Quantedge Capital Pte Ltd Buys New Position in PROG Holdings, Inc. (NYSE:PRG)

Quantedge Capital Pte Ltd acquired a new stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 117,900 shares of the company's stock, valued at approximately $4,982,000. PROG comprises about 1.8% of Quantedge Capital Pte Ltd's holdings, making the stock its 12th largest position. Quantedge Capital Pte Ltd owned approximately 0.28% of PROG as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of PROG by 2.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company's stock worth $980,000 after buying an additional 446 shares during the last quarter. LPL Financial LLC grew its holdings in shares of PROG by 2.4% during the fourth quarter. LPL Financial LLC now owns 19,719 shares of the company's stock worth $833,000 after buying an additional 458 shares in the last quarter. Comerica Bank grew its holdings in shares of PROG by 1.2% during the fourth quarter. Comerica Bank now owns 39,029 shares of the company's stock worth $1,649,000 after buying an additional 473 shares in the last quarter. HB Wealth Management LLC increased its stake in shares of PROG by 4.1% during the 4th quarter. HB Wealth Management LLC now owns 16,176 shares of the company's stock valued at $684,000 after acquiring an additional 631 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in PROG by 0.9% during the fourth quarter. Wedge Capital Management L L P NC now owns 74,075 shares of the company's stock worth $3,130,000 after buying an additional 658 shares during the period. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. KeyCorp decreased their price objective 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. Loop Capital reduced their target price on shares of PROG from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Finally, Jefferies Financial Group cut 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 report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.83.

PROG Stock Up 0.5%

PRG traded up $0.16 during trading on Monday, hitting $30.21. The company had a trading volume of 204,410 shares, compared to its average volume of 540,191. The company has a market cap of $1.22 billion, a PE ratio of 6.65 and a beta of 1.81. The business has a 50-day moving average of $26.67 and a 200-day moving average of $36.54. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. 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 posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.08. The firm had revenue of $684.09 million for the quarter, compared to analysts' expectations of $678.23 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The firm's quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. As a group, analysts forecast that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 20th will be issued a dividend of $0.13 per share. The ex-dividend date is Tuesday, May 20th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.72%. PROG's dividend payout ratio (DPR) is 10.66%.

Insiders Place Their Bets

In other news, CEO Steven A. Michaels purchased 14,000 shares of the stock in a transaction dated Monday, May 12th. The stock was acquired at an average price of $29.03 per share, for a total transaction of $406,420.00. Following the completion of the transaction, the chief executive officer now owns 559,641 shares of the company's stock, valued at approximately $16,246,378.23. The trade was a 2.57% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Douglas C. Curling purchased 10,000 shares of the stock in a transaction dated Friday, February 21st. The shares were purchased at an average price of $29.88 per share, with a total value of $298,800.00. Following the transaction, the director now directly owns 45,913 shares of the company's stock, valued at approximately $1,371,880.44. The trade was a 27.85% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 29,150 shares of company stock valued at $852,692. Company insiders own 3.21% of the company's stock.

PROG 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.