Raymond James Financial Inc. Buys New Holdings in PROG Holdings, Inc. (NYSE:PRG)

Raymond James Financial Inc. purchased a new stake in PROG Holdings, Inc. (NYSE:PRG - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 14,671 shares of the company's stock, valued at approximately $620,000.

A number of other hedge funds have also added to or reduced their stakes in PRG. Vanguard Group Inc. raised its position in PROG by 1.6% in the 4th 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 last quarter. FMR LLC boosted its holdings in PROG by 5.5% during the fourth 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 last quarter. Allianz Asset Management GmbH grew its position 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 in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in PROG by 1.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 562,539 shares of the company's stock valued at $23,773,000 after buying an additional 9,162 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of PROG by 35.7% during the 4th quarter. Invesco Ltd. now owns 423,505 shares of the company's stock worth $17,897,000 after buying an additional 111,406 shares in the last quarter. Institutional investors and hedge funds own 97.92% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PRG shares. Jefferies Financial Group lowered 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. KeyCorp lowered their target price on PROG from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Finally, Loop Capital reduced their price target on shares of PROG from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Two investment 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. Based on data from MarketBeat, PROG presently has a consensus rating of "Moderate Buy" and an average price target of $44.83.

PROG Stock Performance

Shares of PRG traded up $0.01 during trading hours on Friday, hitting $27.89. The company's stock had a trading volume of 441,974 shares, compared to its average volume of 463,122. The business has a 50 day simple moving average of $26.49 and a two-hundred day simple moving average of $37.07. PROG Holdings, Inc. has a 52-week low of $23.50 and a 52-week 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 company has a market cap of $1.13 billion, a price-to-earnings ratio of 6.14 and a beta of 1.81.

PROG (NYSE:PRG - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.08. The business 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 business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 EPS. On average, equities analysts expect that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.

PROG Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 20th will be given a $0.13 dividend. The ex-dividend date is Tuesday, May 20th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.86%. PROG's dividend payout ratio (DPR) is currently 10.66%.

Insider Buying and Selling

In related news, Director Douglas C. Curling bought 10,000 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was bought 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 of the company's stock, valued at approximately $1,371,880.44. The trade was a 27.85 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Caroline Sio-Chin Sheu purchased 1,650 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were purchased at an average cost of $28.01 per share, with a total value of $46,216.50. Following the purchase, the director now owns 18,291 shares of the company's stock, valued at approximately $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. 3.21% of the stock is currently owned by insiders.

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.