PROG (NYSE:PRG) Share Price Crosses Above Fifty Day Moving Average After Analyst Downgrade

Key Points

• PROG shares rose above their 50-day moving average, reaching $34.81 and closing near $34.66 after Weiss Ratings upgraded its assessment from “hold” to “hold+.”
• Analyst sentiment remains moderately positive: seven analysts rate PROG a Buy and three rate it a Hold, with a consensus price target of $47.38 versus the recent share price.
• PROG’s latest quarterly results fell slightly short of expectations, reporting $1.06 in EPS and $725.78 million in revenue; the company maintains a quarterly dividend of $0.14 per share, yielding about 1.6% annually.

PROG Holdings, Inc (NYSE:PRG - Get Free Report) passed above its 50 day moving average during trading on Friday after Weiss Ratings upgraded the stock from a hold (c) rating to a hold (c+) rating. The stock has a 50 day moving average of $34.03 and traded as high as $34.81. PROG shares last traded at $34.66, with a volume of 1,009,505 shares.

PRG has been the topic of a number of other research reports. Wall Street Zen cut PROG from a "strong-buy" rating to a "buy" rating in a research report on Sunday, September 6th. B. Riley Financial upped their price target on shares of PROG from $57.00 to $64.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Jefferies Financial Group dropped their target price on shares of PROG from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, October 7th. Zacks Research cut PROG from a "strong-buy" rating to a "hold" rating in a report on Monday, September 28th. Finally, Loop Capital raised shares of PROG from a "hold" rating to a "buy" rating and set a $45.00 target price on the stock in a report on Thursday, October 8th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.38.

Insider Activity at PROG

In other news, insider Michael King sold 1,070 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $46.00, for a total value of $49,220.00. Following the transaction, the insider directly owned 60,825 shares in the company, valued at $2,797,950. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO George M. Sewell sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $45.53, for a total transaction of $91,060.00. Following the sale, the chief accounting officer directly owned 28,385 shares of the company's stock, valued at approximately $1,292,369.05. This represents a 6.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,000 shares of company stock valued at $183,060 over the last three months. 3.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PROG

A number of large investors have recently made changes to their positions in the company. Vise Technologies Inc. purchased a new stake in shares of PROG during the third quarter valued at $354,000. State of Wyoming grew its position in shares of PROG by 19.7% during the 3rd quarter. State of Wyoming now owns 10,028 shares of the fintech holding company's stock worth $310,000 after buying an additional 1,647 shares in the last quarter. BOKF NA grew its position in shares of PROG by 3.2% during the 3rd quarter. BOKF NA now owns 14,490 shares of the fintech holding company's stock worth $448,000 after buying an additional 445 shares in the last quarter. Signaturefd LLC grew its position in shares of PROG by 64.6% during the 3rd quarter. Signaturefd LLC now owns 4,475 shares of the fintech holding company's stock worth $138,000 after buying an additional 1,757 shares in the last quarter. Finally, Sterling Capital Management LLC increased its stake in shares of PROG by 99.2% during the third quarter. Sterling Capital Management LLC now owns 1,006 shares of the fintech holding company's stock valued at $31,000 after buying an additional 501 shares during the period. 97.92% of the stock is owned by hedge funds and other institutional investors.

PROG Stock Performance

The company has a quick ratio of 2.29, a current ratio of 3.81 and a debt-to-equity ratio of 1.07. The firm has a 50 day moving average price of $34.03 and a 200 day moving average price of $35.63. The stock has a market cap of $1.38 billion, a PE ratio of 9.34 and a beta of 1.78.

PROG (NYSE:PRG - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The fintech holding company reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates of $1.09 by ($0.03). PROG had a return on equity of 22.01% and a net margin of 5.46%. The business had revenue of $725.78 million during the quarter, compared to analysts' expectations of $735.28 million. As a group, research analysts forecast that PROG Holdings, Inc will post 4.76 earnings per share for the current year.

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 18th were paid a dividend of $0.14 per share. The ex-dividend date was Tuesday, August 18th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.6%. PROG's dividend payout ratio (DPR) is currently 15.09%.

About PROG

PROG Holdings, Inc is a financial technology company that provides consumer payment and lease-to-own solutions through its operating businesses. Its services are designed to help consumers acquire household goods and other merchandise through retail stores, e-commerce websites and other merchant channels.

The company's primary business is Progressive Leasing, a lease-to-own provider that gives consumers an alternative to traditional credit when purchasing products such as furniture, appliances, electronics, mattresses and other household merchandise.

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