PROG Holdings, Inc. (NYSE:PRG) Sees Large Drop in Short Interest

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) was the target of a large decrease in short interest in May. As of May 15th, there was short interest totalling 2,380,000 shares, a decrease of 19.0% from the April 30th total of 2,940,000 shares. Based on an average daily volume of 590,100 shares, the short-interest ratio is presently 4.0 days. Approximately 6.1% of the company's stock are short sold.

PROG Price Performance

Shares of PRG stock traded down $0.26 on Wednesday, reaching $28.99. The company's stock had a trading volume of 208,664 shares, compared to its average volume of 536,918. The company has a market capitalization of $1.17 billion, a P/E ratio of 6.39 and a beta of 1.81. PROG has a 12-month low of $23.50 and a 12-month high of $50.28. The stock's 50 day simple moving average is $27.14 and its 200-day simple moving average is $35.09. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.08. PROG had a return on equity of 24.25% and a net margin of 8.01%. The business had revenue of $684.09 million for the quarter, compared to analyst estimates of $678.23 million. During the same period in the prior year, the company earned $0.91 EPS. The company's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts predict that PROG will post 3.45 earnings per share for the current fiscal year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 20th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date was Tuesday, May 20th. PROG's dividend payout ratio is currently 10.66%.

Insiders Place Their Bets

In related news, CEO Steven A. Michaels purchased 14,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $29.03 per share, for a total transaction of $406,420.00. Following the purchase, the chief executive officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian Garner acquired 3,500 shares of PROG stock in a transaction on Tuesday, May 13th. The shares were purchased at an average cost of $28.93 per share, with a total value of $101,255.00. Following the completion of the acquisition, the chief financial officer now owns 132,597 shares of the company's stock, valued at $3,836,031.21. This trade 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 insiders.

Institutional Investors Weigh In On PROG

Several hedge funds have recently bought and sold shares of PRG. Summit Securities Group LLC purchased a new stake in shares of PROG during the 4th quarter valued at $38,000. Caitong International Asset Management Co. Ltd increased its stake in PROG by 785.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,045 shares of the company's stock valued at $28,000 after acquiring an additional 927 shares during the last quarter. Sterling Capital Management LLC raised its position in PROG by 765.6% during 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 in the last quarter. Smartleaf Asset Management LLC lifted its stake in PROG by 141.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company's stock worth $51,000 after purchasing an additional 707 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in PROG by 248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company's stock worth $57,000 after purchasing an additional 977 shares during the last quarter. 97.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Loop Capital decreased their price objective on PROG from $45.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Jefferies Financial Group downgraded shares of PROG from a "buy" rating to a "hold" rating and reduced their target price for the stock from $58.00 to $29.00 in a research note on Wednesday, February 26th. Finally, KeyCorp dropped their price target on shares of PROG from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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.