PROG (NYSE:PRG) Sets New 1-Year Low – Time to Sell?

Shares of PROG Holdings, Inc. (NYSE:PRG) hit a new 52-week low during trading on Thursday . The company traded as low as $25.24 and last traded at $25.52, with a volume of 99776 shares changing hands. The stock had previously closed at $28.07.

Analyst Upgrades and Downgrades

PRG has been the topic of a number of recent research reports. Stephens reaffirmed an “overweight” rating and issued a $60.00 target price on shares of PROG in a report on Thursday, January 2nd. Jefferies Financial Group downgraded PROG from a “buy” rating to a “hold” rating and lowered their target price for the company 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 assigned a strong buy rating to the stock. According to data from MarketBeat, PROG currently has an average rating of “Moderate Buy” and an average price target of $49.00.

PROG Price Performance

The stock has a market cap of $1.05 billion, a PE ratio of 5.68 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. The firm’s 50-day moving average price is $33.39 and its two-hundred day moving average price is $41.43.

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

PROG Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Thursday, March 13th were paid a $0.13 dividend. This is a positive change from PROG’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, March 13th. This represents a $0.52 dividend on an annualized basis and a yield of 2.02%. PROG’s dividend payout ratio (DPR) is 10.57%.

Insider Buying and Selling

In related news, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the stock in a transaction on Wednesday, February 26th. The shares were acquired at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the transaction, the director now owns 18,291 shares in the company, valued at approximately $512,330.91. This trade represents a 9.92 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas C. Curling purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were purchased at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the transaction, 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 disclosure for this purchase can be found here. Corporate insiders own 2.74% of the company’s stock.

Institutional Investors Weigh In On PROG

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Summit Securities Group LLC acquired a new stake in shares of PROG in the fourth quarter valued at about $38,000. Sterling Capital Management LLC lifted its stake in PROG by 765.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,082 shares of the company’s stock valued at $46,000 after buying an additional 957 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in PROG by 141.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock worth $51,000 after buying an additional 707 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of PROG by 248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company’s stock valued at $57,000 after acquiring an additional 977 shares during the last quarter. Finally, Quarry LP lifted its position in shares of PROG by 162.9% in the third quarter. Quarry LP now owns 1,517 shares of the company’s stock valued at $74,000 after acquiring an additional 940 shares in the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.

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.