PROG (NYSE:PRG) Sets New 52-Week Low – Time to Sell?

PROG Holdings, Inc. (NYSE:PRG)’s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $26.47 and last traded at $26.43, with a volume of 83526 shares traded. The stock had previously closed at $26.91.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and cut their target price for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a report on Friday, November 29th. Finally, Stephens reaffirmed an “overweight” rating and issued a $60.00 price target on shares of PROG in a report on Thursday, January 2nd. 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

PROG Price Performance

The stock’s 50-day moving average is $37.30 and its two-hundred day moving average is $43.17. The company has a market capitalization of $1.09 billion, a PE ratio of 5.89 and a beta of 2.14. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. PROG had a return on equity of 24.25% and a net margin of 8.01%. The firm had revenue of $623.30 million during the quarter, compared to analyst estimates of $612.67 million. During the same period last year, the company earned $0.72 EPS. PROG’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities analysts predict that PROG Holdings, Inc. will post 3.45 EPS for the current year.

PROG Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Thursday, March 13th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Thursday, March 13th. This is an increase from PROG’s previous quarterly dividend of $0.12. PROG’s dividend payout ratio (DPR) is currently 10.57%.

Insider Activity

In other news, Director Douglas C. Curling bought 10,000 shares of PROG stock in a transaction on Friday, February 21st. The stock was acquired at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the acquisition, the director now owns 45,913 shares of the company’s stock, valued at $1,371,880.44. This trade represents a 27.85 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average price of $28.01 per share, with a total value of $46,216.50. Following the acquisition, the director now owns 18,291 shares in the company, valued at approximately $512,330.91. The trade was a 9.92 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.74% of the company’s stock.

Hedge Funds Weigh In On PROG

Hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of PROG by 2.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company’s stock valued at $980,000 after buying an additional 446 shares during the last quarter. LPL Financial LLC boosted its stake in shares of PROG by 2.4% during the 4th quarter. LPL Financial LLC now owns 19,719 shares of the company’s stock worth $833,000 after acquiring an additional 458 shares in the last quarter. Comerica Bank raised its holdings in PROG by 1.2% in the 4th quarter. Comerica Bank now owns 39,029 shares of the company’s stock worth $1,649,000 after purchasing an additional 473 shares during the period. State of Wyoming boosted its position in PROG by 10.9% during the fourth quarter. State of Wyoming now owns 5,694 shares of the company’s stock worth $241,000 after purchasing an additional 560 shares in the last quarter. Finally, HB Wealth Management LLC grew its holdings in PROG by 4.1% in the fourth quarter. HB Wealth Management LLC now owns 16,176 shares of the company’s stock valued at $684,000 after purchasing an additional 631 shares during the period. Institutional investors and hedge funds own 97.92% of the company’s stock.

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.