Quantedge Capital Pte Ltd Invests $4.98 Million in PROG Holdings, Inc. (NYSE:PRG)

Quantedge Capital Pte Ltd bought a new position in PROG Holdings, Inc. (NYSE:PRG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 117,900 shares of the company's stock, valued at approximately $4,982,000. PROG comprises 1.8% of Quantedge Capital Pte Ltd's holdings, making the stock its 12th biggest holding. Quantedge Capital Pte Ltd owned approximately 0.28% of PROG as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in PROG by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 4,937,208 shares of the company's stock worth $208,646,000 after purchasing an additional 76,810 shares during the period. FMR LLC raised its holdings in PROG by 5.5% in the 4th quarter. FMR LLC now owns 2,564,441 shares of the company's stock worth $108,373,000 after purchasing 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 raised its holdings in PROG by 1.7% in the 4th 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 during the period. Finally, Northern Trust Corp raised its holdings in PROG by 7.0% in the 4th quarter. Northern Trust Corp now owns 517,984 shares of the company's stock worth $21,890,000 after purchasing an additional 33,991 shares during the period. Hedge funds and other institutional investors own 97.92% of the company's stock.

Insider Activity at PROG

In other PROG news, CEO Steven A. Michaels bought 14,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was bought at an average price of $29.03 per share, with a total value of $406,420.00. Following the completion of the purchase, the chief executive officer now directly owns 559,641 shares in the company, valued at $16,246,378.23. The trade was a 2.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas C. Curling bought 10,000 shares of the business's stock in a transaction on Friday, February 21st. The shares were acquired at an average cost of $29.88 per share, with a total value of $298,800.00. Following the purchase, the director now owns 45,913 shares of the company's stock, valued at $1,371,880.44. The trade was a 27.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 29,150 shares of company stock valued at $852,692. 3.21% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PRG has been the subject of a number of research analyst reports. Jefferies Financial Group cut PROG from a "buy" rating to a "hold" rating and reduced their target price for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Loop Capital reduced their target price on PROG from $45.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Finally, KeyCorp reduced their target price on PROG from $50.00 to $45.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $44.83.

PROG Price Performance

Shares of NYSE:PRG traded up $0.05 during midday trading on Friday, hitting $30.10. The company had a trading volume of 558,118 shares, compared to its average volume of 469,354. PROG Holdings, Inc. has a twelve month low of $23.50 and a twelve month high of $50.28. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 6.63 and a beta of 1.81. The business's 50-day simple moving average is $26.67 and its 200-day simple moving average is $36.64.

PROG (NYSE:PRG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.82 by $0.08. PROG had a return on equity of 24.25% and a net margin of 8.01%. The firm had revenue of $684.09 million during the quarter, compared to analysts' expectations of $678.23 million. During the same quarter last year, the firm earned $0.91 earnings per share. The business's revenue for the quarter was up 6.6% on a year-over-year basis. On average, research analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 20th will be issued a $0.13 dividend. The ex-dividend date is Tuesday, May 20th. This represents a $0.52 annualized dividend and a dividend yield of 1.73%. 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.