additional 706 shares during the period. Life Planning Partners Inc bought a new position in shares of PROG in the fourth quarter valued at about $1,235,000. Blue Trust Inc. raised its position in shares of PROG by 38.6% in the fourth quarter. Blue Trust Inc. now owns 3,691 shares of the company's stock valued at $156,000 after purchasing an additional 1,027 shares during the period. Principal Financial Group Inc. raised its position in shares of PROG by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 201,644 shares of the company's stock valued at $8,521,000 after purchasing an additional 2,015 shares during the period. Finally, New York State Common Retirement Fund raised its position in shares of PROG by 3.0% in the fourth quarter. New York State Common Retirement Fund now owns 187,300 shares of the company's stock valued at $7,915,000 after purchasing an additional 5,453 shares during the period. 97.92% of the stock is owned by institutional investors.

PROG Price Performance

PROG stock traded down $1.38 during trading hours on Friday, reaching $28.56. 457,800 shares of the stock were exchanged, compared to its average volume of 477,256. The company has a market cap of $1.15 billion, a P/E ratio of 6.29 and a beta of 1.79. 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 twelve month low of $23.50 and a twelve month high of $50.28. The stock has a 50 day moving average of $27.58 and a two-hundred day moving average of $34.32.

PROG (NYSE:PRG - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $684.09 million for the quarter, compared to the consensus estimate of $678.23 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The business's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. Equities analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 20th were paid a $0.13 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.82%. PROG's payout ratio is currently 10.66%.

Insider Activity

In related news, CEO Steven A. Michaels purchased 14,000 shares of PROG stock in a transaction dated Monday, May 12th. The shares were 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 approximately $16,246,378.23. This trade represents a 2.57% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian Garner purchased 3,500 shares of PROG stock in a transaction dated Tuesday, May 13th. The stock was bought at an average price of $28.93 per share, for a total transaction of $101,255.00. Following the completion of the purchase, the chief financial officer now owns 132,597 shares in the company, valued at $3,836,031.21. This represents a 2.71% increase in their position. The disclosure for this purchase can be found here. 3.21% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PRG has been the topic of a number of recent research reports. KeyCorp lowered their price target on shares of PROG from $50.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Jefferies Financial Group lowered shares of PROG from a "buy" rating to a "hold" rating and lowered their price target for the stock from $58.00 to $29.00 in a research report on Wednesday, February 26th. Finally, Loop Capital lowered 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. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price 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.