Northern Trust Corp Has $21.89 Million Stock Holdings in PROG Holdings, Inc. (NYSE:PRG)

Northern Trust Corp boosted its stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 517,984 shares of the company's stock after purchasing an additional 33,991 shares during the period. Northern Trust Corp owned approximately 1.25% of PROG worth $21,890,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new stake in PROG in the fourth quarter valued at approximately $38,000. Sterling Capital Management LLC boosted its stake in shares of PROG by 765.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,082 shares of the company's stock valued at $46,000 after purchasing an additional 957 shares during the period. Smartleaf Asset Management LLC grew its holdings in PROG by 141.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock valued at $51,000 after purchasing an additional 707 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in PROG by 248.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company's stock valued at $57,000 after purchasing an additional 977 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new stake in PROG during the 4th quarter worth $68,000. 97.92% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at PROG

In other news, Director Caroline Sio-Chin Sheu bought 1,650 shares of PROG stock in a transaction on Wednesday, February 26th. The stock was purchased at an average cost 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. This trade represents a 9.92% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steven A. Michaels acquired 14,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was acquired at an average cost of $29.03 per share, with a total value of $406,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 559,641 shares in the company, valued at approximately $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. Insiders acquired a total of 29,150 shares of company stock valued at $852,692 in the last quarter. Insiders own 3.21% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PRG. KeyCorp decreased their price objective on shares of PROG from $50.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group lowered PROG from a "buy" rating to a "hold" rating and lowered their price objective for the company from $58.00 to $29.00 in a research note on Wednesday, February 26th. Finally, Loop Capital cut their target price on PROG from $45.00 to $40.00 and set a "buy" rating on the stock in a research report 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $44.83.

PROG Stock Up 0.2%

NYSE PRG traded up $0.05 on Friday, hitting $30.10. 558,118 shares of the stock traded hands, compared to its average volume of 468,142. 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 stock has a 50-day moving average of $26.61 and a 200 day moving average of $36.73. PROG Holdings, Inc. has a twelve month low of $23.50 and a twelve month high of $50.28. The company has a market capitalization of $1.21 billion, a P/E ratio of 6.63 and a beta of 1.81.

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

PROG Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Tuesday, May 20th. PROG's dividend payout ratio is presently 10.66%.

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.