Dimensional Fund Advisors LP Lowers Stock Position in PROG Holdings, Inc. (NYSE:PRG)

Dimensional Fund Advisors LP cut its stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) by 8.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,420,777 shares of the company's stock after selling 127,583 shares during the quarter. Dimensional Fund Advisors LP owned approximately 3.42% of PROG worth $60,041,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of PRG. Vanguard Group Inc. grew its position in PROG by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 4,937,208 shares of the company's stock valued at $208,646,000 after buying an additional 76,810 shares during the period. FMR LLC grew its position in shares of PROG by 5.5% during the 4th quarter. FMR LLC now owns 2,564,441 shares of the company's stock valued at $108,373,000 after acquiring an additional 134,123 shares during the period. Allianz Asset Management GmbH raised its holdings in PROG by 36.8% in the 4th quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company's stock worth $32,951,000 after purchasing an additional 209,805 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in PROG by 1.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 562,539 shares of the company's stock worth $23,773,000 after purchasing an additional 9,162 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in PROG by 35.7% in the fourth quarter. Invesco Ltd. now owns 423,505 shares of the company's stock valued at $17,897,000 after purchasing an additional 111,406 shares during the period. Hedge funds and other institutional investors own 97.92% of the company's stock.

Insiders Place Their Bets

In other news, Director Douglas C. Curling acquired 10,000 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was purchased at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the transaction, the director now owns 45,913 shares in the company, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Caroline Sio-Chin Sheu bought 1,650 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was purchased at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the acquisition, the director now directly owns 18,291 shares in the company, valued at $512,330.91. The trade was a 9.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.21% of the company's stock.

PROG Price Performance

Shares of NYSE PRG traded up $0.02 during mid-day trading on Monday, reaching $27.10. The company's stock had a trading volume of 311,318 shares, compared to its average volume of 457,676. The stock has a 50-day moving average of $26.56 and a two-hundred day moving average of $37.66. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. The stock has a market capitalization of $1.09 billion, a P/E ratio of 5.97 and a beta of 1.81. PROG Holdings, Inc. has a 1-year low of $23.50 and a 1-year high of $50.28.

PROG (NYSE:PRG - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.08. The company had revenue of $684.09 million during 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%. PROG's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. On average, equities research analysts anticipate that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were issued a $0.13 dividend. This is a boost from PROG's previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Thursday, March 13th. PROG's dividend payout ratio is presently 10.66%.

Analyst Ratings Changes

PRG has been the subject of several research analyst reports. Loop Capital reduced their target price on PROG from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Jefferies Financial Group downgraded shares of PROG from a "buy" rating to a "hold" rating and decreased their price objective for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Finally, KeyCorp cut their target price on shares of PROG from $50.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Two equities research analysts have 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 currently has a consensus rating of "Moderate Buy" and an average target price of $44.83.

PROG Company 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.