Loop Capital Increases PROG (NYSE:PRG) Price Target to $35.00

PROG (NYSE:PRG) had its price objective hoisted by Loop Capital from $31.00 to $35.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other equities analysts have also commented on PRG. Stephens raised shares of PROG from an equal weight rating to an overweight rating in a report on Tuesday, January 2nd. TD Cowen increased their price target on shares of PROG from $38.00 to $40.00 and gave the stock a buy rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, PROG currently has an average rating of Moderate Buy and a consensus target price of $39.60.

PROG Stock Performance

PROG stock opened at $34.92 on Thursday. The firm’s 50 day simple moving average is $32.30 and its 200 day simple moving average is $30.70. The company has a current ratio of 3.91, a quick ratio of 1.49 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $1.53 billion, a PE ratio of 14.25 and a beta of 2.08. PROG has a 1-year low of $26.39 and a 1-year high of $44.81.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. The business had revenue of $641.87 million for the quarter, compared to analyst estimates of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. As a group, analysts expect that PROG will post 2.86 earnings per share for the current fiscal year.

PROG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.37%. PROG’s dividend payout ratio (DPR) is 19.59%.

Institutional Investors Weigh In On PROG

Several institutional investors have recently added to or reduced their stakes in PRG. Blue Trust Inc. purchased a new stake in PROG during the 4th quarter valued at $27,000. BluePath Capital Management LLC purchased a new stake in shares of PROG in the 3rd quarter worth about $31,000. Acadian Asset Management LLC purchased a new stake in shares of PROG in the 3rd quarter worth about $33,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of PROG in the 3rd quarter worth about $103,000. Finally, Counterpoint Mutual Funds LLC lifted its position in shares of PROG by 19.0% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 3,572 shares of the company’s stock worth $119,000 after purchasing an additional 570 shares during the period. 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.