PROG (NYSE:PRG) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

PROG (NYSE:PRG) announced its earnings results on Wednesday. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08, reports. PROG had a return on equity of 26.67% and a net margin of 4.71%. The firm had revenue of $641.87 million during the quarter, compared to analysts’ expectations of $632.24 million.

PROG Stock Down 2.1 %

Shares of NYSE:PRG opened at $34.92 on Friday. The company has a quick ratio of 1.49, a current ratio of 3.91 and a debt-to-equity ratio of 1.01. PROG has a 52-week low of $26.39 and a 52-week high of $44.81. The stock’s fifty day simple moving average is $32.30 and its 200-day simple moving average is $30.70. The company has a market capitalization of $1.53 billion, a P/E ratio of 14.25 and a beta of 2.08.

PROG Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 dividend on an annualized basis and a yield of 1.37%. PROG’s payout ratio is 19.59%.

Hedge Funds Weigh In On PROG

Institutional investors have recently added to or reduced their stakes in the business. AE Wealth Management LLC purchased a new position in PROG in the third quarter valued at about $443,000. SG Americas Securities LLC acquired a new stake in PROG in the 3rd quarter valued at approximately $1,901,000. Mach 1 Financial Group LLC acquired a new position in shares of PROG during the 3rd quarter valued at $438,000. Counterpoint Mutual Funds LLC increased its position in shares of PROG by 19.0% during the 3rd quarter. Counterpoint Mutual Funds LLC now owns 3,572 shares of the company’s stock valued at $119,000 after purchasing an additional 570 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of PROG by 152.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 63,390 shares of the company’s stock worth $2,105,000 after acquiring an additional 38,244 shares during the last quarter. 97.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRG has been the topic of several recent analyst reports. TD Cowen boosted their target price on PROG from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday. Stephens upgraded shares of PROG from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 2nd. Finally, Loop Capital upped their price target on shares of PROG from $31.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.60.

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.