PROG (NYSE:PRG) Shares Down 7.1% - Here's What Happened

Key Points

• PROG shares fell 7.1% in mid-day trading to about $29.05, with roughly 472,332 shares changing hands.
• Analyst sentiment remains favorable overall, with six Buy ratings and four Holds, a “Moderate Buy” consensus, and an average price target of $48.19.
• PROG recently beat quarterly earnings expectations, reporting $1.19 in EPS versus $0.95 expected, while paying a $0.14 quarterly dividend, equivalent to a 1.9% annualized yield.

PROG Holdings, Inc (NYSE:PRG - Get Free Report) shares were down 7.1% during mid-day trading on Wednesday. The company traded as low as $29.22 and last traded at $29.0480. Approximately 472,332 shares traded hands during trading, a decline of 12% from the average daily volume of 535,896 shares. The stock had previously closed at $31.28.

Wall Street Analyst Weigh In

PRG has been the topic of a number of analyst reports. Jefferies Financial Group set a $50.00 target price on PROG in a research report on Wednesday. TD Cowen raised their price objective on PROG from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Weiss Ratings downgraded PROG from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday. Wall Street Zen cut PROG from a "strong-buy" rating to a "buy" rating in a research note on Sunday, September 6th. Finally, Loop Capital downgraded shares of PROG from a "buy" rating to a "hold" rating and set a $48.00 price target for the company. in a research report on Wednesday, July 1st. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $48.19.

PROG Stock Down 5.0%

The company has a debt-to-equity ratio of 1.10, a current ratio of 4.03 and a quick ratio of 2.29. The stock's fifty day simple moving average is $38.21 and its 200-day simple moving average is $36.99. The stock has a market cap of $1.18 billion, a P/E ratio of 8.21 and a beta of 1.78.

PROG (NYSE:PRG - Get Free Report) last posted its earnings results on Wednesday, July 29th. The fintech holding company reported $1.19 EPS for the quarter, beating the consensus estimate of $0.95 by $0.24. The company had revenue of $719.72 million during the quarter, compared to analyst estimates of $713.50 million. PROG had a return on equity of 21.88% and a net margin of 5.57%.PROG has set its Q3 2026 guidance at 1.000-1.200 EPS and its FY 2026 guidance at 4.750-5.000 EPS. On average, research analysts anticipate that PROG Holdings, Inc will post 4.93 earnings per share for the current year.

PROG Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 18th were given a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $0.56 annualized dividend and a yield of 1.9%. PROG's dividend payout ratio (DPR) is currently 15.47%.

Insiders Place Their Bets

In other news, insider Michael King sold 1,070 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $46.00, for a total transaction of $49,220.00. Following the completion of the transaction, the insider owned 60,825 shares of the company's stock, valued at approximately $2,797,950. The trade was a 1.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO George M. Sewell sold 2,000 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $45.53, for a total transaction of $91,060.00. Following the transaction, the chief accounting officer owned 28,385 shares of the company's stock, valued at $1,292,369.05. This represents a 6.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,000 shares of company stock worth $183,060 over the last quarter. 3.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PROG

Several hedge funds and other institutional investors have recently made changes to their positions in PRG. Cim Investment Management Inc. bought a new position in PROG in the 2nd quarter worth approximately $308,000. Envestnet Portfolio Solutions Inc. raised its stake in PROG by 5.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 13,465 shares of the fintech holding company's stock valued at $628,000 after acquiring an additional 756 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in PROG during the 2nd quarter worth $34,000. Squarepoint Ops LLC grew its stake in shares of PROG by 143.0% in the second quarter. Squarepoint Ops LLC now owns 107,278 shares of the fintech holding company's stock worth $5,000,000 after purchasing an additional 63,128 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in shares of PROG by 61.9% during the second quarter. Allworth Financial LP now owns 897 shares of the fintech holding company's stock valued at $42,000 after purchasing an additional 343 shares during the period. 97.92% of the stock is currently owned by institutional investors and hedge funds.

PROG Company Profile

PROG Holdings, Inc is a financial technology company that provides flexible payment and lease-to-own solutions to consumers and retail partners. Its primary business is Progressive Leasing, an omnichannel lease-to-own platform that enables customers to acquire products through participating retailers and repay over time through structured lease payments.

Progressive Leasing supports purchases across categories such as furniture, appliances, electronics, mattresses, jewelry and other household goods.

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